Saturday, July 20, 2019

Europe’s New Cryptocurrency Policy to Combat Money Laundering And Terrorism

Europe has put in place policies that will ensure that the crypto market is well regulated. These are policies that will manage crypto-related industries in a bid to reduce money laundering, terrorism, and other security issues that may be inevitable. This will serve as a security measure to protect its citizens who are also investors of digital assets.

The FATF’s Guidance to Public and Private Sectors

The policy which Europe is adhering to was set up by the Financial Action Task Force (FATF). This is an organization that has put in place several guidelines which are commonly known as the “risk-based-approach.” Currently, this organization provides guidance for the life insurance sector, securities sector, virtual currencies, banking sector, and even legal professionals.

At the moment, Europe now has its countries guided by the FATF’s policies. There are other countries including Switzerland, Netherlands, Germany, Turkey, Sweden, Ireland, Spain, Iceland, Denmark, Belgium, France, Austria, Italy, Norway, Greece, Finland, and Luxembourg. Although these policies by the FATF serve as a guide to each sector and country, adhering to them is optional.

Crypto-Related Industries Need to be Properly Licensed and Registered

The FATF policies were amended to give more clarity as to who should be subjected to its guidelines especially when it comes to regulating the crypto market. Therefore, in the case of virtual currency, the policy now states that exchanges, ICOs, and wallet providers need to be properly registered and licensed in their respective countries.

Generally, the industry will be subjected to CFT regulations and the AML protocols. The organization will also establish the standards on which digital assets issuers are to follow. Also, other organizations such as Banks that may want to be associated with crypto-related projects or the Blockchain technology will have rules established for them.

Related Article:  John McAfee's Wacky Bitcoin Price Prediction Is Back On Track

The FATF report states that;

There is limited evidence of the current generation of cryptoassets delivering benefits, but this is a rapidly developing market and benefits may arise in the future. There are substantial potential risks associated with cryptoassets, and the most immediate priorities for the authorities are to mitigate the risks to consumers and market integrity and prevent the use of cryptoassets for illicit activity.

It was earlier reported sometime in October this year that the Financial Conduct Authority, HM Treasury, Bank of England are working hand-in-hand to regulate the cryptomarket. Other than Europe, South Korea is trying hard to regulate the crypto industry and its operations within the country. In light of this, several ICOS have been banned and there’s a Know Your Customer (KYC) set in place for exchanges and ICOs.

 

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