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

Unlike other digital assets that are often grouped under the term "cryptocurrencies," bitcoin is distinguished by its decentralized and immutable ledger. As the first widely adopted digital currency, bitcoin was designed to operate outside the control of centralized authorities. Its pseudonymous nature ensures that transactions are visible on the blockchain, but without revealing sensitive personal information. This transparency already provides a certain level of accountability while preserving individual privacy, making FATF measures seem redundant and misaligned.