EddieJayonCrypto
28 Mar 24
Financial Action Task Force (FATF) President T. Raja Kumar expressed concern over the lack of regulation in the crypto sector and called for action from countries to take the issue seriously. A new report from FATF evaluated jurisdictions on their crypto regulation, revealing that fewer than 30% of ...
Financial Action Task Force (FATF) President T. Raja Kumar expressed concern over the lack of regulation in the crypto sector and called for action from countries to take the issue seriously. A new report from FATF evaluated jurisdictions on their crypto regulation, revealing that fewer than 30% of countries had started regulating the sector as of June 2023. The report detailed the compliance levels of jurisdictions and highlighted the need for regulatory measures to address money-laundering and terrorist-financing risks in the crypto industry. The report also emphasized the global implications of failing to regulate virtual asset service providers (VASPs) and the increasing use of cryptocurrencies by bad actors for illicit activities.
Fewer than 30% of jurisdictions around the globe had started regulating the crypto sector as of June 2023, Financial Action Task Force (FATF) President T. Raja Kumar told CoinDesk in an interview from Singapore. That low level of attention warrants "call to action," said Raja Kumar. The statistic was detailed in a progress report made public on Thursday and shared with CoinDesk, which explored how dozens of jurisdictions have adhered to the FATF's recommendations. The report is titled "Status of Implementation of Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity." The recommendation had suggested that jurisdictions should move to get a better handle on money-laundering and terrorist-financing risks posed by crypto, and they should license or register virtual asset service providers (VASPs) and conduct reviews of their business practices, products and technology.
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