The OECD-affiliated Financial Action Task Force (FATF) has updated its standards regarding virtual assets such as cryptocurrencies and their service providers.
In the guide prepared by the Financial Action Task Force for 2021 and published on Thursday; In the definition of virtual assets and virtual asset service providers, the licensing process of these service providers and in articles related to the travel rule went to update.
Established at an international level in 1989 to combat money laundering, FATF periodically audits its 39 members, including Turkey.
FATF; For the first time, the standards that member states can follow to mitigate the risks posed by the use of virtual assets and service providers A guide in 2019 published and has been updating this guide since then, taking into account the returns from member countries.
The guide, which contains standards on how to control cryptocurrency exchanges, the implementation of the travel rule, and more, has begun to be adopted by some FATF member countries.
In Turkey, this year, the institutions that are subject to the obligations of the Financial Crimes Investigation Board and crypto asset service provider A guide was also published for organizations defined as
In this year’s guide, non-fungible token and decentralized finance (DeFi) Some question marks about the platforms were addressed.
Does a non-fungible token count as a virtual asset?
Any instrument in accordance with FATF standards virtual entity to be defined as both digital to be both digitally self-trading and transferable to be both can be used for payment or investment purposes it should.
Therefore, the records kept in banks; although digital even though the account holder is on the nominal money in that account. represents the right However, they are not considered virtual assets.
Digital assets that are not interchangeable and have a unique structure, payment or investment vehicle not as for collection purposes if they are used as a virtual entity not visible.
However, as the virtual asset world evolves rapidly and some NFTs are dependent on their usage areas, may be subject to FATF standards. is stated and “Countries do this when applying FATF standards to NFTs. do it on a case-by-case basis can think.” is being suggested.
Determine which apps are supposedly decentralized
FATF; Some “DeFi systems can call themselves decentralized despite having enough control or influence over that system.”In such cases, the DeFi application in question of the manufacturer, owner and operatorannounced that it may be subject to virtual asset service provider standards.
“Your countries, [böyle bir] each particular case before determining whether there is a natural or legal person who can be identified as providing services. in their own facts and circumstances It will need to be evaluated.”
Such persons, if detected, have been taken against money laundering and terrorism financing. compliance with the measures will wait.
If national authorities fail to identify anyone with sufficient control over any DeFi application, that DeFi application Able to communicate with representatives from the community, o Risks of DeFi application measures to alleviate they will be able to receive.