73% of eligible jurisdictions have now passed laws to implement the FATF's Travel Rule, which requires crypto service providers to share users' transaction data. The FATF's annual report indicates a convergence with global Anti-Money Laundering (AML) framework, attributing this to efforts to regulate cryptocurrencies. Stablecoins and decentralized finance (DeFi) were highlighted for their roles in illicit financing. Only one out of 138 jurisdictions is fully compliant with FATF's standards, while 40 are largely compliant, reflecting improvements in regulatory frameworks for virtual asset service providers.
73% of eligible jurisdictions have passed laws to implement the Financial Action Task Force's (FATF) Travel Rule, requiring crypto service providers to collect and share transaction data.
FATF released its annual report detailing how jurisdictions are aligning with its global Anti-Money Laundering (AML) framework, influenced by a years-long campaign to regulate cryptocurrencies.
FATF spotlighted stablecoins and decentralized finance (DeFi) for their rising use in illicit finance, stating plans to release targeted papers on these topics by next summer.
Out of 138 jurisdictions, only one has achieved full compliance with FATF's Travel Rule, while 40 jurisdictions are largely compliant, showing a trend towards stronger regulatory practices.
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