ELECTRONIC MONEY RECOVERY, FATF PROPOSED REGULATIONS ON GLOBAL ELECTRONIC MONEY

05/09/2019

Most major electronic currencies have recovered on Thursday in Asia, with Litecoin being the only exception. Bitcoin increased 1.54% to $ 8,084.7 at 1:08 AM ET (05:08 GMT). The world's largest electronic currency has surpassed the $ 8,000 mark for the first time this week. Ethereum increased by 4.11% to $ 258.83 and XRP increased by 2.81% to $ 0.40302. But Litecoin fell 3.49% to $ 134.64. Total market capitalization has recovered to 261.1 billion dollars from 253.1 billion dollars the previous day. The Financial Action Task Force, an intergovernmental organization established by G7 to develop anti-money laundering policies, is trying to tighten regulations on the digital asset sector. On June 21, the organization will publish a note to participating countries on the proposed new rules, related to electronic money exchanges, supervisors and electronic money hedge funds.

As a rule, large exchanges as well as property managers are required to collect data about all customers making transactions worth over $ 1,000 or EUR 1,000. They will also have to provide the payee data and share it with the recipient's service provider. Industry insiders worry that the new guidelines will have the opposite effect. "Applying banking regulations to this industry can motivate many people to conduct transactions between people, which will lead to a lack of transparency in law enforcement," said Jason Horowitz, Coinbase Compliance Manager.
According Investing

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