Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to tackle money laundering, is planning to develop binding rules for the world’s cryptocurrency exchanges, a report indicates.

According to a Reuters report on Tuesday, an unnamed Japanese government official said that the group aims to hold talks around the subject starting on June 24.

The move was apparently initiated by calls for a globally coordinated policy on cryptocurrencies from the world’s economic leaders at the G20 meeting in March.

While current non-binding guidelines suggest some money-laundering controls for the industry – including that exchanges should be registered, suspicious activity reported and customers verified – it is currently at different nations’ discretion as to whether and how they are implemented.

The move was apparently initiated by calls for a globally coordinated policy on cryptocurrencies from the world’s economic leaders at the G20 meeting in March.