In the name of combating crime, an intergovernmental organization is attempting to force decentralized technologies to spy on people. But the regulations they are calling for would harm or destroy essential innovations that will help billions.

Tell the Financial Action Task Force:

“Cryptocurrencies and decentralized systems are an emerging technology that has huge potential to improve the quality of life around the world, and end harmful financial practices. The new guidance you have proposed will dampen the spread of this emerging tech, and force participants to routinely violate the privacy of millions of users. You need to change course and tailor this proposed guidance to accommodate the liberatory potential of decentralized technology.”

Recently, the Financial Action Task Force (FATF), an intergovernmental organization with over 200 member countries, published a draft update to their virtual asset guidance, which includes guidance on cryptocurrencies. The new guidance calls for a dramatic increase in financial surveillance of cryptocurrency transactions, and places an impossible burden on cryptocurrency node operators, decentralized exchanges (DEXs), and decentralized apps (DAPPS) to spy on their users, and share private financial information with regulators.

This update intends to combat crime, but like so many proposals to that end, what it actually does is harm everyday people and freedom. This new proposal has the potential to cause serious harm to the expansion of cryptocurrencies, DAPPs, and DEXs across the globe.