๐ฒ Insider Info in my Socials ๐
๐ Get The Hottest Crypto Deals ๐
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๐บEssential Videos๐บ
DeFi Regulatory Risks ๐
Stablecoin Collateral Crackdown ๐
How To Research Cryptocurrencies ๐
Crypto Tax Tips ๐
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– TIMESTAMPS –
0:00 Intro
1:47 About The Author
2:53 What Is The FATF?
4:17 The FATFโs โRecommendationsโ
6:09 Why Is The FATF So Influential?
8:26 What Will Happen In October?
10:59 Cryptocurrencies Which Could Benefit
13:27 How To Prepare
16:39 Conclusion
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โ๏ธ ๐ Useful Links ๐ โ๏ธ
โบ Reddit Post About FATF Crypto Crackdown:
โบ The Decentralized Legal System:
โบ Wesley Thysee Twitter:
โบ FATF Crypto Travel Rule Introduced:
โบ Uniswap Delists Cryptocurrencies:
โบ Uniswap Hints KYC:
โบ Grayscaleโs Existing Crypto Trusts And Cryptos Under Consideration:
โบ Crypto Ratings Council Securities Classification:
โบ ThorChain Cross Chain DEX Explained:
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๐จโ๐ปAbout The Reddit Post Author๐จโ๐ป
A lot of the information in this video came from content created by Wesley Thysse who is actually the author of the Reddit post which inspired this video
In addition to having a tax law firm of his own, Wesley is the founder of The Decentralized Legal System, an organization that aims to create a comprehensive international legal framework for crypto
๐จโ๐ซWhat Is The FATF?๐จโ๐ซ
The FATFโs original purpose was to prevent money laundering in most major economies around the world. Like all governmental initiatives, the scope of their operations has only expanded since then
Following the news that Facebook was planning on launching the Libra stablecoin in 2018, the FATF adopted a mandate to โcombat any threats to the integrity of the international financial systemโ
โThe FATFโs Cryptocurrency โRecommendationsโโ
Just a few months after the new mandate, the FATF decreed that all virtual asset service providers or VASPs must collect KYC on all its users as per the infamous โtravel ruleโ
For those unfamiliar, the FATF travel rule requires that the sender and recipient in any transaction over a certain amount to be identified in the name of AML
๐ต๏ธโโ๏ธWhy Is The FATF So Influential?๐ต๏ธโโ๏ธ
If youโre wondering why the FATFโs recommendations are so influential, itโs because any countries that donโt comply are put on the FAFTโs โgraylistโ or worse, their โblacklistโ
As Wesley and others have pointed out, the FATFโs recommendations have the power to supersede any national laws and undermine the democratic processes by which those laws come to be
๐ฑWhat Will Happen To Cryptocurrency In October?๐ฑ
For starters, cryptocurrencies will not be banned because of the FATFโs recommendations, not even privacy coins, peer to peer transactions, mixers, or any other technologies that preserve privacy
Instead, the FATF will label all these things and anything else that doesnโt involve a regulated intermediary as โhigh riskโ. Over time, these activities will be banned
๐ค Cryptocurrencies That Could Benefit๐ค
By forcing everyone involved in crypto to comply with KYC, it suddenly makes cryptocurrency investing a sanctioned course of action for both public and private institutions
โHow To Prepare โ
That itโs very unlikely that weโll see any changes happen overnight. History suggests that the FATFโs recommendations will take a very long time to implement, much less enforce
Stablecoins will likely be the first to fall as they pose the greatest threat to the integrity of the existing financial system according to the FATF.
~~~~~
๐ Disclaimer ๐
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#crypto #regulation #defi #fatf
Source: Coin Bureau
32 Responses
Special thanks to Wesley on his research into the FATF proposals ๐. Do you guys think we could see more action in October? I somehow wonder if this amendment does not go through, Yellen will try to use some form of these FATF rules to further regulate crypto. Thoughts? Don't forget to follow me on my other social channels for the content you are not getting here ๐ https://guy.coinbureau.com/socials/
Fat F. That's probably the best abbreviation ever.
Theta & Audius ^^^
We should take these upcoming enforcement and regulations very seriously and should look into only those cryptos which we are sure will pass these new FATF regulations. I am not sure about other cryptos and thinks 99.9% of cryptos will get ban but i am sure about Neuralium which will pass these enforcement easily.
Great video cheers mate
1.618 comments that is very special we will all be rich i wish you all great success an great health god bless you all much love from Aotearoa New Zealand an thank you Coin Bureau for such informative videos cheers bro chur
FATF: Group of terrorists who control economy around the world.
"… to prevent money laundering". That's a bureaucratic lingo for "to swindle people fed up with own slavery".
Ugh F765K the FATF, no one elected them to power , yet they have the most power.
I was really hopeful of my investments this year, but all my plans has been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market.
Got any dreams? We want them too.
Best NFT play to earn on Binance : ALICE TLM ERN SUPER ๐
Bullish! The FATF are fearful, time to be greedy and get some more crypto. Thank you Guy for your hard work and as always very educational content.
Sounds like this isn't going to be good for my social credit score.
Thank you Guy for your in depth videos… good stuff.
Thank You. Really appreciate it always! Happy fortune!
๐๐บ๐ฒ
My bank started blocking my credit card transactions for buying cryptocurrency on Binance It makes me really angry the banks are preventing people from aquiring wealth
This is the single scariest video you've made to date. We've all championed the 'fact' that Bitcoin and crypto couldn't be stopped because of its decentralized nature. Enter the FATF…
Is pax-g safe from fatf recommendations?
Worrying.. yet, thanks for the heads-up.
Hi
they can't stop crypto. All they can do is affect the on/off ramps from/into Fiat.
Centralized exchanges that are compliant will just fall. DEX's will thrive & people just will learn not to use any part of the old banking system at all by paying direct.
If i have a business i will accept crypto & pay employees all in crypto.
Thank you
3:14 them Fan favourites
VAMPDOGE is gonna go to the MOON soon go invest on their presale NOW! BSC Presale coming soon! Releasing at just 500 members. You dont wanna be 501th member right?
The "high risk" stuff is how I make most of my money. Like QYLD stock does covered calls. It goes down 1% but pays out 10-12% even in terrible markets. The only reason crypto is high risk is that the governments can just decide they don't like it and ban it.
My parents are against cypto so I never had the opportunity to do it. My plan was to move out in 2-3 years and put $10,000 into a cryptomining. These crummy 10% returns are garbage compared to the 120% roi of crypto.
THE GIRLS:18+ ARE HOTLOVE.UNO
YOUTUBE: THIS ID FINE
SOMEONE: SAYS ''HECK''
YOUTUBE: BE GONE
#ะพะดะฝะฐะบะพ #ั #ะปัะฑะปั #ัะฐะบะพะน #ััะฑะฐะบะพะฒ ..u
ใจใใฆใใใซใซใผใ ใฎไบๆฅ้
Pretty pathetic of UniSwap to be pulling protocols from it's stable before this clamp-down has even had any effects. Capitulating in advance does not bode well for the future (if that is actually the reason why they have been pulling things out of their exchange. If not, my apologies to Uni).
Just realised at the end : You are a bit like a much younger version of Crypto Winston Churchill rallying war-cries against the CEFI Nazis and their Reich – and you also sell shirts.
Is everyone fully up to speed with the fact that 9 11 was an inside job?
How? Thermite and CGI – and of course M$M. Whit out no large worldwide scam would be possible ๐
Did this clown ever learn how XRP actually works? lol