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The FATF will offer single rules of regulation of cryptocurrency

Intergovernmental organization FATF (Financial Action Task Force on Money Laundering), which develops global standards in combating money laundering and financing of terrorism, by June of next year intends to establish its first rules of supervision of the circulation of cryptocurrency. This will be an important step towards the establishment of international standards for the use of the new asset is not currently subordinate to the General rules.

According to FATF, virtual assets and related financial services may encourage financial innovation and efficiency, but they also create new opportunities for criminals and terrorists to launder their income or Finance their illegal activities. Realizing the need of risk control in this area, the organization in 2015 released guidance on the risk-based approach to virtual currencies. However, there is an urgent need for all countries, coordinated measures to prevent the use of virtual assets in the interests of crime and terrorism.

The intent of the FATF, jurisdictions around the world will be required to license or regulate the circulation of cryptocurrency. Firms producing new virtual assets should also be subject to the rules.

Global coordination is designed to eliminate the differences between the approaches at the national level. The host country of the rule will be subjected to periodic inspections of the regulator. Those who are not undertaking enough efforts to introduce General rules that can be added to the blacklist of the FATF, which restricts access to the global financial system.


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