FATF to update cryptocurrency control standards

Financial Action Task Force on Money Laundering (FATF) to Release New Guide to Controlling the Movement of Digital Assets.

According to a statement from the international regulator, it will update its standards for the crypto industry in 2021. New recommendations will be presented with expanded clarification of specific issues. In particular, the application of standards to stablecoins, ways to comply with movement rules for the public and private sectors, ways to reduce the risks of using peer-to-peer networks.

The FATF will also consider public comments regarding an updated version of the digital asset guidance.

FATF to update cryptocurrency control standards

First edition of standards was formed in 2019. One of the most talked about norms has become «move rule», requiring suppliers of cryptoassets to exchange information about the sender and recipient of a transaction.

 Government regulators and private companies have made progress in this direction, but have made inquiries  for further clarification of guidance to achieve the appropriate level of performance.

text: Ivan Malichenko, photo: Shutterstock

FATF to update cryptocurrency control standards

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