The essential guide on how the Financial Action Task Force’s updated Recommendation 16 impacts its 39 members, 200+ FSRB-affiliated countries and virtual asset service providers (VASPs).
The anonymity associated with virtual assets like Bitcoin has put cryptocurrencies firmly in the crosshairs of regulators like the FATF, and is now considered a fundamental weakness hampering their mass adoption. Here’s why and how new regulations will benefit the crypto industry over the long term.
The Financial Action Task Force (FATF)’s latest guidances herald in significant changes in how cryptocurrencies will be regulated. This guide looks at the FATF’s Recommendation 16, the so-called “crypto travel rule” and its resultant expectations and requirements that have to be met before the FATF’s June 2020 deadline.