FATF to present recommendations on cryptocurrency market regulation in 2019

ICT Materials 16 November 2018 13:57 (UTC +04:00)

Baku, Azerbaijan, Nov. 16

By Huseyn Veliyev - Trend:

The Financial Action Task Force on Money Laundering (FATF) will present advisory regulations on the cryptocurrency market in June 2019, Director of the company Crypto Consulting Elnur Guliyev told Trend.

He said that these legal documents had to be submitted in October this year, but as it was noted, the delay occurred because the organization stated that it is necessary to study the market in a more detailed manner.

“There was also an opinion that haste in this matter may adversely affect the cryptocurrency market,” said Guliyev. “In this regard, it took a little more time. Russia itself in this matter stated that it would begin to consider the issue of regulating the cryptocurrency market after the FATF recommendations were made public. Even in the current legislation act in Russia, references to cryptocurrency and mining were excluded, since there are no international regulatory mechanisms and no country can do anything on its own.”

He noted that the recommendations of the International Monetary Fund (IMF) will also play a major role in this issue.

“Probably, after that, corporate companies and investors will appear in the cryptocurrency market,” Guliyev added. “Azerbaijan will study the experience of countries where it will be applied. Thus, Russia said that it’s not important for the country to be the first in this issue. The main thing is that it should be effective and shouldn’t contradict the law and the interests of business.”

He noted that Azerbaijan is likely to adhere to the same position.