The Intergovernmental Financial Action Task Force on Money Laundering (FATF) is going to make changes in the activities of crypto exchanges and other companies working with cryptocurrencies. The new rules may come out on June 21, and according to analysts, they can drastically affect the industry.
This is one of the biggest threats to the cryptocurrency industry. FATF recommendations can affect the industry much more than the rules of the SEC or other regulators, said Eric Turner, head of cryptocurrency research at Messari Inc.
As has already become known, the regulator, whose influence extends to more than 200 countries, will oblige all companies in the digital assets industry to identify customers who make transactions in the amount of $ 1,000 or more.
According to John Roth, the chapter on external checks and regulation in Bittrex, an important factor for cryptocurrency is the ability to make anonymous transactions. In turn, the new rules will force the majority of market participants to show their face. He also noted that in order to comply with the new FATF rules, crypto exchanges will be required to rework existing control and identification systems.
Some experts suggest that such actions may lead to the fact that people will exchange cryptocurrencies between themselves, rather than through third-party platforms, which will make the industry even less transparent than it is now.