The Financial Action Task Force (FATF) global standard-setting body, has called on the United Kingdom to implement cryptocurrency exchange regulation. The rules should tackle money laundering and terrorist financing issues as the existing British laws do not have enough safeguards, the body said on Friday.
The FATF warning is part of the organization’s mandatory analysis of its member states’ anti-money laundering (AML) and combating the financing of terrorism (CFT) systems. The UK report analyzed how the country’s legislative provisions and regulatory practices comply with FATF Recommendations. The analysis found that the UK follows the organization’s proposals on new technologies, among them crypto assets.
However, the authorities should consider introducing exchange oversight as virtual coin trading operators are outside of the country’s existing AML/CFT rules, FAT...
This article appeared first on Cryptovest