FATF updates guidance on crypto service providers, calls for public comments
The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions. The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a catch-all term including exchanges, wallet providers, and custody platforms, among others.This updated document will also be made available for public consultation from key stakeholders.According to a circular issued by the FATF on Thursday, the decision to update its guidance on VASPs was the result of the....
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On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while now, cryptocurrency proponents have said that one day, global regulators would likely target decentralized finance (defi) and the latest non-fungible token (NFT) hype. For a while now, the Financial Action....
Despite DeFi apps not being VASPs under the FATF standards, the authority still wants them regulated like VASPs. Decentralized finance, or DeFi, continues driving more interest from regulators and is becoming a part of the major international rules designed for virtual asset service providers, or VASPs.On Thursday, the Financial Action Task Force, or FATF, issued a new update to its 2019 guidance to a risk-based approach for virtual assets and VASPs, paying particular attention to the DeFi industry.The new guidance addresses issues identified in the FATF’s 12-month review of the revised....
In its updated guidance on virtual assets and virtual asset service providers, the FATF recommends requiring more strict KYC/AML measures.
The Financial Action Task Force has laid out its perspective on crypto, including its views of nonfungible tokens and decentralized finance. The Financial Action Task Force (FATF) released its long-awaited guidance on virtual assets, laying out standards that have the potential to reshape the crypto industry in the United States and around the world. The guidance addresses one of the most important challenges for the crypto industry: To convince regulators, legislators and the public that it does not facilitate money laundering.The guidance is particularly concerned with the parts of the....
The Financial Action Task Force (FATF) has published an update on their virtual assets and virtual asset service provides guidance with a special focus on the DeFi sector. A market gaining more attention from regulators and government agencies around the world, the FATF proposal could usher a new crackdown on crypto and related companies. Related […]