Global AML watchdog to set cryptocurrency rules by June 2019

posted 7 months ago
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.

The Paris-based Financial Action Task Force 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. The task force's President Marshall Billingslea said “By June, we will issue additional instructions on the standards and how we expect them to be enforced."
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