FATF Needs Entirely New Approach to Regulating Crypto, Says V20 Summit

FATF Needs Entirely New Approach to Regulating Crypto, Says V20 Summit


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The Financial Action Task Force (FATF) needs an entirely new approach when it comes to policing crypto, according to Sian Jones, the driving force behind much of the sector’s anti-money laundering (AML) standards work to date.

Speaking at the close of the second annual V20 Virtual Asset Service Providers Summit, Jones said FATF only needs to look at the fast-evolving world of decentralized finance (DeFi) to see how incongruous the traditional system of checking transactions created half a century ago by SWIFT is becoming.

Global AML watchdog FATF has recommended local regulators of the G-20 countries and beyond try to graft the so-called Travel Rule requirements onto digital assets, where intermediaries (virtual asset service providers, or VASPs, in this case) must share personally identifiable information (PII) about crypto transactions. 

Read more: Why FinCEN Wants Details on All Cross-Border Transactions Over $250

The core of crypto is about removing intermediaries, however –

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