FATF to Publish Detailed Cryptocurrency Guidelines Late Next Week
The Financial Action Task Force (FATF) will be publishing its revised guidance for cryptocurrency firms very soon, said President Marcus Pleyer.
The outcomes of the October plenary meeting of the FATF were released this week, in which the agency shared that it has finalized its guidance and plans to publish the updated version on October 28.
“This guidance that we finalized for a risk-based approach to virtual assets and investments will be published next week,” Pleyer told reporters during a press conference following the agency’s latest meeting.
Back in March, the global anti-money laundering (AML) watchdog issued draft guidance (VASPs) at a plenary meeting. However, the final revised guidance was delayed as the regulatory agency attempted to cover the areas like decentralized finance (DeFi) and non-fungible tokens (NFTs).
As such, the revised guidance will now include the definition of VASP in DeFi as well. Also, FATF will share its take on NFTs this time.
While the standards related to virtual assets or VASPs aren’t amended, the guidance will provide “more detailed information on how countries and the private sector can implement the FATF standards.”
Additionally, the guidance will provide further clarification on the definition of VASPs and how the standards will apply to stablecoins, Player said. He further shared FATF’s expectation that countries will implement standards for the “Travel Rule” for crypto transactions “as soon as possible.”
Under the travel rule, VASPs are required to collect and transmit information on those involved in a transaction.