06/05/19

CRYPTO-CURRENCY: Crypto valley regulatory & policy working group task force publishes recommendations addressing FATF virtual asset statement.

As published on crowdfundinsider.com, Friday 3^rd May, 2019.

Last February, the Financial Action Task Force (FATF) issued a statement on “virtual assets” recognizing the need to mitigate risk associated with money laundering and terrorist financing when it comes to cryptocurrency. The “draft interpretive note” regarding a segment on pending recommendations was open for comments (now closed). The consultation may result in forthcoming action this coming June.

The Crypto Valley Association, the group that advocates on behalf of the blockchain sector in Switzerland, as well as around the world, published their comments on the FATF statement.

The work was completed by the CVA Regulatory and Policy Working Group Task Force with their recommendations reflecting the existing legal framework in Switzerland for “distributed ledger technologies (DLTs).

The recommendations not only provide an interesting perspective into the CVAs policy approach, but it highlights the challenges digital or crypto assets create for a world based on analogue assets and the advent of blockchain technology.