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FATF updating virtual asset/service provider guidance

The Financial Action Task Force is updating its Guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF originally published this Guidance in June 2019 when the FATF finalized changes to its Standards to clearly place anti-money laundering and countering the financing of terrorism (AML/CFT) obligations on VAs and VASPs. The FATF is consulting private sector stakeholders before finalizing the revisions to the Guidance. It primarily seek views from representatives from the VA community, including academics and policy bodies, VASPs, technology developers and providers (particularly in relation to the travel rule), other regulated entities (such as banks), but also welcome views from authorities.

This revised document will provide updated guidance in six main areas to

  1. clarify the definitions of VA and VASP to make clear that these definitions are expansive and there should not be a case where a relevant financial asset is not covered by the FATF Standards (either as a VA or as a traditional financial asset);
  2. provide guidance on how the FATF Standards apply to so-called stablecoins;
  3. provide additional guidance on the risks and potential risk mitigants for peer-to-peer transactions;
  4. provide updated guidance on the licensing and registration of VASPs;
  5. provide additional guidance for the public and private sectors on the implementation of the "travel rule"; and
  6. include Principles of Information-Sharing and Co-operation Amongst VASP Supervisors.

The Guidance is also being updated to reflect the passage of time and the publication of other relevant FATF reports.

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