The Financial Action Task Force on Money Laundering (FATF) has finalized its guidance on cryptocurrencies and plans to publish an updated version of the document next week.
According to FATF President Marcus Player, the newthe edition does not change the current standards related to digital assets or companies working with them, but rather clarifies the mechanisms for their implementation.
The first version of the guidelines from 2019 called on crypto exchanges, DeFi platforms and payment systems to adhere to the same standards in their activities andmechanisms that are used in the fieldtraditional finance. However, the industry has encountered technical difficulties in implementing the Travel Rule, which requires companies to collect and share information about parties to transactions valued at more than $1,000. The problem is the lack of solutions for the secure transfer of data about counterparties.
In the updated version, the FATF pledged to clarifykey principles and problematic aspects of applying standards. In particular, an expanded definition of the risks of peer-to-peer transactions, stablecoins, operators and virtual asset providers (VASPs), their licensing and registration process will be given, as well as options for solving the problems of implementing the Travel Rule and data exchange will be described.
</p>Read this:
FATF postponed revision of cryptocurrency guidance to October
FATF to update cryptocurrency control standards
Bitcoin rate climbed above the inclined resistance of $ 33.5 thousand, but investors are awaiting the FATF report
WEF releases central bank digital currency adaptation guide
Tencent will lead a project to develop international blockchain invoice standards
Admiral Markets Blog | Price Action – complete guide. Everything you need to know about Price Action