Corporate Law News

Stablecoins Must Comply With Global Anti-Money Laundering Rules

Oct. 18, 2019, 9:57 PM

An inter-governmental oversight group that includes the U.S. is warning its members that global stablecoins don’t fall outside new, international anti-money laundering standards.

The Financial Action Task Force, or FATF, issued a public statement Oct. 18 outlining the risks posed by cryptocurrencies tied to fiat currency, suggesting they could “cause a shift in the virtual asset ecosystem” and have money laundering and terrorist financing implications. The group unveiled guidance this summer that closely followed U.S. regulations of virtual asset transfers, and it will soon start evaluating member countries on their compliance.

The statement comes less than a week before Facebook...

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