The global Financial Action Task Force's (FATF) will recommend that cryptocurrency businesses must be licensed or registered, and subject to anti-money laundering (AML) regulations and compliance monitoring.

Businesses including virtual currency exchanges, wallet providers and providers of initial coin offerings must conduct customer due-diligence including ongoing monitoring, record-keeping, and reporting of suspicious transactions, said FATF following a meeting held in Paris last week.

It noted as cryptocurrencies and other virtual assets “create new opportunities for criminals and terrorists to launder their procee...