The Financial Action Task Force Agrees to Regulate Cryptocurrency Exchanges like Banks
By Tyler Smith – Crypto Investor
The Financial Action Task Force (FATF), a group of the world’s leading economies have constructed a strategy to regulate cryptocurrency exchanges in the same way as traditional banks. The plans have been devised as a unified approach to regulating the industry and help prevent nefarious actors selling crypto for terrorist financing.
FATF is made up of 35 of the leading economies around the world that agreed on a report circulated at their last meeting on the regulation of cryptocurrency exchanges. The nations that make up FATF include China, France, Italy, Germany, Japan, Luxembourg, Spain, South Africa along with the UK, US and others. Any exchange seeking to buy and sell cryptocurrency within these nations will be subject to the new regulations.
These tougher restrictions are to be universally imposed across the nations for a unified approach to regulation and will help protect investors’ funds held within the exchanges. Many investors hold funds and assets within an exchange for quick access to buy or sell BTC or other crypto when required.
The report advises that cryptocurrencies and digital assets should be considered as either ‘property, proceeds, funds, funds or other assets or other corresponding value’. Cryptocurrencies are currently considered an asset by many; however, they are not seen by governments as legal tender. Due to how cryptocurrencies have fallen in terms of their asset class, selling Bitcoin has gone unregulated.
FATF believe that all nations should apply procedures according to their recommendations to analyse activity and cryptocurrency transactions to determine effective action to reduce and mitigate any terrorist financial or money laundering.
We provide all the latest developments unfolding in the crypto space and services to sell crypto UK and exchange Bitcoin so delve further to find out more.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards