In October, the FATF will hold a meeting with the G20 countries to discuss tougher international regulation of the cryptocurrency industry.
The Anti-Money Laundering Financial Action Task Force (FATF) has published a document calling on the G20 finance ministers and central banks to develop a more effective system for monitoring virtual asset service providers (VASPs). This includes cryptocurrency exchanges, wallets, peer-to-peer and custodian services, as well as companies engaged in the sale of digital assets or making transactions with them.
Last year, the FATF published recommendations on the regulation of cryptocurrency activities, according to which cryptocurrency service operators must transmit to each other personal information about customers who transfer funds between exchanges, including data on cryptocurrency transactions.
Now the FATF proposes to form a group of regulators from different countries and to develop international standards for the regulation of stablecoins and conventional cryptocurrencies. According to the agency, this approach to regulating the industry will be the most productive. In addition, the FATF plans to draw up a number of signs that may indicate the commission of criminal acts with digital currencies.
In April, the FATF conducted an assessment of the regulation of crypto assets in the United States and noted that the country has not achieved full compliance with the recommendations and is lagging behind in the investigation of cases involving firms providing cryptocurrency services.
