nothing will happen on day 1 when the FATF recommendations drop. regulators need time to finalize their own national regs. and hopefully this is truly the case:
i've got a bad feeling about all this though. they seem intent on crushing the trading freedoms we currently enjoy.
the elephant in the room = binance, bitmex. huge exchanges that thrive off no KYC. they could be run out of town by their regulators (malta, seychelles) for noncompliance. then what, turn to FATF blacklist countries? that works fine for customers since it's 100% crypto but covering overheads, payrolls, etc is another story.