One Law for All Crypto Exchanges
Main page News, Cryptocurrency Exchanges

The Financial Action Task Force (FATF), an intergovernmental organization dedicated to the development of measures to combat money laundering, plans to create a set of mandatory rules for cryptocurrency exchanges.

This was written by Reuters referring to the statement of an unnamed Japanese official who said that the group will meet to discuss this issue on June 24.

Apparently, the initiative is connected with the appeals of the G20 member countries which discussed the problem of regulating cryptocurrencies at the summit in March.

The G20 members agreed that the problem of cryptocurrency regulating requires a solution. However, before any actions can be taken, this issue needs to be studied in more detail. The deadline for accepting recommendations for upcoming studies is set for July of this year.

Currently, exchanges follow non-binding recommendations, which involve the disclosure of information on suspicious activity, registration, etc. In addition, the states themselves decide to what extent they want to regulate cryptocurrency companies operating in their jurisdictions.

Among the aspects that the FATF intends to discuss at the upcoming meeting is the effectiveness of the rules, their applicability to new exchanges, and the principles of implementing requirements in countries where cryptocurrencies are banned.

Japan in April 2017 recognized bitcoin as legal tender and installed a system for registration of stock exchanges. The State will preside in the G20 in 2020 and the government of the country wants to establish mandatory supranational regulations for the regulation of stock exchanges by the year 2019 or earlier.

Also last week, it became known that the Japanese financial regulator has for the first time refused to authorize a license for a crypto-exchange platform. The Financial Services Agency (FSA) has rejected the registration of the cryptocurrency exchange FSHO. An inspection of the company has revealed that the Yokohama-based firm does not possess the necessary systems required to manage its business.

By Ekaterina Ulyanova

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