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

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive the timely global implementation of FATF standards” on crypto assets. The standards-setting body said many countries had failed to implement its past requirements on cryptocurrencies, including the “travel rule”.

Countries agree to implement FATF cryptographic standards

The Financial Action Task Force (FATF), an intergovernmental organization created to combat money laundering and terrorist financing, announced on Friday the outcome of its plenary held from 22 to 24 February. “Delegates from over 200 Global Network jurisdictions participated” in a series of discussions at its headquarters in Paris, FATF said.

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

Delegates also agreed on an action plan to drive the timely global implementation of FATF standards related to virtual assets (also called crypto assets) globally, including 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,” FATF said.

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

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

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

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

Kevin Helms

An Austrian economics student, Kevin discovered 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.

image credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for information 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 are 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.

Leave a Comment