fatf guidance

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Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

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The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards … Read more

Bank of International Settlements Chief Says Cryptocurrencies Being Used to Evade Laws- Advocates for More Regulation

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Agustin Carstens, the general manager at the Bank of International Settlements (BIS), has claimed that cryptocurrencies are “used to evade laws and should therefore face more regulation.” Carstens, who has attacked bitcoin in the past, suggests that many crypto assets are “used to do some arbitrage, or to circumvent some regulations.” Carstens Repeats the Same … Read more

New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs

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On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets.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 … Read more

South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards

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South Korea’s National Assembly finally passed a bill that provides a framework for the regulation of cryptocurrencies and exchanges. Crypto service providers will be required to use the real-name verification system and comply with reporting requirements in line with the global cryptocurrency standards set by the Financial Action Task Force (FATF). Also read: Bitcoin Legal … Read more