Watchdog urges tighter controls on crypto transactions | The Guardian Nigeria News - Nigeria and World News
— Technology around, Increasingly leaning towards stiffer rules, Market value, Foundation, Ensure, Travel, Largely unregulated, Celebrity endorsements, Minimise, Gap — 1 min read
Paris-based Financial Action Task Force (FATF) said countries had made only “limited progress” in implementing its “travel rule” Regulators are supposed to ensure that cryptocurrency firms verify the identities of people involved in transactions. The standard is seen as a way to minimise the risk of cryptocurrencies being used for money laundering or terrorism financing. In March this year, the FATF surveyed 98 jurisdictions and found that only 29 had passed travel rule legislation and only 11 had started to enforce it. The report said the gap in the rules left cryptoassets and crypto firms “vulnerable to misuse, and demonstrates the urgent need for jurisdictions to accelerate implementation and enforcement” The value of the major ones tends to fluctuate wildly. Source