Watch out, criminals and lax governments. The global watchdog for money laundering plans to set rules for the oversight of cryptocurrencies by June 2019, Reuters reports.
The decision by the Paris-based Financial Action Task Force marks a significant step toward the creation of international cryptocurrency standards.
The FATF said in a statement Friday jurisdictions around the globe will have to license or regulate crypto exchanges, some companies that provide digital wallets and those that provide services for initial coin offerings. The aim is stamping out the use of cryptocurrency for money laundering or the financing of terrorism.
The FATF will conduct periodic reviews on how countries are implementing the rules, Marshall Billingslea, the organization’s president said, according to Reuters. Those that fall short might wind up on an FATF blacklist restricting access to the global financial system, he added.
The FATF statement did not set a timetable for the new standards, but Reuters quoted Billingslea saying, “By June, we will issue additional instructions on the standards and how we expect them to be enforced.” Read more here.