Financial Action Task Force, an intergovernmental organization which combats money laundering, plans to develop binding rules for cryptocurrency exchanges, Reuters reported June 12, citing a Japanese government official familiar with the matter.
The group will begin discussions June 24 to review the existing rules, which were adopted in June 2015. The 2015 guidelines require exchanges to be registered or licensed, as well as for exchanges to verify their customers' identity, and for suspicious trading to be reported.
The group will also look into working with the U.S. and European countries, as well as the countries that have banned cryptocurrency trading.
The Japanese government aims to take the lead on the initiative and to promote the adoption of the binding measures by 2019 at the latest, the government official said.
Financial Action Task Force did not immediately respond to queries, while Japan's Financial Services Agency was not available for comment on the matter, Reuters noted.
