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09 July 2020

US to Strictly Enforce Crypto Rules Similar to FATF Guidelines - Bitcoin News

US to Strictly Enforce Crypto Rules Similar to FATF Guidelines - Bitcoin News

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US to Strictly Enforce Crypto Rules Similar to FATF Guidelines.

government will strictly enforce the rules on cryptocurrencies similar to the standards recommended by the Financial Action Task Force (FATF).

Department of the Treasury with a mission to combat money laundering and safeguard the country’s financial system from illicit use.

The Travel rule is the most common violation for money service businesses engaged in cryptocurrencies, the director revealed, adding that Fincen has been conducting examinations which include ensuring compliance of the Travel rule since 2014.

The AML rules enforced by Fincen are similar to those recommended by the FATF, an inter-governmental policymaking body whose purpose is to establish international standards to combat money laundering and the financing of terrorism.

However, the crypto industry has raised several concerns regarding the challenges in applying the rules, which are not legally binding but countries that refuse to comply risk being put on a blacklist.

Like Fincen, the FATF has recommended crypto asset service providers and regulators worldwide to implement the rules similar to the Travel rule, giving them about a year to do it from June.

In October, the FATF revealed that its “assessments will specifically look at how well countries have implemented these measures.” It remains to be seen if Fincen will further update its rules on crypto assets.

What do you think of Fincen strictly enforcing its crypto rules and the Fed flagging stablecoin as a risk to the U.S.

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