The Financial Action Task Force (FATF) — an intergovernmental organization founded to develop policies against money laundering and terrorism financing — is even more squarely setting its sights on regulating, supervising, and monitoring providers of services for digital assets. 


Specifically, FATF has admittedly been working on an Interpretive Note to Recommendation 15, which defines how the FATF standards apply to activities or operations involving virtual assets. As has been the case for quite some time, the discussion is firmly centered on the idea that cryptocurrencies are used for money laundering and terrorist financing — despite the fact that many, like Bitcoin (BTC), feature a distributed public ledger that allows skilled investigators to trace immutable transactions that cannot be changed, altered, or deleted.

The Interpretive Note states that countries should define virtual assets as “property,” “proceeds,” “funds”, “funds or other assets,” or other “corresponding value.” As such, …

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Source: https://thebitcoinnews.com/financial-action-task-force-calls-for-stricter-regulation-of-virtual-asset-service-providers/