1. Home
  2. crypto
  3. Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect
Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect

Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect

0

Source: Daily Hodle

Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect

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

The FATF is an inter-governmental agency that develops anti-money laundering standards and measures to prevent terrorism financing.

 

Speaking at a press conference, FATF president Marcus Pleyer says the new guidance will take a “risk-based approach” to virtual assets and virtual asset service providers (VASPs).

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

It explains how the FATF standards apply to stablecoins, and it address the risk for peer-to-peer transactions and illustrates tools to identify and mitigate these risks.”

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

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

The FATF president says that the agency expects governments and private sector entities to implement the new standards in the short term.

“This guidance has not changed the FATF standards on virtual assets and VASPs. This guidance provides more detailed information on how countries and the private sector can implement the FATF standards.”

 
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KeremGogus

The post Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect appeared first on The Daily Hodl.

Go to Source
Author: Daily Hodl Staff