Expert Takes: Implications Of New FATF Guidelines For Virtual Assets

Blockchain, News, Opinion, Regulation | March 23, 2021 By:

The Financial Action Task Force (FATF), a global anti-money laundering watchdog, has released an updated guidance on digital assets and virtual asset service providers (VASP).

Some important changes in the updated guidance are as follows:

  • DEXs or decentralized/non-custodial crypto exchanges and crypto-asset escrow services are considered Virtual Asset Service Providers (VASPs)
  • Stablecoins are virtual asset (VAs) and FATF Standards apply to these financial instruments
  • Only non-fungible tokens or NFTs that are able to potentially carry out money laundering (ML) and terrorism financing (TF) activities may be considered VAs
  • VASPs need to “assess and mitigate” proliferation financing (PF) risks
  • “Best practices” for counterparty VASP due diligence
  • Options for “mitigating peer-to-peer transaction risks”
  • Updated Travel Rule “clarifications and guidance”

The FATF guidance has clarified the definitions of Virtual Assets and Virtual Asset Service Providers.

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Private Crypto Wallet Transactions Now Verifiable Via CoolBitX’s Sygna Bridge And Elliptic’s API Solution

Announcements, Innovation, News | March 4, 2021 By:

Blockchain security company CoolBitX has released the Sygna Bridge Wallet Address Filter API to allow Virtual Asset Service Providers (VASP) to verify private wallet transactions and flag suspicious entities to authorities.

Founded in 2014, CoolBitX is a FinTech firm specializing in manufacturing secure,

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Bitcoin Spot Exchange Registered As Virtual Asset Service Provider In France

Announcements, News, Regulation | October 16, 2020 By:

Institutional-focused bitcoin spot exchange LGO has been registered as a Virtual Asset Service Provider (VASP) in France by the Autorité des Marchés Financiers (AMF), the country’s securities regulator.

Live since April 2019, LGO serves more than 60 institutions in 20 different countries and offers a market microstructure based on order batching in order to guarantee fair price discovery.

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