Tag: Financial Action Task Force

Global Regulatory Watchdog Updates Crypto Guidance for Governments, Targets DeFi and NFTs

by Dailyhodl

A prominent global anti-money laundering (AML) agency called the Financial Action Task Force (FATF) is updating its guidance for the virtual asset sector.

In a document published Thursday, FATF detailed further regulation clarifications on six key crypto topics. These subjects include the definition of virtual assets (VA) and virtual asset service providers (VASPs), stablecoin guidance, peer-to-peer (P2P) risk mitigation, VASP registration and licensing, guidance on the “travel rule,” and information sharing amongst VASPs.

ADVERTISEMENT

 

The guidance aims to further define what makes a VASP. In addition, the Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers includes,

“Updated guidance on how stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) and decentralized or distributed applications (DApp) and multisignature arrangements relate to the FATF Standards.”

The guidance outlines how countries should implement the “travel rule” in crypto assets. The travel rule recommends that governments force exchanges, banks, over-the-counter (OTC) desks, and hosted wallets to share identifying information about people involved in crypto transactions worth more than $10,000.

According to FATF president Marcus Pleyer, the new guidance updates previous policies and strategies.

“[It] builds on our guidance that we issued in 2019 to explain how the FATF recommendations apply to virtual assets and their service providers, and in particular the guidance clarifies the definitions of virtual assets and VASPs.

It explains how the FATF standards apply to stablecoins, and it addresses the risk for peer-to-peer transactions and illustrates tools to identify and mitigate these risks.”

The original guidelines were released in 2019.

You can read the full updated guidance report here.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vilmos Varga/REDPIXEL.PL

Source

Tagged : / / / / /

Tether Combats Money Laundering With New Integration

by Cryptobriefing

Share this article



Tether is integrating Notabene, helping the company comply with Financial Action Task Force guidelines and prevent money laundering and cross-border crime.

Tether Tackles Money Laundering 

Tether wants to crack down on illegal transfers.

The industry’s biggest stablecoin provider announced Tuesday that it would be integrating payment security provider Notabene’s travel rule solution. The move will help Tether comply with Financial Action Task Force (FATF) guidelines and tackle money laundering activities using its USDT stablecoin. 


Notabene’s solution will allow Tether to securely transmit user data for large crypto transfers to Virtual Asset Service Providers (VASPs). This will allow the company to comply with new guidelines set by the Financial Action Task Force, a global financial watchdog. 

Under the FATF’s travel rule guidelines, VASPs dealing with virtual assets should transmit specific customer data between counterparties for transactions over a certain threshold. Doing so will help Tether crackdown on money laundering and cross-border crime, helping protect its customers. 

Commenting on the integration with Notabene, Leonardo Real, CCO of Tether, stated:

SIMETRI Research
Sanctor Turbo Demo Day


“Because the Travel Rule traditionally applies to financial institutions, we see this as an opportune moment to foster cooperation across traditional and digital channels in order to create better services for customers globally. We are proud to lead the charge on behalf of all stablecoins in order to make a positive change towards protecting our clients.” 

Tether’s willingness to comply with the FATF guidelines comes in contrast to previous controversies. Earlier this month, Tether came under fire after a Bloomberg report alleged that the company held billions of dollars worth of Chinese debt as the Evergrande crisis shook international markets. Additionally, Tether and Bitfinex were recently fined a combined $42.5 million by the Commodity Futures Trading Commission for misrepresenting the backing behind Tether’s USDT stablecoin. 

Disclaimer: At the time of writing this feature, the author held USDT and several other cryptocurrencies. 

Share this article



The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Tether Calls Hindenburg’s $1M Bounty a “Pathetic Bid for A…

On Tuesday, Hindenburg Research, a forensic financial research firm, offered a $1 million bounty for information leading to previously undisclosed details about Tether’s backing. In today’s response, Tether called the…

What is a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…

Tether Owns Billions In Chinese Debt: Bloomberg Report

A Bloomberg report has claimed to have found that Tether holds billions of dollars worth of Chinese commercial paper. Investigation Raises New Concerns Today, Bloomberg BusinessWeek reported that stablecoin issuer…

Tether and Bitfinex Fined $42.5 Million by the CFTC

The Commodity Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines of $42.5 million, with Tether’s fine making up $41 million of the total. CFTC Fines Tether…



Source

Tagged : / / / / /

Global Anti-Money Laundering Body To Roll Out New Crypto Guidance Next Week – Here’s What To Expect

by Dailyhodl

The Financial Action Task Force (FATF) is ready to roll out new recommendations on how governments should regulate crypto assets.

The FATF is an inter-governmental agency that develops anti-money laundering standards and measures to prevent terrorism financing.

ADVERTISEMENT

 

Speaking at a press conference, FATF president Marcus Pleyer says the new guidance will take a “risk-based approach” to virtual assets and virtual asset service providers (VASPs).

“It builds on our guidance that we issued in 2019 to explain how the FATF recommendations apply to virtual assets and their service providers, and in particular the guidance clarifies the definitions of virtual assets and VASPs.

It explains how the FATF standards apply to stablecoins, and it address the risk for peer-to-peer transactions and illustrates tools to identify and mitigate these risks.”

Pleyer also says the guidance will update the so-called “travel rule.”

The rule recommends that governments force exchanges, banks, over-the-counter (OTC) desks, and hosted wallets to share identifying information about people involved in crypto transactions worth more than $10,000.

The FATF president says that the agency expects governments and private sector entities to implement the new standards in the short term.

“This guidance has not changed the FATF standards on virtual assets and VASPs. This guidance provides more detailed information on how countries and the private sector can implement the FATF standards.”

ADVERTISEMENT

  Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KeremGogus

Source

Tagged : / / / /
Bitcoin (BTC) $ 26,585.12 0.13%
Ethereum (ETH) $ 1,593.32 0.03%
Litecoin (LTC) $ 65.08 0.99%
Bitcoin Cash (BCH) $ 208.29 0.33%