The Financial Action Task Force (FATF) – a multi-national agency tasked with combating global financial criminal activity, will discuss developing and introducing legally binding rules for governing cryptocurrency exchanges later this month.
Reuters reports that the Paris-based agency – comprised of 37 countries – will meet with both the Gulf Cooperation Council and the European Commission in an attempt to establish legally binding regulations governing cryptocurrency exchanges.
Developing Binding Guidelines
The push for the development of said guidelines comes after a call on behalf of financial policymakers from G20 economies earlier in March. The current rules, which were set back in 2015, are non-binding, making enforcement among the countries challenging and inconsistent, to say the least.
According to the guidelines which are currently in place, cryptocurrency exchanges need to be registered or licensed and they need to verify the identity of their customers in order to prevent money laundering. Yet, due to their non-binding nature, 68% of cryptocurrency exchanges fail to comply with the KYC requirements.
A government official, speaking on condition of anonymity, noted that the discussions are to begin on June 24th and are supposedly going to take a closer look at the currently existing rules and determine whether or …
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