The FATF will soon introduce a set of rules for the regulation of activities in cryptosphere

Group of development of financial measures against money laundering (FATF), which develops recommendations for combating money laundering and the financing of terrorism, and with a membership of 38 countries (including USA and Russia), June 21 will publish the rules under which participating countries will have to monitor the activities in the field of digital assets. It is reported Bloomberg citing the press-Secretary of the FATF Weimeng Alexandru-Daniel.

The new rules apply to organizations working with tokens and cryptocurrency — cryptocurrency exchanges and hedge funds, as well as providers of cryptocurrency services.

A lot depends on how the rules (have regulatory traditional Bank transfers) will be interpreted and applied by regulators in different countries, but, according to the Director of the analytical company Messari Eric Turner, today they are «one of the biggest threats to kriptonyte».

«Their recommendations can have a bigger impact than the SEC or any other regulatory body,» he said.

In its previous statements, the FATF recommended that cryptocurrency companies collect information about customers, initiating transactions worth more than $1000 or €1000, data on recipients of these funds, and send this data to the service provider of the recipient along with each transaction.

John Roth, Director of compliance cryptocurrency exchanges Bittrex, said that, although this process may seem simple, its implementation is expensive and technically complex. In the end, cryptocurrency addresses are anonymous, so cryptocurrency exchange may not always know who is the recipient of the funds.

«This will require either a complete and fundamental restructuring of the blockchain technology, or global parallel system that needs to be created among the approximately 200 cryptocurrency exchanges around the world,» said Roth. «Imagine how hard it would be to create something like that.»

According to Mary Beth Buchanan of the Kraken, a few American stock exchanges are discussing the possibility of creating such a system.

«This is an attempt to apply the rules of the 20th century to the technology of the 21st century,» said Buchanan. «There is no technological solution that would allow us to meet these rules. We work with the international exchanges, to find a solution.»

Buchanan added that the end result may be that many cryptocurrency companies will face greater costs.

«I understand why FATF wants to do it,» said Jeff Horowitz, Director, compliance officer at Coinbase. «But the application of banking regulations in the industry can encourage people to do business with each other directly, which will reduce transparency for law enforcement. FATF needs to consider the many unintended consequences of the application of these rules to cryptocurrency services.»

How soon do these effects begin to appear, will depend on individual countries but if a country does not comply with the rules of the FATF, and will appear in the black list, «she may be significantly limited access to the global financial system,» said Jesse Spiro of analytical company Chainalysis.

After numerous meetings with representatives of kriptonyte regulators probably know that compliance with the new regulations will take time, as the industry develops new technologies and processes. Some see the positive side as greater control may lead to wider acceptance of cryptocurrency.

«Will this cause any difficulties? Of course, at least at the initial stage,» said Spiro. «But I think that’s what we needed.»


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