Category: FATF crypto standards

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Three-Quarters of Jurisdictions Partially or Not Compliant with VASP Sector Recommendation, Says FATF

July 13, 2024

Three-quarters of the jurisdictions surveyed by the Financial Action Task Force (FATF) “are only partially or not compliant” with the anti-money laundering recommendation for the virtual assets sector. According to the latest FATF update, 60% (88 jurisdictions) have decided to permit virtual asset service providers (VASPs), while 14% (20 jurisdictions) explicitly prohibit them. The FATF…
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Report: Cyprus Mulls Imposing Hefty Fines on Unregistered Crypto Service Providers

October 12, 2023

Crypto firms that operate in Cyprus without registration may soon be fined as much as $350,000 while individuals behind such firms could face up to five years in jail. The Finance Ministry says its proposals, which are included in a draft recently submitted to parliament, seek to align the country’s laws with the standards set…
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Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

February 26, 2023

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards…
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