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Tightened Identity Regulations Could Spell Trouble for Crypto Exchanges

The Financial Action Task Force (FATF) is set to release new rules and guidelines regarding the cryptocurrency market. Per a report on Bloomberg on June 11, 2019, the upgraded guidance seeks to apply bank rules to the innovative sector. 

Old Rules, New Tech

With the continuous growth of the cryptocurrency sector, alongside its anonymity and volatility, more regulatory bodies around the world are introducing regulations to safeguard investors from fraudulent crypto exchanges and combat money laundering.

The FATF, an intergovernmental body with over 30 member states, is aiming to eliminate terrorist financing and money laundering at the international level. Part of this objective thus encapsulates the world of crypto. As such, the authority will reportedly release an upgraded…

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