G7 Members and 8 Other Nations Plan a Global Crypto Monitoring System
Fifteen countries across the globe, including the G7, Australia and Singapore, are in the midst of creating a monitoring system under the Financial Action Task Force (FATF) to track cryptocurrency transactions for illicit activity such as terrorist financing and money laundering. The 15 nations will collectively work together to develop the system and FATF, the international money-laundering watchdog, will oversee the project to ensure it meets global regulatory standards.
Earlier this year, FATF recommended crypto regulatory standards for its country members to ensure cryptocurrency trading platforms monitor and report suspicious transactions. FATF has also given the green light to Japan to create an international cryptocurrency payments network that will work similarly to SWIFT – the worldwide communication network for banks. The Asian country has suffered a few notable hacks, including the world’s biggest, Mt. Gox. As a result of the Mt. Gox hack, Japan has been one of the most proactive nations when it comes to crypto regulation, including combating money laundering, terrorism funding, and security breaches.