US Treasury Secretary Janet Yellen custody service He explained that those who do not give notice may be exempted from the requirement to notify about the transactions made by these users.
Janet Yellen, Republican Senator Pat Toomey’s services to crypto users, other than custody services, In what status will it be evaluated? and its Financial Action Task Force (FATF) standards. whether it is compatible He replied in writing to his question.
The Financial Action Task Force published some DeFi implementations in its digital asset guide at the end of October. manufacturers, owners and of operators announced that it could also be subject to VASP (virtual asset service provider) standards.
However, in terms of service delivery, FATF producing hardware wallets, providing unhosted wallets, software development or to do mining those who do not go beyond these standards does not intend to subject.
Regarding these standards, Secretary of the Treasury Yellen said, “The basic principle of FATF standards […] regulate financial mobility, not technology. I agree with the current guidance provided by FinCEN on this and I believe the FATF agrees with it.” said.
In the light of these regulations; even if they do not provide custody services to service providers acting in line with their commercial interests as real or legal persons notification requirement can be brought. However, those who provide the necessary support at the technological level without providing custody services to crypto money users are exempt from these conditions. may be exempted.