RATE Group | Crypto Regulations Are Changing Worldwide to Comply With FATF Standards
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Crypto Regulations Are Changing Worldwide to Comply With FATF Standards

12 Aug Crypto Regulations Are Changing Worldwide to Comply With FATF Standards

Posted at 04:59h in Bitcoin News by

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Governments worldwide are changing the way they regulate crypto assets to comply with the global cryptocurrency standards set by the Financial Action Task Force (FATF). Some are amending existing laws, while others are creating a new system to cooperate and share data.

Also read: China Publishes New Rankings of 37 Crypto Projects

A New Crypto System

A number of countries worldwide are reportedly setting up a new cryptocurrency system to help them comply with the FATF standards. Fifteen nations are planning to create a global system “to collect and share personal data on individuals who conduct cryptocurrency transactions,” Nikkei reported on Aug. 9, noting that “the G7 members, Australia, and Singapore will develop the new system.” The G7 members are France, Japan, Canada, Italy, Germany, the U.K., and the U.S.

Crypto Regulations Are Changing Worldwide to Comply With FATF Standards

The system will be designed by the FATF with the goal “to draw up detailed measures by 2020, and to have the system up and running a few…

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