Bitcoin should be under surveillance

The Financial Action Task Force (FATF), the authority in charge of the fight against money laundering, wants to create a set of rules for crypto-encrypted transactions. In June, it wants to create the first specifications for state supervision of Bitcoin & Co..

This was announced by the FATF on Friday. This would be the first international initiative in this still young market. Until now, states manage control very differently.

Digital currency trading platforms as well as some providers of encrypted currency accounts ("wallets") must be licensed by the state. In addition, they would be subject to legal regulation. The same is true for service providers that help businesses emit new cyber currencies – the initial offer of parts (ICO).

The aim is to reduce the use of cryptocurrencies for money laundering, terrorist financing and other crimes. States that do not comply with the new rules would be blacklisted, the FATF said. This makes it difficult for countries to access international financial markets.

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