• Sat, 07 Dec 2019, 04:05 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report

Image obtained from Tehran Times

Thu, 13 Jun 2019, 08:40 am UTC

The Financial Action Task Force (FATF) will reportedly release a note to clarify how participant nations should manage the digital assets sector, Bloomberg reported citing FATF spokeswoman Alexandra Wijmenga-Daniel.

As per the report, the new rules are applicable to businesses dealing with tokens and cryptocurrencies, including crypto exchanges, custodians and crypto hedge funds.

FATF, an intergovernmental organization established through the initiative of the G7, will require firms ranging from major exchanges like Coinbase to asset managers like Fidelity Investments to gather data from its customers with transactions worth more than $1,000 or 1,000 euros.

They will also need to provide information about the recipients of the funds and forward that data to the recipient’s service provider along with data on each transaction. In addition, the upcoming policy may be subject to the interpretation of different national regulators.

Bloomberg noted that several industry participants are concerned with the forthcoming regulation. For instance, Bittrex’s chief compliance and ethics officer John Roth said the new FATF law will require blockchain technology to either restructure completely and fundamentally or require a global parallel system.

Hedge fund Arca’s chief legal officer Phil Liu also commented that impending policy will result in increased compliance costs for crypto businesses, with non-compliant ones facing a threat of closing down.

The news came just after G20 finance ministers and central bank governors have welcomed efforts of global regulators on cryptocurrencies and have recommended considering multilateral responses as needed.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,551.05 (+1.36%)
  • Ethereum (ETH) $149.25 (+0.13%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $213.80 (-0.10%)
  • Litecoin (LTC) $45.55 (+0.72%)
  • Bitcoin (BTC) $7,551.05 (+1.36%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft