According to a report from Bloomberg earlier this week, the Financial Action Task Force (FATF), a committee that defines anti-money laundering and counter-terrorism financing (AML/CFT) rules for some 200 countries have set its eyes on the crypto industry. While it is clear that reaching such compliance would require a lot of effort from platforms facilitating crypto transactions, we would like to review how the new rules apply to every user of cryptocurrency.
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As mentioned in the headline of this report, the newly proposed rules by the FATF practically imposes on crypto platforms the same requirements as banking corporations globally. As outlined by some crypto industry participants who spoke to Bloomberg, the new rules are in stark contrast to the principles of pseudonymity on which most blockchain systems are built.