According to the amended law adopted by the Financial Action Task Force, all cryptocurrency-related companies are to register by May 18 or cease their operations. Although the regulation also applies to banks and insurance companies, it is well known as the "Cryptocurrency Law".
The banking industry is worried by Facebook’s announcement about issuing their own cryptocurrency last month. France is going to establish a G7 task force to study how banks can ensure regulations of such digital currency to prevent its usage for money laundering and other illegal activities.
Blockchain has caught a great piece of attention of social media and, thus, the governmental institutions. The task force, aimed at development of the national blockchain strategy, was created in Italy. The group of experts has already held a number of fruitful meetings.
Besides insiders, very few people in Italy and globally understand what Blockchain technology is, according to research conducted by the GBBC – the Global Blockchain Business Council. That’s one of the reasons why Italy has invested heavily in the lucrative blockchain industry before other countries come in to compete. Also, this innovative technology is seeing a superb moment, with the government’s (MiSE) consideration to create a task force of high-level experts to create a national strategy.
Governor Andrew Cuomo officially signed a bill on Friday, December 21, 2018, to institute a ‘Cryptocurrency Task Force’ for New York, according to a January 3, 2019, Facebook post by Clyde Vanel, an Assembly Member.
The Financial Action Task Force (FATF) heralded plans to propose effective rules regulating digital currency with its world AML/CFT standards. This effort is aimed at exterminating the use of cryptocurrencies for financing terrorism activities and money laundering.
New York State is considering the launch of a special committee that will study the effects of cryptocurrencies on the local financial market. The initiative is created to provide the authorities with necessary information about the impact of digital currency and blockchain use in the state.