March 28, 2024

FATF urged to accelerate the implementation of crypto rules

FATF urged to accelerate the implementation of crypto rules

The Financial Action Task Force (FATF) said that most countries are stillhas not integrated standards for digital assets into its legal space.

Without naming specific countries in your report,The intergovernmental body reported that to date 58 of the 128 reporting jurisdictions have implemented the revised FATF standards, with 52 of them regulating VASP and six banning VASP.

According to the FATF, this does not provide an opportunity to provide global guarantees to prevent the misuse of VASP in criminal activities.

In June 2019, the FATF completed amending its global standards to clearly establish security requirements and the application of AML and CFT to virtual assets and VASPs.

In its latest report, the agency emphasized that all jurisdictions need to implement the revised standards as quickly as possible. 

Meanwhile, the agency acknowledged that the private sector has made progress in developing technological solutions to implement the “road rule”.

The Road Rule requires crypto exchanges todigital wallet providers and financial institutions dealing with cryptoassets have disclosed the identities of users involved in any virtual asset transfers.

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