FATF Crypto Guidance Looks to Bring Industry in Line With Banks

Posted on by American Coins & Gold

FATF Crypto Guidance Looks to Bring Industry in Line With Banks
Global anti-money laundering (AML) agency the Financial Action Task Force (FATF) has released its updated guidance for firms that handle cryptocurrency and virtual assets.It appears designed to corral much of the nascent industry into the existing regulatory framework for banks.After incorporating industry feedback from April 2021, the updated rules for so-called virtual asset service providers (VASPs), published Thursday, signals that regulation is coming for crypto firms, both centralized and decentralized.Since 2018, the FATF has issued a series of draft papers and working group documents that sought to define VASPs and virtual assets, and also recommend how countries implement the “Travel…