The FATF Will Not Change The Way Crypto Assets Are Regulated

After Al Jazeera reported that the intergovernmental organization for combating money laundering and financing of terrorism was getting ready to conduct annual checks to ensure countries are enforcing anti-money laundering and terrorist financing rules on crypto providers, the Financial Action Task Force (FATF) claimed it had not altered the way it monitors digital assets.

Since 2018, the worldwide organization has worked to identify virtual assets and service providers to apply regulations for countering the funding of terrorism and anti-money laundering (AML) to the cryptocurrency business.

FATF released new advice for virtual asset service providers in 2021. It was reported earlier this year that only around half of the world’s governments still didn’t demand that crypto service providers accurately identify their clients.

The cryptocurrency sector is concerned that governments may impose broad prohibitions on cryptocurrency service providers or urge banks to stop supporting platforms to avoid being listed by the FATF due to the plans for yearly checks.

Leaders in the cryptocurrency sector are prepared to present a series of ideas at the G20 leaders’ conference in Bali later this month in an effort to lessen the possible negative effects on exchanges and consumers of cryptocurrencies.

Ron Tucker, the co-founder of the International Digital Asset Exchange Association (IDAXA), a crypto industry representative body, told Al Jazeera:

“There is a real risk this will lead countries to unbank crypto exchanges, which will affect the end user — this is serious.”

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