FATF plans to strengthen crypto regulation

The new president of the Financial Action Task Force on Money Laundering (FATF) referred to the issue of implementationpreviously adopted standards for virtual assets to strategic.

Marcus Player, Deputy General Director at the German Ministry of Finance, has entered the FATF President’s two-year term from June 1.

At the first virtual plenary, Player noted that the organization's standards for virtual assets do not requirebut need new guidelines to be more fully implemented in all countries. 

Player intends to continue the crypto-friendly policy inherent in Germany in the international arena and believes that it is necessary to focus on the opportunities that canpropose new technologies and continue to monitor the inherent risks of the cryptocurrency industry. 

The new president emphasized special attentionon the issue of global stablecoins. A detailed report on the effect of stablecoins was prepared at the request of G20. The regulator believes that the rapidly growing global stable coins “could potentially cause a shift in the ecosystem of digital assets and have negative consequences, increasing the risks of money laundering and terrorist financing.”

The agency recognizes that it is important to continue monitoring the risks of the stable coin market, including anonymous peer-to-peer transactions through non-custodian wallets. ”

Subscribe to ForkNews on Telegram