The Anti-Money Laundering and Combating group Financial Action Tax Force (FATF), an intergovernmental organization dedicated to the development of measures to combat money laundering, plans to create a set of mandatory rules for the cryptocurrency exchange. This is 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.
Currently, exchanges follow non-binding recommendations, which involve the disclosure of information on suspicious activity, registration, etc., and the states themselves decide to what extent they want to regulate cryptocurrency companies operating in their jurisdictions.
Among the aspects that FATF intends to discuss at the upcoming meeting, 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. She will preside in the G20 in 2020. Reuters reports that the government of the country wants to establish mandatory supranational regulations for the regulation of stock exchanges by the year 2019 or earlier, if possible.
At a meeting in March, the G20 members agreed that the problem of regulating cryptocurrency needs to be addressed, 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 this year.
Also in March, the Organization for Economic Cooperation and Development called for studying the impact of cryptocurrencies on the tax systems of the world.