PARIS—The Financial Action Task Force is planning to introduce new rules related to cryptocurrency exchanges this month.
The organization, an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering, is expected to start its digital currency discussions by June 24. Reuters cited a Japanese government official close to the matter, noting that the agency is making earnest efforts to create a crypto policy before the July deadline.
The G20 group of countries has already committed to following whatever policies the FATF comes up with regarding digital currencies. In March, the group issued a statement reiterating its commitment to make relevant policies for the young industry. It also talked about the importance of digital assets, which could bring significant risks to the existing anti-money laundering framework, Blockchain News & Tech explained.
How Statement Reads
The statement reads: “We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation.”
The organization currently has 37 member countries and eight associated groups, including the Financial Action Task Force of Latin America and the Asia/Pacific Group on Money Laundering. Any decision taken by the organization could drastically change the global cryptocurrency market, Blockchain News & Tech noted.