The global money laundering agency said on Friday it would propose in June how countries should monitor the first wave of rules on virtual currencies.
Paris-based Financial Action Task Force / FATF said on Friday that jurisdictions around the world would be required to license or regulate exchanges to prevent the use of digital money as a money laundering tool, terrorist financing, or other forms of crime.
FATF said enterprises issuing new virtual currencies to provide financial services must comply with the rules.
The FATF's move is a major moment in virtual currency regulation; until now, there has been no global co-operation on virtual currency regulation, and regulatory practices vary across countries, leading to loopholes.
Marshall Billingslea, chairman of the FATF, said countries that failed to set up rules would be blacklisted at the FATF; countries that were deemed to have failed to prevent financial crimes would be blacklisted, and blacklisted countries would be restricted access to the global financial system.

<>The global money laundering agency will propose the first wave of virtual curren

 

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