FATF praises the American regulators but calls for wider actions

[vc_row][vc_column][vc_paragraph text=”Over the recent years, USA have done a lot to take over the crypto assets` space. They also have implied basic rules for the industry and took part in some ICOs.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”USA have been praised for regulation” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This work paid off, and the Financial Action Task Force (FATF) has evaluated the country for being largely in accordance with the reviewed criteria for preventing money-laundering and financing of terrorism.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The organization that sets the international AML and CTF standards published an assessment of USA on March, 31. FATF has commended banking regulations and the implementation and compliance of the laws and regulations.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This has become possible due to new measures accepted by the 40 FATF recommendations.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The group notes that USA chose a serious approach for adequate certification of clients increasing the country`s rating in this matter. Taking into account the new criteria, the rating of the rest 39 levels remained at a previous level but FATF noted the progress was made at least in 7 fields.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Certainly, all of this does not say there is nothing to improve, especially in the “New technologies” field.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”There are also some small deficiencies such as absence of transaction records amounting less than $3000 which can enable criminals to get around the law.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”FATF also wants the US regulators to activate their convertible virtual currency (CVC) investigations. Their strategy does not specify the providers of high-risk crypto services, making the inspections of such services ineffective. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”“Thus, it is not rather clear whether the current approach considers all risks, especially taking into account that only 30% of all crypto service providers have been checked since 2014”, wrote FATF.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Although the US regulations of virtual currencies have been highly evaluated, there is still a road to go for getting better results.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But the advance has indeed been made, and the Security Exchange Commission has approved many of the definitions concerning digital assets and investigated some ICO projects.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”SEC is holding up the tZero tokens exchange decision” size=”medium”][vc_single_image image=”732″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”SEC delayed taking the decision on the exchange of tZero security tokens when the initiative had been approved by regulators. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The cooperative project of tZero and BOX proposed digital exchange of security tokens supervised by regulators, and SEC was to reach a verdict on the application’s approval and indicate it as Boston Security Token Exchange (BSTX).”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to the Commission’s statement, the delay gives some time to verify whether BSTX is in conformity with the Securities Exchange Act of 1934 and to establish if there is a need for additional information before the initiative is approved. The commentary to the statement will be provided in the following three weeks with the supplementary two-week period for responses. At this stage the Commission is required to state the verdict. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The proposals were first introduced to SEC in May 2019, and got to public discussions in October. BSTX made some adjustments to the proposal implying stricter conformity requirements appropriate for Wall Street, including the increasing of the minimum number of market-makers to 3. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The verdict’s delay must be a disappointment for BSTX since the application has been in development for 11 months already. But it is still possible that SEC will approve the token exchange in a few months.”][/vc_column][/vc_row]