• Latest
FATF Joins BIS In Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

FATF Joins BIS In Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

October 18, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

FATF Joins BIS In Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

coinnewsdaily by coinnewsdaily
October 18, 2019
in Business
0
FATF Joins BIS In Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Stablecoins pose a money laundering and terrorist financing risk to the world, the Financial Action Task Force (FATF) said Friday.

In documents released after its latest meeting, the intergovernmental organization referred to cryptocurrencies as a “major strategic initiative,” and said cryptos whose values are pegged to fiat currencies could have a particularly big impact.

Some 800 representatives from 205 jurisdictions met from Oct. 16 to Oct. 18 to discuss various issues under the jurisdiction of FATF, led this year by Xiangmin Liu of China, according to the publication. Crypto-related concerns were front and center.

While the document addressed cryptocurrencies broadly, it singled out stablecoins on multiple occasions, writing:

“Emerging assets such as so-called global ‘stablecoins’, and their proposed global networks and platforms, could potentially cause a shift in the virtual asset ecosystem and have implications for the money laundering and terrorist financing risks. There are two concerns: mass-market adoption of virtual assets and person-to-person transfers, without the need for a regulated intermediary. Together these changes could have serious consequences for our ability to detect and prevent money laundering and terrorist financing.”

A second document, titled “Money laundering risks from ‘stablecoins’ and other emerging assets,” said the FATF will continue to examine the characteristics and perceived risks of stablecoins and may even clarify or update its virtual currency guidance to better address this class of cryptocurrency.

“The FATF will continue to ensure its standards remain relevant and responsive and it will report to G20 Finance Ministers and Central Bank Governors in 2020 on the risks from global ‘stablecoins’ and other emerging assets,” the second document read.

The FATF’s warning followed a report from the Group of Seven (G7) advanced economies and the and Bank of International Settlements (BIS) calling stablecoins a growing threat to monetary policy, financial stability and competition.

Report cards

During its session, the FATF determined how it would evaluate countries’ implementation of its last guidance on digital assets and will add this process to its current mutual evaluation procedure.

In June, FATF called on national financial services and banking regulators to implement a strict know-your-client/anti-money-laundering regime, going so far as to require exchanges and wallet providers, dubbed virtual asset service providers (VASPs), to hold KYC information for recipients of transactions originating on their platforms.

“Countries that have already undergone their mutual evaluation will be required to report back during their follow-up process on the actions they have taken in this area,” Friday’s document said.

The document made it clear that FATF member countries are required to implement its standards for digital assets, as well as other emerging asset classes.

“Given the global nature of virtual assets, it is essential that countries implement these requirements swiftly, in particular understanding the risks and ensuring the effective supervision of the sector,” one document read.

Digital identity

In addition to its concerns about stablecoins, the FATF discussed the increasing importance of digital identity in payment systems, according to the document.

“In recent years, there has been a significant shift towards digital payments. The number of transactions [is] growing at over 12 percent every year,” the document read. “Customer identification is essential to prevent criminals and terrorists from raising and moving funds. However, in the growing digital world, different customer identification methods exist.”

As a result, the FATF plans to release draft guidance on digital identity for public comment. While the section did not discuss blockchain-based digital identity tools, a number of companies in the crypto industry are looking to create secure digital identity systems.

The guidance focuses on a “risk-based approach to using digital ID systems,” the document says, citing due diligence requirements as one issue. It concluded:

“The FATF supports financial innovation that does not create new safe havens for terrorists and criminals to carry out their transactions. Responsible innovation in the form of reliable digital ID systems contributes to the objectives of preventing its misuse for crime and terrorism, and supporting financial inclusion.”

Image via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Price Analysis 18/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, LEO

Next Post

Fidelity Digital Assets Opens to All Qualified Investors

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Fidelity Digital Assets Opens to All Qualified Investors

Fidelity Digital Assets Opens to All Qualified Investors

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,860.00-1.68%
  • ethereumEthereum(ETH)$1,193.41-1.97%
  • tetherTether(USDT)$1.000.13%
  • binancecoinBNB(BNB)$235.67-0.89%
  • rippleXRP(XRP)$0.348235-3.84%
  • cardanoCardano(ADA)$0.486228-2.68%
  • SolanaSolana(SOL)$38.14-4.50%
  • dogecoinDogecoin(DOGE)$0.071421-7.44%
  • polkadotPolkadot(DOT)$7.66-3.86%
  • Shiba InuShiba Inu(SHIB)$0.000011-6.19%
  • daiDai(DAI)$1.000.15%
  • tronTRON(TRX)$0.066082-3.19%
  • leo-tokenLEO Token(LEO)$5.83-0.73%
  • matic-networkPolygon(MATIC)$0.53-7.11%
  • litecoinLitecoin(LTC)$55.21-4.20%
  • FTXFTX(FTT)$27.30-0.64%
  • OKBOKB(OKB)$12.37-1.78%
  • CronosCronos(CRO)$0.123931-1.60%
  • chainlinkChainlink(LINK)$6.53-4.07%
  • stellarStellar(XLM)$0.118304-2.64%
  • algorandAlgorand(ALGO)$0.327447-3.23%
  • cosmosCosmos Hub(ATOM)$7.74-6.10%
  • ethereum-classicEthereum Classic(ETC)$16.35-4.71%
  • moneroMonero(XMR)$119.02-5.69%
  • bitcoin-cashBitcoin Cash(BCH)$111.25-3.20%
  • vechainVeChain(VET)$0.024602-1.56%
  • tezosTezos(XTZ)$1.617.64%
  • Internet ComputerInternet Computer(ICP)$5.77-2.82%
  • theta-tokenTheta Network(THETA)$1.34-1.86%
  • filecoinFilecoin(FIL)$5.76-2.90%
  • ElrondElrond(EGLD)$55.28-2.09%
  • bitcoin-cash-svBitcoin SV(BSV)$59.13-4.10%
  • eosEOS(EOS)$0.98-3.02%
  • AaveAave(AAVE)$65.53-1.50%
  • makerMaker(MKR)$989.57-3.35%
  • paxos-standardPax Dollar(USDP)$1.000.25%
  • huobi-tokenHuobi(HT)$5.32-0.07%
  • iotaIOTA(MIOTA)$0.291354-0.38%
  • zcashZcash(ZEC)$61.76-5.36%
  • neoNEO(NEO)$9.44-2.50%
  • zilliqaZilliqa(ZIL)$0.043913-5.97%
  • basic-attention-tokenBasic Attention(BAT)$0.392356-1.82%
  • wavesWaves(WAVES)$5.76-6.70%
  • havvenSynthetix Network(SNX)$2.37-11.90%
  • dashDash(DASH)$48.81-3.04%
  • PancakeSwapPancakeSwap(CAKE)$3.34-1.61%
  • KusamaKusama(KSM)$52.20-3.13%
  • nemNEM(XEM)$0.0420320.83%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$50.18-3.91%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.98-2.31%
  • bitcoin-goldBitcoin Gold(BTG)$17.04-2.23%
  • omisegoOMG Network(OMG)$2.001.39%
  • golemGolem(GLM)$0.2571986.13%
  • SushiSushi(SUSHI)$1.14-2.79%
  • ontologyOntology(ONT)$0.2468832.63%
  • yearn-financeyearn.finance(YFI)$6,075.03-7.71%
  • umaUMA(UMA)$2.69-2.98%
  • digibyteDigiByte(DGB)$0.009938-5.38%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....