FATF – Ƀitsell X

Russia’s Digital Currency Measures Fail to Satisfy FATF, Blacklist Possible

October 17, 2024

Russia’s financial regulator maintains that its anti-money laundering system, including strengthened virtual currency regulations, remains effective even if the country faces potential blacklisting by the Financial Action Task Force (FATF). The agency highlighted new federal laws addressing previous concerns and stressed that no significant deficiencies exist that would justify Russia’s inclusion on the FATF blacklist,…
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FATF Urges India to Strengthen Virtual Asset Regulation

September 21, 2024

India has achieved a high level of technical compliance with Financial Action Task Force (FATF) standards, addressing illicit finance, money laundering, and terrorist financing. In a joint assessment with regional bodies, the FATF praised India’s progress but pointed out areas needing improvement, especially in regulating the non-financial sector and virtual asset providers. The country was…
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Seychelles Approves Bill on Virtual Asset Regulation

August 20, 2024

The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance innovation with anti-money laundering efforts, adhering to Financial Action Task…
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The Two-Class System of Regulation Plaguing Europe

June 25, 2024

In the rapidly evolving landscape of digital finance, the emergence of crypto assets has introduced unprecedented challenges as well as opportunities for regulators who provide proactive frameworks across the globe. The European Union is the largest government body that has done so through the Markets in Crypto-Assets Regulation (MiCAR), however, it finds itself at a…
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Turkish Parliament Committee to Review Crypto Bill This Week

May 28, 2024

The Turkish parliament’s Planning and Budget Committee will discuss a draft law this week that would require crypto asset service providers to obtain licenses and register. This move aims to enhance Turkey’s compliance with the Financial Action Task Force (FATF) standards. In 2021, FATF placed Turkey on its “grey list” due to inadequate oversight of…
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Russia’s FATF Rating Downgraded Over Crypto Regulation Shortfalls

March 1, 2024

The Financial Action Task Force (FATF) has lowered Russia’s rating owing to insufficient oversight of cryptocurrencies, as indicated by regional coverage. According to RBC, this downgrade highlights escalating worries about the country’s capacity to oversee and mitigate dubious transactions within the rapidly expanding realm of digital finance. Russia’s Financial Strategy Challenged by FATF Downgrade The…
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Argentina to Regulate Cryptocurrency Exchanges With Executive Order

February 23, 2024

The government of Argentina is reportedly preparing to regulate cryptocurrency service providers with an executive order. The measure would be directed to keep Argentina out of the Financial Action Task Force (FATF) gray list, putting crypto service lenders under the oversight of the local securities watchdog. Argentina Reportedly Set to Regulate Cryptocurrency Service Providers by…
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Turkey’s New Crypto Asset Regulations Expected in 2024 – Focus on Taxation and Licensing

November 16, 2023

Source: Pixabay Turkey officials confirmed that the nation is considering debuting a new crypto market regulation, effective 2024. The regulation will emphasize addressing crypto licensing and taxation, per a Reuters report. Turkey is seeking to address concerns raised by the Financial Action Task Force (FATF) and to overcome its ‘grey-list’ status. The country ranked fourth…
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Cyprus to tighten crypto regulations in accordance with FATF

October 10, 2023

The Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering Law. One of the friendliest European jurisdictions to crypto, Cyprus, might bring its industry regulation to tighter standards. According to an Oct. 10 report by the Cyprus Mail, the local Ministry of Finance intends to amend the existing Prevention and…
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Travel Rule Enforcement Begins for Crypto Firms in the UK – Here’s What You Need to Know

September 4, 2023

Virtual Asset Service Providers (VASPs) in the UK are from September 1 required to collect, verify and share information on crypto transactions to firms “in the UK, or any jurisdiction that has implemented the Travel Rule.”… Read More: Travel Rule Enforcement Begins for Crypto Firms in the UK – Here’s What You Need to Know…
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Category: FATF