Governments of about 15 countries, including Australia, Singapore and the Group of 7 (G7) members, have joined hands to develop a system to fight money laundering in cryptocurrencies.
The system would collect and share personal data on individuals who conduct cryptocurrency transactions, and would be managed by the inter-governmental body, the Financial Action Task Force (FATF), Nikkei Asian Review reportedFriday.
“The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later,” per the report.
Last month, there were reports that the Japanese government is leading the development of a SWIFT-like network for cryptocurrency payments to combat money laundering, and that the development will be monitored by the FATF.
The inter-governmental body recently released its final crypto guidelines, which compel exchanges to collect and transfer customer information. Later, the Group of Twenty (G20) also officially welcomed the guidelines.