Global Money Laundering Watchdog to Introduce Crypto Rules

25 de Octubre, 2018

Tiempo estimado de lectura: 1 minuto

From June 2019, national regulators worldwide will be obligated to license or register, as well as monitor, crypto exchanges and some firms that provide encrypted wallets, with the aim of curbing the use of digital assets for money laundering and other financial crime.

Following the introduction of the new rules, countries that fall short in keeping to the standards could be added to FATF’s blacklist that limits access to the global financial system. As of yet, regulations for digital assets have been characterized by a patchwork of approaches instituted by national authorities in place of coordinated global frameworks. Japan, for instance, has taken a liberal approach to crypto regulation, in contrast to China, which has clamped down heavily on the industry. Money laundering, as well as other illicit practices, have long been an issue in the industry — in the past two years, $90 million in illegal money has been laundered through crypto intermediaries, per a Wall Street Journal investigation. Given these challenges, FATF’s move is a positive step toward cleaning up the industry, and should bolster the space’s legitimacy.

Fuente: Business Insider


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