The Financial Action Task Force (FATF), reported on Friday, June 25, that it will finalize the study on its new regulatory standards for bitcoin, cryptocurrencies and digital asset service providers in October.
The intergovernmental organization created to develop policies against money laundering, had announced that the new guidelines would be updated in June. However, after finishing his plenary session, he said that rescheduled the update scheduled for June for four months from now.
Regarding what may have caused the agency to postpone its new guidelines, Siân Jones, senior partner at XReg Consulting told CoinDesk that “there was probably not enough time to process and deliberate the volume of responses they received, as the query It was closed at the end of April. ”
In March, when the Group said it was working to update its guidance, immediate concern arose in the cryptocurrency industry. Above all, by service providers that allow P2P exchanges.
Many of the changes that the FATF has been considering «are problematic for innovation because they violate the privacy of users of Bitcoin ”, as pointed out by Peter Van Valkenburgh, Director of Research at the Coin Center, an organization that advocates for user rights over open blockchain networks.
As we reported in CriptoNoticias, the FATF guidelines seek, among other things, to block withdrawals of cryptocurrencies to private wallets. That is, that Bitcoin transactions are only carried out between exchanges or highly limited and legally regulated services. In this way, the organization intends to control Bitcoin by attacking its essence, as this medium published in an editorial article.
That the FATF has decided to postpone its guidelines suggests that the organization could reconsider moving forward on a new policy that are inappropriate for people who wish to preserve their privacy when interacting with these networks, as added by Van Valkenburgh.
