FAFT was created by the Organization for Economic Co-operation and Development (OECD), as a policy-making organization to fight money laundering and the financing of terrorists. The FATF began discussing ways to introduce binding rules that would govern cryptocurrency exchanges globally, earlier this year. The organization had also sought out the current rules in a bid to accommodate new market realities.According to the G20 declaration, “other responses” would be considered as needed, adding that the countries would also continue to monitor the global economy, which is rapidly being digitalized, adding that it “would seek a consensus-based solution to address the impacts of the digitization of the economy on the international tax system with an update in 2019 and a final report in 2020.”
