15 countries decided to unite to track suspicious cryptocurrency transactions
August 11, 2019
15 countries, including Australia and Singapore, decided to join forces to create a system that will collect data on persons engaged in transactions with cryptocurrencies, as well as allow the exchange of such information.
As reported by the publication Nikkei, the overall goal of the participating countries will be to prevent money laundering or the use of funds to Finance terrorist organizations.
The system will be developed by 2020 by the financial action task Force on money laundering, which operates in 36 countries.
Currently, regulators and governments around the world are trying to cope with the rapid growth of cryptocurrencies, and this has been going on since the first major cryptocurrency, bitcoin (BTC), appeared 10 years ago.
Japan actually became the first country to introduce legal regulation for cryptocurrency exchanges in 2017, as well as legalized bitcoin as a means of payments. In 2018, the crypto industry in this country received the status of a self-regulatory industry.
However, governments still lack generally accepted standards, which have proved difficult to achieve.