Crypto Stablecoins Face Increasing Regulatory Scrutiny (1)

Banking Law News

July 7, 2020, 6:05 PM

Tether and other so-called cryptocurrency stablecoins have long flown under the radar of international regulators. That’s about to change.

The Financial Action Task Force, with members from about 200 countries who recommend ways to stop money laundering and the financing of terrorism, said in a report Tuesday that stablecoins need to comply with standards to guard against both practices.

That means that exchanges and other entities supporting them will likely have to verify their users’ identities and comply with other policies on virtual assets such as Bitcoin that FATF set forth last year. The FATF report was prepared for G-20…

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