UTC-05:00,Tuesday , September 17th 2019

Crypto Exchanges Are Facing Their Biggest Regulatory Hurdle Yet

02:31 Wednesday , June 12th 2019
On June 21, the Financial Action Task Force, a multi-government effort that develops recommendations for combating money laundering and financing of terrorism that's followed by about 200 countries including the U.S., will publish a note to clarify how participating nations should oversee virtual assets, FATF spokeswoman Alexandra Wijmenga-Daniel said in an email. The new rules will apply to businesses working with tokens and cryptocurrencies, such as exchanges and custodians and crypto hedge funds.
Much depends on how the rules - long governing traditional bank wire transfers - will be interpreted and applied by country-specific regulators, but they are "one of the biggest threats to crypto today," Eric Turner, director of research at crypto researcher Messari Inc., said in an email. "Their recommendation could have a much larger impact than the SEC or any other regulator has had to date."
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