Research Director, Messari Inc., a cryptographic research organization: FATF's forthcoming guidance may be one of the biggest threats facing the encryption industry

According to Bloomberg News, FATF spokesperson Alexandra Wijmenga-Daniel said in an e-mail that on June 21, the agency will issue a report stating how participating countries should monitor virtual assets. The new rules will apply to businesses that use tokens and cryptocurrencies, such as exchanges, custodians, and encrypted hedge funds. Eric Turner, research director at cryptographic research firm Messari Inc., said in an email that it depends to a large extent on how national regulators will interpret and apply rules that have long dealt with traditional bank wire transfers, but these rules are by far the encryption industry will face One of the biggest threats, "the FATF's recommendations may be much greater than the impact of the US SEC or any other regulatory agency to date."