Bitcoin regulation: The requirements of the FATF

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Juni 25, 2019

The topic of Bitcoin regulation is on the international level, more concrete. The Anti-money laundering organization, the Financial Action Task Force (FATF) stipulates that crypto-Exchanges transaction to store information about the sender and the recipient and, if required, open to place. The new guidelines are designed to take both a provider of cryptographic Services as well as governments in the duty.

Brigitte Bernhardt
On the 25. June 2019BTC$11.402,00 4.54%part Facebook Twitter LinkedIn xing mail

Bitcoin regulation: On 21. June has been adopted by the FATF, the proposed guidelines for the regulation of Virtual Assets (VAs). Accordingly, the Virtual Asset Service Provider „(VASP), so, for example, Bitcoin exchanges, to lay“ in the future, your customer data to open and share. This will apply for volume starting from 1,000 US dollars and the data recipients as well as senders of transactions relate to.

anti-money laundering and terrorism

Background of the control which is so often sought issues (money laundering, ML) and the financing of terrorism (terrorist Financing, TF) trials. The 59-page paper:

this guide outlines the need for countries and VASPs, as well as other VA activities of participating Agencies to understand the activities related to ML/TF risks and the appropriate measures for the mitigation of these risks to take.

The required information consists of:

Name of the sender account number of the sender, if such an account is used to process the transaction (e.g., the VA-Wallet), the physical (geographical) address of the author or the national identification number or client identification number that identifies the originator to the ordering institution to clearly, or the date of birth and place of birth, name of recipient, account number of the recipient, if such an account is used to process the transaction (e.g., the VA-Wallet) the Bitcoin regulation at a global level

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The guidelines published in practice represent more than just a recommendation. Already at the G20 summit in Buenos Aires in 2018, the States have agreed to regulate crypto-Assets in accordance with FATF-Standards. Accordingly, the current recommendation in addition to the 35 member States of the FATF (Financial Action Task Force) also applies to the EU-Commission and the Gulf cooperation Council. The role of governments describes the panel as follows:

The country should ensure that the origin VASPs will receive the necessary and accurate information to the originator and to the beneficiary of the Transfer of virtual assets and store this information immediately and securely to the beneficiary VASP or to the financial institution (if applicable) forwarding, and to request the authorities to provide.

About the FATF

The Financial Action Task Force is considered to be the most important body to combat money laundering, terrorist financing and proliferation financing (proliferation of weapons of mass destruction). Its registered office is in Paris at the OECD, the Organisation for economic co-operation and development. The FATF publishes guidelines to these areas. You checked so their implementation in its member States.

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