1. PixelPlaygroundHome
  2. Metaverse Insights

FATF agrees on action plan for global implementation of encrypted asset standards

• Metaverse Insights • 126 views

It is reported that the Financial Action Task Force (FATF) said that representatives from more than 200 jurisdictions have reached an agreement on the \”action …

FATF agrees on action plan for global implementation of encrypted asset standards

It is reported that the Financial Action Task Force (FATF) said that representatives from more than 200 jurisdictions have reached an agreement on the “action plan to promote the timely implementation of FATF standards globally” for encrypted assets. The standard-setting body said that many countries failed to implement their previous requirements for cryptocurrencies, including “travel rules”. FATF pointed out that representatives further agreed on an action plan to promote the timely implementation of FATF standards related to encrypted assets worldwide, including the transmission of originator and beneficiary information.

More than 200 jurisdictions have agreed to implement the FATF cryptocurrency standard

Interpretation of the news:


The Financial Action Task Force (FATF), an intergovernmental organization that develops and sets global standards for anti-money laundering (AML) and counter-terrorism financing (CTF), has recently reported an agreement on an action plan to promote the timely implementation of its standards for encrypted assets across the globe. This announcement comes after many countries were criticized by FATF for not implementing their previous requirements, including “travel rules,” which mandate the transmission of information regarding the originator and beneficiary of cryptocurrency transactions.

The term “encrypted assets” refers to a range of digital assets that use cryptography to secure and verify transactions, including cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. These assets have become increasingly popular in recent years, causing regulators to struggle with how to apply existing laws and regulations to this new technology.

The action plan agreed upon by the FATF involves representatives from over 200 jurisdictions, who have committed to promoting the implementation of FATF standards worldwide. The plan includes the transmission of originator and beneficiary information, which is seen as one of the key requirements for combating money laundering and terrorist financing. This information is vital in tracking and identifying suspicious transactions, making it easier for regulators and law enforcement agencies to take action.

The FATF also emphasized the importance of timely implementation of its standards, highlighting the risks associated with delayed action. Failure to comply with these standards could result in a jurisdiction being designated as a high-risk area, leading to increased scrutiny and potential sanctions. As such, it is crucial for countries to work towards the timely implementation of FATF standards related to encrypted assets.

Overall, the agreement on an action plan for the global implementation of FATF standards for encrypted assets is a positive step towards reducing the risks associated with these assets. The plan will require cooperation and coordination from regulators around the world to ensure that implementation is timely and effective. By doing so, it is hoped that cryptocurrencies and other encrypted assets can be used in a more secure and regulated manner.

In conclusion, the keywords for this news article include FATF, action plan, encrypted assets, implementation, and global standards. The message from the FATF signals a renewed focus on implementing regulations that promote transparency and accountability within the crypto market.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/3687/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/27/2023 09:23
Next 02/27/2023 09:48

Recommended articles