Fun

Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

News Feed - 2023-02-26 10:02:39

Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards


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. Tags in this story fatf, fatf crypto, FATF crypto meeting, FATF crypto standards, FATF cryptocurrency standards, FATF guidance, Financial Action Task Force


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. India Asks IMF and FSB for Joint Paper to Help Formulate "Comprehensive" Crypto Policy REGULATION | 5 hours ago IMF Calls for "More" Crypto Regulation — Says Banning Should Be an Option REGULATION | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIMF Calls for ‘More’ Crypto Regulation — Says Banning Should Be an Option Next articleIndia Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Why is the BNB price up today?
Marcel Pechman54 minutes agoWhy is the BNB price up today?BNB price is up today, gaining 6% to reach $505, but is there further upside?436 Total views19 Total sharesListen to article 0:00Altcoin WatchOwn this piece of cr
Whales Accumulate Over 150 Million XRP In Just 48 Hours – Is A Rally Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet
Ethereum Co-Founder Vitalik Buterin"s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet On March 7, onchain observers noticed that Vitalik Buteri
Ripple CTO Says One Important Lesson From FTX Meltdown ‘Will Not Be Learned’
Ripple CTO Says One Important Lesson From FTX Meltdown "Will Not Be Learned" A Ripple executive says there is one important lesson from the meltdown of crypto exchange FTX that he
Cordoba Becomes the First Argentinean Province to Impose Taxes on Crypto-Related Activities
Cordoba Becomes the First Argentinean Province to Impose Taxes on Crypto-Related Activities In Argentina, a provincial legislature has voted in favor of a bill t
Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind
Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations
Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders
Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial
Square Enix Insists on Integrating Blockchain Elements Into Its Games
Square Enix Insists on Integrating Blockchain Elements Into Its Games Square Enix, the Japanese gaming company, is pressing on with its vision of integrating blockchain elements in
New South Korean leadership will press for Bitcoin ETF trading
Derek Andersen5 hours agoNew South Korean leadership will press for Bitcoin ETF tradingThe Democratic Party of Korea promised to allow Bitcoin exchange-traded funds, and it expects to follow through — one way or anothe
Biggest Movers: LINK Hovers Near Long-Term Support as ZIL Loses 10% of Its Value
Biggest Movers: LINK Hovers Near Long-Term Support as ZIL Loses 10% of Its Value ZIL was down by as much as 10% to start the week, as prices continued to fall following recent high
Gareth Jenkinson9 hours agoBoba Guys, Shopify users showcase adoption of Web3 tools — Solana BreakpointMainstream commerce and big brands report improved business results and promising loyalty programs through integrat
Bank Indonesia Prepares to Issue Digital Rupiah as Legal Tender for Digital Payments
Bank Indonesia Prepares to Issue Digital Rupiah as Legal Tender for Digital Payments The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency