FATF News

Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation.

PayPal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule.”

GMEX has acquired ING’s Pyctor business to connect CeFi and DeFi amid the increasing demand for hybrid finance.

“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example," said the organization.

Although the president has previously called the laws innovative, his concern regarding Anti-Money Laundering measures has put the bill back up for debate with the government.

Regulation will touch every person in every jurisdiction worldwide, so crypto must find ways to preserve its decentralization and privacy.

Law enforcement — alongside regulators and policymakers — needs to be better educated to truly make a difference and unlock further crypto mass adoption.

Industry representatives call the authorities not to go beyond the scope of the FATF Travel Rule recommendation.

The organization reported that only 9% of countries were “substantially effective” in areas including transparency in beneficial ownership.

Complying with the rules puts South Korea ahead of the curve for regulating virtual assets but could be harming the domestic industry with overbearing transfer restrictions between exchanges.

As mainstream adoption of crypto increases, blockchain forensics is enabling law enforcement to recover stolen crypto, making the space more secure.

“We ... adding new members so that TRUST can provide comprehensive compliance across the crypto industry,” said the joint announcement.

A new report claims that about 70% of respondents are either practicing the Travel Rule or planning to complete their compliance in Q1/Q2 2022.

The new guidelines reportedly expand the definition of Virtual Asset Service Providers to include DApps, ICOs and related services.

South Korean exchanges will require users to verify their third-party wallet addresses to help the country comply with FATF travel rule guidelines.