RATE Group | Money-laundering watchdog to set first cryptocurrency rules by June
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Money-laundering watchdog to set first cryptocurrency rules by June

20 Oct Money-laundering watchdog to set first cryptocurrency rules by June

Posted at 03:56h in Cryptocurrency News by

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PARIS (Reuters) – The global watchdog for money laundering will set up its first rules on oversight of cryptocurrencies by June, a major step towards creating international standards for an asset currently subject to patchy regulations.

FILE PHOTO: A cryptocurrency mining computer is seen in front of bitcoin logo during the annual Computex computer exhibition in Taipei, Taiwan June 5, 2018. REUTERS/Tyrone Siu/File Photo

The Paris-based Financial Action Task Force (FATF) said on Friday jurisdictions worldwide will be required to license or regulate cryptocurrency exchanges and some firms providing encrypted wallets, to help stamp out the use of digital money for money laundering, terrorism financing or other crimes.

Firms providing financial services for issuances of new cryptocurrencies – initial coin offerings – must also be subject to the rules, it said.

Cryptocurrencies are digital tokens whose creators say they can be used as money without the backing of any country’s central…

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