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The financial action group fights financial crime around the world. (Photo: dpa)
The World Money Laundering Inspection announced on Friday that it would lay the groundwork for how countries should monitor cryptocurrencies by June.
The Financial Action Group (FATF), based in Paris, said states around the world should allow or regulate stock exchanges and some companies offering encrypted portfolios in order to stop using digital currency for money laundering, terrorist financing activities or other forms of money laundering Prevent crime.
Companies providing financial services for issuing new cryptocurrencies – initial coin offers (ICOs) – must also be subject to global rules, he added.
Countries that do not define the required rules would be added to the FATF blacklist, which limits access to the global financial system to countries that are not doing enough to prevent financial crime, said President Marshall Billingslea.
"By June, we will be giving further instructions on standards and how we expect them to be implemented," he said.
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