The Financial Action Task Force (FATF) will hold a plenary meeting on June 24 toAssess the willingness of virtual asset service providers (VASPs) to meet customer data exchange requirements.
According to Forbes, the meeting will be held invirtual format and will include a discussion of leadership aimed at combating money laundering and the financing of terrorism in the cryptocurrency space. FATF member countries “must demonstrate progress” in complying with the requirements set forth in this manual.
For the first time a specialized legal framework forThe FATF introduced the cryptocurrency industry in June 2019, primarily with regard to cryptocurrency exchanges and wallets. At the same time, the organization promised "to monitor the implementation of new requirements by countries and service providers and conduct an audit in June 2020."
FATF claims aroused rejection among manyindustry participants because of the difficulties with their observance in decentralized systems. The regulator promised to reconsider his position, but did not make any adjustments to it.
Formally proposed FATF measures are calledrecommendations, but countries that do not enforce them may be blacklisted and lose ground in the international investment arena.
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