The Financial Action Task Force (FATF) released the results of its October plenary meeting today. It has been reported that the FATF virtual asset guide, which is a guide to cryptocurrencies, has been completed. This time, an updated version will be released on October 28, which also includes decisions on decentralized finance (DeFi) and non-fungible tokens (NFT). FATF is a group of 37 countries, including Turkey.
FATF to present final guide to cryptocurrencies next week
FATF President Marcus Pleyer reiterated at a press conference that the guide does not change any standards regarding cryptoassets or cryptoasset providers (VASPs), but rather “provides more detailed information on how countries and the private sector can implement FATF standards.”
cryptocoin.com As we reported, the FATF first published this guide in 2019, calling for crypto exchanges and money transmitters called “VASPs” to meet the standards seen in traditional finance. This included a travel rule that required VASPs to collect and transmit information about the parties involved in a transaction. Some jurisdictions have already started implementing these standards, and the FATF conducted two reviews of how this practice is going.
As we tried to figure out how to securely transfer counterparty information of cryptocurrencies, this application presented technical difficulties. As solutions emerged, FATF reworked to involve the world of DeFi. Still, many commented that it was unclear how FATF standards would apply to DeFi institutions, as they take so many different forms from traditional financial institutions. Therefore, the FATF decided to finalize the guide at its previous plenary meeting in July.
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