Crypto at a glance Global Watchdog Mulls Binding Rules For Crypto Exchanges
A global watchdog fighting financial crime is planning to frame binding rules to govern cryptocurrency exchanges, Reuters reported, citing a Japanese government official familiar with the matter. The Paris-based Financial Action Task Force (FATF) is set to begin discussions on June 24, spurred by a call from G20 financial policymakers in March, the news agency said. Read more...
Citing an unnamed Japanese government official affiliated with the matter, Reuters is reporting that the international organization will begin discussions on June 24 toward introducing binding rules governing the world’s cryptocurrency exchanges.
Japan has been prominently involved in the endeavor which has seen G20 officials call for a unified approach to tackle the use of cryptocurrencies in money laundering earlier this year. Japan is looking to take the proactive lead – the country is assuming the leadership of the G20 in 2020 – by pushing to adopt those binding rules by 2019 at the latest, according to the official.
During the talks, the FATF will look at the effectiveness of current non-binding rules from June 2015 that have called for cryptocurrency exchanges to be licensed and/or registered, follow know-your-customer (KYC) norms to prevent money laundering and report suspicious activity.