FATF Needs Entirely New Approach to Regulating Crypto, Says V20 Summit
Industry players at the Virtual Asset Service Providers Summit urged regulators to rethink their approach in light of DeFi and DEXs.
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Japan’s Financial Services Agency (FSA) has revealed that the regulating body will adopt the Financial Action Task Force (FATF) “travel rule” and standards toward the cryptocurrency industry throughout the nation. Meanwhile, FATF’s rule has been considered far-reaching and the organization Global Digital Finance and the company’s advisory member, Malcolm Wright, hopes industry innovators will help shape the regulatory conversations. Japan’s Financial Services Agency Is Ready to Follow FATF’s Lead Japan, the island country in East Asia with its 125....
Siân Jones, a senior partner at XReg Consulting, said the FATF's narrow approach to regulating crypto must be tackled by the community as a whole. Since the Financial Action Task Force, or FATF, introduced its controversial "travel rule" for businesses in the crypto space, the debate over the suitability of established regulatory frameworks for cryptocurrencies has been unrelenting. Some experts, however, believe that the industry's experience with the FATF guidelines is only the tip of the iceberg, and points to more significant challenges down the line. During the concluding panel of the....
On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets.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....
The Financial Action Task Force (FATF) has released updated draft crypto guidelines. A review of the changes highlights recommendations to increase the mass surveillance of users. The greatest fear of regulatory overreach is that it will stifle innovation and deter privacy-conscious investors from participating. Crypto Under The Spotlight FATF is a global financial watchdog that […]
Representatives at a Group of Seven (G7) meeting in Germany this June announced support for "appropriate regulation" of virtual currencies. A global organization comprised of the heads of state from some of the world's largest economies including Canada, France, Germany, Italy, Japan, the UK and the US, the G7 met in Bavaria on 7th and 8th June. According to the group's summit statement, the G7 is looking to oversee digital currency activity through the lens of terrorism financing, which it deemed "a major priority". Part of this process, the statement read, includes regulating emerging....