International: FATF revises draft guidance on virtual assets, seeks comments on the same
The Financial Action Task Force ('FATF') finalised, on 19 March 2021, its revisions to its drafted updated guidance on the risk-based approach to virtual assets ('VAs') and virtual asset service providers ('VASPs'), and opened a public consultation on the same. In particular, the FATF originally published this guidance in June 2019 when finalising changes to its standards to clearly place anti-money laundering and countering the financing of terrorism obligations on VAs and VASPs.
Furthermore, the revised document provided updated guidance in six main areas to:
- clarify the definitions of VAs and VASPs;
- provide guidance on how the FATF standards apply to so-called stablecoins;
- provide additional guidance on the risks and potential risk mitigants for peer-to-peer transactions;
- provide updated guidance on the licensing and registration of VASPs;
- provide additional guidance for the public and private sectors on the implementation of the travel rule; and
- include principles of information-sharing and co-operation amongst VASP supervisors.
Responses can be provided to [email protected] by 20 April 2021.