Authorities around the world begin implementing FATF crypto guidelines

Almost eight months ago, the Financial Action Task Force issued its guidelines regarding cryptocurrency regulations. Only five months are left until the deadline to implement these guidelines.

The FATF is an intergovernmental organization tasked with combating money-laundering issued some controversial guidelines regarding crypto regulations to 37 nations. Several countries have already started implementing these guidelines proposed by the Financial Action Task Force. 

 

Switzerland is the latest country to enforce FATF guidelines.

Switzerland is one of the latest countries to enforce FATF guidelines regarding crypto regulations. The Swiss Financial Market Supervisory Authority lowered the transaction threshold for unidentified crypto exchanges from $5,000 to $1,000. The Finance regulatory body aims to address the money-laundering risks relates to the crypto market. The rule is based on FATF’s travel, which requires crypto exchanges to record transactions above a certain limit. 

 

Five months left for countries to implement the guidelines

The Financial Action Task Force gave its 37 members 12 months to adopt the guidelines regarding the cryptocurrency regulations. As reported earlier, the US financial watchdog revealed that they are planning to introduce new requirements for the cryptocurrency. Other countries that support FATF guidelines are Singapore, South Korea, and Japan. Singapore set its travel rule threshold at around $1000 (SG $1,500).

The crypto industry and crypto enthusiasts have been quite critical of FATF guidelines as it forces crypto exchange to remove the anonymity feature while dealing in cryptocurrency. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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