The Financial Action Task Force (FATF) has given a set of rules to conduct transactions in the crypto market and these rulings have been accepted by the group of twenty countries (G20).
A total of nineteen (19) countries and the EU have no objections to what would be the basis for conducting business now, using the so-called cryptocurrency, in order to maintain a vigilant eye over matters concerning threat and money-laundering.
On June 28-29, 2019 at Osaka, Japan, the G20 summit was held at which this was proposed by the forum:
“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”
The idea is to make the system more transparent by compelling exchanges to share customer data as, name, account number, location and the account number and name of the beneficiary as well, all during transactions. These guidelines were released by FATF on 21 June.
The G20 had been in favor of FATF principles prior to the summit but the official announcement has been made now.
Coinbase, Circle, and Chainalysis, have something else to say. They believe that implementing such laws will require massive support and unparalleled collaboration among leading crypto firms.
The Group states that they have been keeping an eye on security measures and any rulings like the ones FATF submitted are welcomed in keeping harmony in the crypto market. However, they also believe that this sector does not register a global crisis that would volley businesses into financial descent, as of yet.
The Group’s feedback on the Financial Stability Board (FSB)’s work on stakeholder management regarding decentralized economical assets, was positive as well.