Global anti-money laundering body to roll out new crypto guidelines next week – Here’s what to expect

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The Financial Action Task Force (FATF) is ready to roll out new recommendations on how governments should regulate crypto assets.

The FATF is an intergovernmental agency that develops anti-money laundering standards and measures to prevent the financing of terrorism.

Speaking at a press conference, FATF President Marcus Pleyer said the new guidelines would take a “risk-based approach” for virtual assets and virtual asset service providers (VASPs) .

“It builds on our guidelines that we published in 2019 to explain how the FATF recommendations apply to virtual assets and their service providers, and in particular, the guidelines clarify the definitions of virtual assets and VASPs.

It explains how the FATF standards apply to stablecoins, discusses the risk of peer-to-peer transactions, and illustrates tools to identify and mitigate these risks. “

Pleyer also says the guidelines will update the so-called “travel rule.”

The rule recommends that governments force exchanges, banks, over-the-counter (OTC) offices and hosted wallets to share credentials about people involved in crypto transactions worth more than 10,000. $.

The FATF President said the agency expects governments and private sector entities to implement the new standards in the near term.

“These guidelines have not changed the FATF standards on virtual assets and VASPs. This guide provides more detailed information on how countries and the private sector can implement the FATF standards.

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Featured Image: Shutterstock / KeremGogus

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