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 of economics and cryptography.
Over 200 Jurisdictions Agree on Timely Implementation of FATF Encryption Standards – Regulation Bitcoin News
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 cryptoassets. The standard-setting body said many countries have not implemented their previous requirements for crypto, including the “travel rule.”
Countries agree to implement the FATF Crypto Standards
The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced on Friday the results of its plenary which took place on 22-24 February. “Delegates from over 200 jurisdictions in the Global Network participated” in a series of discussions at its headquarters in Paris, the FATF said.
A number of issues, including those related 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 called crypto-assets) globally, including the transfer 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 strengthening 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’ that requires obtaining, holding and transferring originator and beneficiary information related to to transactions with virtual assets.”
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.
“Penaret thus agreed on a roadmap to strengthen the implementation of FATF standards on virtual assets and virtual asset service providers, which will include an overview of current levels of implementation across the global network,” the standard-setting body stressed, elaborating :
In the first half of 2024, the FATF will report on the steps FATF members and FSRB countries with significant virtual asset activity have taken to regulate and supervise virtual asset service providers.
What do you think of over 200 jurisdictions agreeing on the timely implementation of FATF standards for cryptoassets? Let us know in the comments section below.
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