FATF Completes Development of Guidelines for Crypto Industry
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22 October
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The Financial Action Task Force (FATF) has completed the development of a new version of its guidance for the crypto sector.

According to the organization's chairman, Marcus Pleyer, the document will be presented next week.

Pleyer has pointed out during a press conference held to present the results of the last day of the FATF plenary meeting that the updated guidance does not envisage new requirements for virtual asset providers (VASPs) and the sector as a whole. According to him, the organization will simply "provide more detailed information on how countries and the private sector can apply existing standards."

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Pleyer has added the new version of the guidance explains how the FATF requirements apply to stablecoins. He has also stressed that the organization expects a more active implementation of the standards by supervised countries.

The first version of the FATF guidelines was presented back in 2019. Then, Bitcoin exchanges and other VASPs were forced to comply with the rules to fight money laundering and terrorist financing by analogy with traditional financial companies.

In particular, industry participants were obliged to exchange data on their users when they conduct transactions between sites. In June, the FATF noted most jurisdictions have not yet implemented these requirements and urged countries to speed up the process.

In March, the organization published draft guidelines that include putting the DeFi and NFT sectors in the spotlight.

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