Sunday, June 16, 2024
14.9 C
London
HomeCrypto NewsFATF Agrees on Roadmap for Implementation of Crypto Standards

FATF Agrees on Roadmap for Implementation of Crypto Standards

The Financial Action Task Force (FATF) has agreed on a roadmap for the implementation of digital currency standards, also known as “crypto,” to combat money laundering and terrorist financing. This decision comes after years of controversy and concerns about the use of digital currencies in illegal activities.

FATF aims to prevent money laundering and terrorist financing by implementing strict standards for financial and non-financial institutions. Cryptocurrencies that rely on encryption technology can be used for illegal activities due to the difficulty of tracking the parties involved.

One of the most important standards that must be applied to digital currencies is the identification of users and verification of identity and financial sources of transactions. Platforms that trade in digital currencies must also adhere to specific standards to avoid their use in illegal activities.

In addition, this agreement helps to improve confidence in digital currencies and increase their spread in the global economy. It also enhances international cooperation in the field of combating financial crimes and works to develop better and more appropriate standards for modern challenges. It is expected that this agreement will be a positive signal for investors in the digital currency market, which increases confidence and encourages further investments in this rapidly growing and evolving field.

With this agreement, FATF launches the implementation of these new standards and rules to achieve its objectives in combating money laundering and terrorist financing, leading to the strengthening of security and stability in the global financial system.

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more