For some readers the message is positive, other krypton users consider excessive regulatory measures to be the end of anonymity for Bitcoin and other currencies. The FATF wants to fight money laundering with new rules.
Money laundering controllers want to create binding rules
The abbreviation FATF stands for the Financial Action Task Force. This is an internationally active supervisory authority whose main tasks include the implementation of laws in the fight against money laundering. Just in time for the weekend, the institution now announced that it wanted to develop its first own rules by June 2019 to enable monitoring of crypto currencies such as Bitcoin or Dash. The authority firmly believes that both states and companies, such as crypto exchanges, that allow digital trading should be regulated and licensed.
Criminals should be stopped
Only in such a way the conversion of the money laundering laws is really practicable in the future. Otherwise, the growth market would not only be threatened by an increase in money laundering activities. Crypto currencies could also be used even more to finance global terrorism. The FATF sees an equal need for regulation for companies that generally offer services in connection with digital currencies or even plan their own ICOs. ICOs have always been a topic, not least around the US Congress. According to the authority, global rules are urgently needed. There are plans to introduce a black list. It should allow restrictions on market access for states that do not implement the regulations and thus open the door to financial crime.
In June 2019, the authority wants to introduce clear standards
Marshall Billingslea, acting FATF President, announced that clear standards would be formulated by next summer, to be implemented and controlled by states worldwide. The Task Force is not the first international institution to announce such rules. It may be waited with tension whether the realization will come actually to the mentioned date. The constant development of the cryptosector has been a problem for public authorities for years. Many rules have already been repeated for their introduction, precisely because the market is undergoing constant change.