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New Guidelines Significantly Impacting Cryptocurrecy Exchanges | PaymentsJournal

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"In June the Financial Action Task Force (FATF; pronounced ‘fat F’) published a much anticipated, technically nonbinding guidance detailing expectations of how its 37 member jurisdictions should regulate their respective ‘virtual asset’ marketplaces. Here’s the contentious part: whenever a user of one exchange sends cryptocurrency worth more than 1,000 dollars or euros to a user of a different exchange, the originating exchange must ‘immediately and securely’ share identifying information about both the sender and the intended recipient with the beneficiary exchange. That information should also be made available to ‘appropriate authorities on request.’"

From "New Guidelines Significantly Impacting Cryptocurrecy Exchanges | PaymentsJournal".

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