FATF calls for faster implementation of requirements for the crypto industry

June 29, 2021

FATF calls for faster

Most countries overseen by the Financial Action Task Force (FATF) have not implemented requirements for cryptocurrency companies. This is according to a notice from the organisation's plenary meeting.

Currently, 58 out of 128 jurisdictions support the FATF standards. Virtual Asset Service Providers (VASPs) are regulated by 52 countries and banned by six.

   "However, most jurisdictions have not yet implemented FATF requirements, including the 'road rule'. This hinders further investment in the necessary technology solutions and compliance infrastructure," the organisation said.

FATF urged countries to "implement the revised standards as soon as possible".

The organisation also drew attention to the role of cryptocurrencies in ransomware attacks. The regulator plans to develop measures that would reduce the risks of virtual assets being used in illegal activities.

In March, the group proposed amendments to the guidelines for the cryptocurrency industry. In particular, the experts clarified the wording of decentralised exchanges and the mechanisms that enable platforms and applications. Due to the large amount of feedback, the FATF pushed back the deadline for final approval of the document to October.

In June 2019, the regulator decided to require bitcoin exchanges and other VASPs to comply with anti-money laundering and terrorist financing rules similar to traditional financial companies.

FATF President

FATF President Marcus Plyer later said that guidelines for the crypto industry needed to be adjusted because many countries had not fully implemented the standards previously adopted.

In October 2020, a consortium of leading US cryptocurrency companies submitted a FATF compliance plan for its members.

Recall that at the end of February 2021, the regulator began accepting feedback for regulatory amendments.

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