Tighter cryptocurrency rules on way

Cryptocurrency firms will be subjected to rules to prevent the abuse of digital coins, such as Bitcoin, for money laundering, a global watchdog has said, marking the first worldwide regulatory attempt to constrain the rapidly growing sector.

The Paris-based Financial Action Task Force (FATF), a coalition of countries from the US to China, told countries to tighten oversight of cryptocurrency exchanges to stop digital coins being used to launder cash.