PARIS—Governments of approximately 15 countries, including Australia, Singapore and the Group of 7 (G7) members, have joined hands to develop a system to fight money laundering in cryptocurrencies.
The system would collect and share personal data on individuals who conduct cryptocurrency transactions, and would be managed by the Financial Action Task Force (FATF), Nikkei Asian Review reported.
“The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later,” the news outlet stated.
Last month, reports indicated the Japanese government is leading the development of a SWIFT-like network for cryptocurrency payments to combat money laundering, and that the development will be monitored by the FATF.