According to Bloomberg, the Financial Action Task Force (FATF) will issue a note on June 21 to explain how participating countries should control “virtual assets.. The new rules, crypto-currency exchanges, offering custody services to companies and crypto will be available for businesses working crypto with money, such as money funds.
The FATF was established by the G7 in 1989 and today has 38 members, including Turkey. The organization is a government initiative that develops proposals followed by 200 countries in relation to money laundering and terrorism financing. Various sanctions can be imposed on countries that do not meet their obligations in accordance with the FATF criteria. it will require data collection on all customers.
They will also be asked to provide data on the recipients of the funds and to share this data with the recipient's own service provider with each transaction.
It is said that these new rules will adversely affect companies dealing with crypto money. For example, free mutual funds and other investment companies focusing on digital assets may experience transaction delays and transaction costs. Moreover, it is stated that avoiding liability companies may face the threat of closure.
FATF rules may harm small and medium-sized enterprises that do not have the resources to meet the new legal requirements. Many companies had to put an end to their operations in New York because of BitLicense in 2015.
John Roth, the compliance director of the US-based crypto currency exchange Bittrex, which has reached a daily trading volume of tens of millions of dollars, said: and it will be technically difficult. This will require either the restructuring of Blockchain technology or a global parallel system to be established between 200 or more exchanges in the world. You can imagine the difficulties in creating such a thing. [