FATF prepares global guidelines for crypto currencies
Our previous articles showed the influence of national and european legislation on virtual currencies, however only being a partial area of the payment business. Here is also an example of international influence: The Financial Action Task Force (FATF) published a statement on 19th October. The FATF plans the progressive publication of guidelines for the supervision and control of virtual asset service providers.
International regulation regarding crypto currencies
The plenary session of the FATF discussed regulation in conncection with crypto currencies. According to Reuters, the President of the FATF declared that the guidelines will be published in June next year.
Entities providing financial services by issuing new crypto currencies (initial coin offerings) shall be be subjected to these rules. The transposition of the regulations would be regularly oserved by the FATF as international supervisory authority. If particularly countries do not follow these guidelines, they could be added to a black list by the FATF. This could restrict access to the global financial system.
The development of these guidelines and its impact on the market must however still be observed.
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