It looks as if cryptocurrency service providers will have to adopt stricter know-your-customer (KYC) policies all across the world — and not everyone is happy about that.
On February 22, 2019, the intergovernmental Financial Action Task Force on Money Laundering (FATF) published a draft recommendation for strict and uniform anti-money laundering (AML) regulation for cryptocurrency service providers, to be finalized by June 2019. The G20 — the 19 most powerful countries in the world plus the European Union — had already agreed in December 2018 to accept the recommendation by this intergovernmental body responsible for setting guidelines to combat money laundering and other financial crimes. As such, the recommendation will affect cryptocurrency businesses and users worldwide.
On May 6 and 7, 2019, in Vienna, the FATF met and spoke with cryptocurrency businesses as part of its annual private sector consultative forum, hosted by the United Nations Office on Drugs and Crime (UNODC), and chaired by the president of the FATF,…