Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards – Regulation Bitcoin News

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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

The Finan­cial Action Task Force (FATF), an inter­gov­ern­men­tal orga­ni­za­tion estab­lished to com­bat mon­ey laun­der­ing and the financ­ing of ter­ror­ism, announced Fri­day the out­come of its ple­nary which took place on Feb. 22–24. “Del­e­gates from over 200 juris­dic­tions of the Glob­al Net­work par­tic­i­pat­ed” in a num­ber of dis­cus­sions at its head­quar­ters in Paris, the FATF said.

A num­ber of issues, includ­ing those relat­ing to cryp­to assets, were dis­cussed, the FATF not­ed, elaborating:

Del­e­gates fur­ther agreed on an action plan to dri­ve time­ly glob­al imple­men­ta­tion of FATF stan­dards relat­ing to vir­tu­al assets (also termed cryp­to assets) glob­al­ly, includ­ing on the trans­mis­sion of orig­i­na­tor and ben­e­fi­cia­ry information.

“The lack of reg­u­la­tion of vir­tu­al assets in many coun­tries cre­ates oppor­tu­ni­ties that crim­i­nals and ter­ror­ist financiers exploit,” the FATF claimed.

The glob­al anti-mon­ey laun­der­ing watch­dog revealed that since its strength­ened Rec­om­men­da­tion 15 in Octo­ber 2018 for cryp­to assets and cryp­to ser­vice providers, “many coun­tries have failed to imple­ment these revised require­ments, includ­ing the ‘trav­el rule‘ which requires obtain­ing, hold­ing and trans­mit­ting orig­i­na­tor and ben­e­fi­cia­ry infor­ma­tion relat­ing to vir­tu­al assets transactions.”

The FATF relies on a glob­al net­work of FATF-Style Region­al Bod­ies (FSRBs), in addi­tion to its own mem­bers, to achieve glob­al imple­men­ta­tion of its recommendations.

“The ple­nary thus agreed on a roadmap to strength­en imple­men­ta­tion of FATF stan­dards on vir­tu­al assets and vir­tu­al asset ser­vice providers, which will include a stock­take of cur­rent lev­els of imple­men­ta­tion across the glob­al net­work,” the stan­dard-set­ting body empha­sized, elaborating:

In the first half of 2024, the FATF will report on steps FATF mem­bers and FSRB coun­tries with mate­ri­al­ly impor­tant vir­tu­al asset activ­i­ty have tak­en to reg­u­late and super­vise vir­tu­al asset ser­vice providers.

What do you think about over 200 juris­dic­tions agree­ing on the time­ly imple­men­ta­tion of FATF stan­dards on cryp­to assets? Let us know in the com­ments sec­tion below.

Kevin Helms 

A stu­dent of Aus­tri­an Eco­nom­ics, Kevin found Bit­coin in 2011 and has been an evan­ge­list ever since. His inter­ests lie in Bit­coin secu­ri­ty, open-source sys­tems, net­work effects and the inter­sec­tion between eco­nom­ics and cryptography.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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