FATF will establish common rules for cryptocurrency exchanges and exchangers

The International Anti-Money Laundering Task Force (FATF) plans to develop common rules regarding combating money laundering that all cryptocurrency exchanges around the world will have to adhere to. An unnamed Japanese government official said the group intends to hold talks on the issue starting June 24, according to Reuters.

Back in March, at the G20 meeting, world economic leaders discussed the need to develop a coordinated international policy regarding cryptocurrencies. The FATF plans to develop such a policy.

Currently there are non-binding anti-money laundering guidelines, including a requirement for exchange registration, a requirement to report suspicious activity and a requirement to verify the identity of customers. However, each country decides for itself whether and how to apply these rules. The FATF will review the effectiveness of these agreements, whether they can be applied to new exchanges, and how the new policies will be applied in countries that have banned cryptocurrency entirely. 

Japan, which in April 2017 passed a law recognizing cryptocurrency as legal tender and established a system for registering cryptocurrency exchanges, will take over the leadership of the G20 in 2020. The country's government intends to establish binding regulations by 2019 or earlier if possible.

At the G20 meeting, member countries present agreed that more information is needed to explore issues related to cryptocurrency and adopt overall regulation. The deadline for such a study was set for July this year.

The Organization for Economic Co-operation and Development has also called for cooperation from the G20 to study tax issues regarding cryptocurrencies.

According to coindesk