#EUPrivacyCoinBan

The rule on the movements of the Financial Action Task Force (FATF), designed to combat money laundering and the financing of terrorism, is at the heart of the debate on the balance between regulatory oversight and privacy. Financial institutions, including virtual asset service providers, must collect 'Know Your Customer' information and share it with other institutions involved in the transaction.

Based in Paris, France, the FATF is an international organization established by G7 countries in 1989. Over the decades, its mandate has expanded to include a 2019 initiative aimed at addressing perceived 'threats' to the integrity of the financial system. This expansion has placed bitcoin and other digital assets under the control of the FATF, considering them potential threats to the established financial order. Countries refusing to comply with FATF recommendations risk being excluded from the global financial network.