The task force called on governments to broaden regulatory oversight of crypto firms and force more of them to take measures such as checking the identities of their customers and reporting suspicious transactions to regulators.
The FATF’s guidelines don’t have the force of law, and would need to be implemented by national regulators in each country. Still, the Paris-based group is influential in setting standards for government policies against money laundering and financing of terrorism, and its guidelines could shape new crypto regulations around the world. More than three dozen countries are FATF members, including the U.S., China and much of Europe.
Source: Global Regulators Back Tougher Rules to Prevent Criminals From Using Crypto – WSJ