15 countries will develop cryptocurrency transaction tracking system with FATF

15 countries will develop cryptocurrency transaction tracking system with FATF

The Financial Anti-Money Laundering Measures Development Group (FATF) will create a system for collecting and exchanging personal data of cryptocurrency transactions to prevent money laundering, terrorist financing and other illegal activities. It is reported by Nikkei Asian Review.

Detailed accounting criteria are planned to be developed by next year, and the system will be launched in the next few years. About 15 countries have already declared their readiness to take part in the development of the system, including members of the G7, Australia and Singapore.

It is worth noting that many countries have not yet developed regulatory rules for the cryptocurrency industry and international cooperation can accelerate the development of legal measures.

Recall that the FATF introduced the final version of the guidelines for the cryptocurrency industry at the end of June. In a published document, the organization obliged the Bitcoin exchange and other cryptocurrency service providers (VASPs) to follow AML and CFT procedures similar to traditional financial companies.

Subsequently, the G20 member countries supported the new rules.

15 countries will develop cryptocurrency transaction tracking system with FATF