FATF Will Dictate First Set Of Global Cryptocurrency Rules Next June

The most important organization that dictates laws against money laundering and financial crimes, the Financial Action Task Force (FATF) will clarify the regulatory framework that surrounds cryptocurrency at a global scale. This new set of guidelines to be released next June, and a tight legislation in every country that deals with crypto guarantee a global standard of compliance that will serve to reduce cryptocurrency related crime.

FATF Role In Lawmaking

The cryptocurrency world has been evolving since its beginnings at an accelerated rate. Due to the pseudo-anonymous trait of cryptocurrency transactions, illegal merchants and money launderers have flocked to use them to avoid detection by the authorities.
This is also easy because there is no global regulation for cryptocurrencies, and every country has its own conception of what a cryptocurrency really is. But this is where the Financial Action Task Force enters the stage.
While it is the global institution that determines the regulations for financial markets and crimes, the FATF had not issued any statement concerning cryptocurrency oversight, until now.

Regulation Incoming

The FATF has announced that they will be releasing its first set on cryptocurrency guidelines the next June, a thing that will bring plenty of regulatory movement in countries that have not developed a cryptocurrency related framework. According to preliminary reports, exchanges and ICO will have to be licensed.
The organization will also require the establishment of tight anti-money laundering and know your customer policies to avoid the possible use of cryptocurrencies for illegal purposes.
This push for regulations comes in a time when cryptocurrencies are evolving from speculative market investment instruments into institutional legal tools, with the emergence of institutional grade crypto-startups like Bakkt and Fidelity in USA.

Regulating The Future

While establishing these rules the next June is a good measure, it is just the start of a long race to regulate cryptocurrencies in the whole world. This organization can only do that: establish and dictate guidelines for regulation.
It’s up to each individual country to write and pass these regulations according to their individual and particular legislative processes. That can take time and resources to complete. But the FATF can also make pressure to achieve this.
The Financial Action Task Force can add the countries that are not collaborating into a sort of blacklist that will restrict them from using the global financial system and will make them being secluded from all the international financial community.

Related posts
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Aave, Maker, DigiByte Price Analysis: 13 March

Aave regained the 38.2% Fibonacci retracement level and could see some additional buying at the current mark. Gains on MKR were likely to be capped at the 200-SMA, while DGB could remain sandwiched beThe post Aave, Maker, DigiByte Story continues…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

Bitcoin Records New ATH Of $60k After ‘Black Thursday’ Anniversary

Bitcoin breached the $60K price level to record a new all-time high price of $60,310 on March 13, exactly one year and the day after the devastating Black Thursday crypto market crash of March 12, 2020. Last year on March…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Stellar Lumens, FTX Token, Decred Price Analysis: 13 March

The broader altcoin market switched its trajectory to green after the market leader Bitcoin climbed above its previous ATH and went past the $60,000 level at the time of writing. Source: CoinStatsThe post Stellar Lumens, FTX Token, Decred Story continues…