FATF to update cryptocurrency control standards

The Financial Action Task Force on Money Laundering (FATF) will release new guidance on controlling the movement of digital assets.

According to the statement of the international regulator, in2021 will update its standards for the crypto industry. New recommendations will be presented with expanded clarification of specific issues. In particular, the application of standards to stablecoins, ways to comply with movement rules for the public and private sectors, ways to reduce the risks of using peer-to-peer networks.

FATF will alsoconsider public comments rocking an updated version of the digital asset guide.

The first edition of the standards was formedin 2019. One of the most discussed regulations has been the “movement rule,” which requires cryptoasset providers to exchange information about the sender and recipient of a transaction.

 Government regulators and privateCompanies have made progress in this regard, but have made requests for further clarification of the guidance to achieve the appropriate level of implementation.

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