FATF (Financial Action Task Force) Necessitates Securing All Information Regarding Cryptocurrency Withdrawals

The Financial Action Task Force (FATF) issued a new guideline on cryptocurrency with the aim of preventing money laundering or donations to terrorist funds, urging 37 FATF member countries to tighten regulations on crypto.

The guidelines, announced by the FATF in February, appear to be quoting the announcement, but countries regarding cryptocurrency service providers (VASPs) should receive information from both parties about the virtual currency transaction and make sure that they have retained the necessary information.

Such information from both parties of the sender and the receiver are held:

- Name (sender, etc.)

- Real name account number (Wallet address, etc.)

- Actual address, national identification number or customer identification number, place of use, and date of use

- Name of beneficiary (receiver)

-Beneficiary's account number used to make transactions (Wallet address, etc.)

The FATF provides a 12-month preparation period for the adopting guidance on a number of issues concerning cryptocurrency (threats of abuse by criminals or terrorists) in June 2020.

Depending on how regulators interpret the guidance and apply the rules, the cryptocurrency market is expected to be greatly affected and in some cases, it could be one of the biggest threats to the industry today.

Therefore, there are concerns that anonymous customers may choose other means that can be directly traded, such as P2P and OTC, instead of using the exchange and VASP (virtual currency service provider) as intermediaries. However, some raise concerns that if governments enforce strict regulations similar to banks at the request of the FATF, transparency will significantly decrease.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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