FATF to Publish Detailed Cryptocurrency Guidelines Late Next Week

2021-10-23 20:58

The Financial Action Task Force (FATF) will be publishing its revised guidance for cryptocurrency firms very soon, said President Marcus Pleyer.

The outcomes of the October plenary meeting of the FATF were released this week, in which the agency shared that it has finalized its guidance and plans to publish the updated version on October 28.

“This guidance that we finalized for a risk-based approach to virtual assets and investments will be published next week,” Pleyer told reporters during a press conference following the agency’s latest meeting.

Back in March, the global anti-money laundering (AML) watchdog issued draft guidance (VASPs) at a plenary meeting. However, the final revised guidance was delayed as the regulatory agency attempted to cover the areas like decentralized finance (DeFi) and non-fungible tokens (NFTs).

As such, the revised guidance will now include the definition of VASP in DeFi as well. Also, FATF will share its take on NFTs this time.

While the standards related to virtual assets or VASPs aren’t amended, the guidance will provide “more detailed information on how countries and the private sector can implement the FATF standards.”

Additionally, the guidance will provide further clarification on the definition of VASPs and how the standards will apply to stablecoins, Player said. He further shared FATF’s expectation that countries will implement standards for the “Travel Rule” for crypto transactions “as soon as possible.”

Under the travel rule, VASPs are required to collect and transmit information on those involved in a transaction.

The post FATF to Publish Detailed Cryptocurrency Guidelines Late Next Week first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

fatf cryptocurrency week publish guidelines october guidance

fatf cryptocurrency → Результатов: 96


Can heightened cryptocurrency regulations be a major threat to smaller exchanges?

The announcement of FATF's travel Rule in 2019 came as shocking news to the entire crypto community. As crypto-exchanges were required to submit the originator name, account number, physical address, The post Can heightened cryptocurrency regulations be a major threat to smaller exchanges? appeared first on AMBCrypto.

2020-5-9 23:30


Фото:

Regulatory Roundup: French Court Considers Bitcoin Money, Cryptocurrencies Legitimized in South Korea, Australia, India

The cryptocurrency sector worldwide saw several historic regulatory events last week. In this roundup, we cover a landmark bitcoin ruling by a French court, South Korea’s first crypto bill, an Australian court’s ruling, Germany’s announcement, and a recent FATF meeting where more than 800 delegates discussed crypto regulations.

2020-3-10 05:00


Фото:

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

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).

2020-3-8 20:38


As Digital ID Systems Expand, FATF Releases Guidance for Financial Institutions

Cryptocurrency is in a constant state of innovation lately, and the whole of the financial world needs to be prepared. The Financial Action Task Force (The Financial Action Task Force is preparing financial institutions and governments on the expansion of digital identification systems by sharing its latest AML and CFT guidelines.) has already prepared for […]

2019-11-5 00:15


Monero, Zcash and DASH to be shown the door by OKEx Korea over FATF violation

Privacy coins are facing the axe by one of South Korea’s largest cryptocurrency exchanges. OKEx Korea, the Korean unit of the Malta-based exchange is set to delist five privacy coins from its coffers pointing to violation of the Finance Action Task Force’s [FATF] travel rule, according to a report by Bridge Kyungjae, a Korean news […] The post Monero, Zcash and DASH to be shown the door by OKEx Korea over FATF violation appeared first on AMBCrypto.

2019-9-16 10:17


Фото:

FATF ‘Absurd’ Bitcoin Exchange Rules Will Reduce Crime, Researchers Admit

The FATF ‘Travel Rule’ that cryptocurrency proponents have described as “absurd” will result in a mass shift to compliance among Bitcoin exchanges, new data claims. FATF Rules Move Closer To Law In a report issued on September 9, Crystal Analytics, the dedicated offshoot of mining giant Bitfury, forecast possible consequences of cryptocurrency rules likely to become law across the globe by June 2020.

2019-9-10 16:00


Фото:

Swiss Regulator Issues Guidance for Blockchain and Cryptocurrency

FINMA, the financial market regulator in Switzerland, has released a guide in line with FATF rules in order to target KYC/AML compliance for blockchain payments companies and cryptocurrencies. Any party that transacts in cryptocurrencies or transmits money over the blockchain is liable to comply with existing money laundering regulation in Switzerland, August 26, 2019.

2019-8-27 01:00


Фото:

Korea’s ‘Big 4’ Bitcoin Exchanges Facing Strict AML Scrutiny from Banks

The latest news emerging from South Korea indicates that Bitcoin exchanges are facing a surprisingly increased level of scrutiny of commercial banks amid the renewal of banking services. The revelation comes as the intergovernmental Financial Action Task Force (FATF) continues to urge countries to enact stricter regulatory controls over the crypto industry.

2019-7-30 13:00


FATF Issues Draconian Crypto Recommendations: You Now Have 12 Months To Comply

The Financial Action Task Force (FATF) has issued a shot across the bow of the cryptocurrency industry, with interpretative notes and clarifications for virtual asset service providers (VASPs). The move comes a month after the task force warned in February that updates to its recommendations would be coming as early as this month.

2019-6-28 02:05


PR: New FATF Rules See VASP Industry Convene for V20 Summit

As the Financial Action Task Force (FATF) prepares to roll out a new set of rules to increase reporting requirements on cryptocurrency transactions at the G20 Leaders’ Summit this month, a collective of international industry associations have led an initiative to convene Virtual Assets Service Providers (VASPs) for the first-ever V20 Summit, to be held as a concurrent event to the G20 on June 28-29 in Osaka, Japan.

2019-6-26 12:30