FATF Updates Guidance on Virtual Asset Regulation
Countries Urged to Implement Standards
The Financial Action Task Force (FATF) has issued an updated report evaluating jurisdictions on their crypto regulation after a 12-month process. The report includes updated guidance on the licensing and registration of virtual asset service providers (VASPs) and additional guidance for the public and private sectors.
FATF Standards
The FATF Standards on virtual assets are designed to mitigate the risks associated with money laundering and terrorist financing. The standards require countries to implement a risk-based approach to regulating virtual assets and to impose certain requirements on VASPs, such as licensing, registration, and customer due diligence. The FATF is urging countries to fully and effectively implement these standards as a priority.
The updated guidance on VASPs provides more detailed information on the licensing and registration process. It also includes guidance on how to conduct customer due diligence and how to monitor and supervise VASPs. The guidance for the public and private sectors provides information on how to identify and report suspicious transactions involving virtual assets.
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