Recently, France summoned the Financial Action Task Force (FATF) to intensify and strengthen supervision in all types of transactions made in cryptocurrencies. For that, 35 countries were called to know how they can prevent their crypto assets from being scammed or misused by anyone other than the carrier.
To curb threads to cryptocurrencies, certain guidelines are altered on a larger scale. Those enforce FATF to objectify and aim at crypto facilitators to value a new set of rules and regulations. In order to bring uniformity in trading cryptocurrencies, all members were advised to standardize their business in a way like operations are dealt with in commercial banking.
Financial government policies are made obligatory to be followed by the members. That entails the adoption of modified rules and regulations and confirming implementations of adopted changes in the cryptocurrencies. Moreover, these finalized rules and regulations are going to be set as FATF pre-requisites and will be functional from the month of June 2019.
Property, funds, proceeds, corresponding, are some of the ways to anticipate digital currency – cryptocurrencies. This would be rather to create basic yet effective suggestions for FATF. In addition to it, member nations have to have certain methods to take care of cryptocurrencies and their providers. They should also understand the prospective terror that could lead to money laundering and the impact of it on other actions.
Last but not least; there is no need for member countries to create a new license if it is already prevalent in the financial institution. It is because the supposedly said financial institutions have obligations to comply. However, new suggestions could be made. Hence, cryptocurrency providers are allowed to accept virtual assets.