Cryptocurrency regulation is increasingly aligning with global standards: 73% of jurisdictions have enacted laws in accordance with FATF rules.
FATF Rules on Cryptocurrency Transactions
The FATF rules require crypto service providers to collect and share users' transaction data, similar to traditional financial requirements. The latest FATF report highlights the uniform implementation of these rules across various jurisdictions.
Compliance Status of Different Jurisdictions with FATF Rules
Out of 138 jurisdictions, only one has achieved full compliance with FATF rules. 40 jurisdictions were assessed as 'largely compliant' with the requirements, indicating that legislation requires licensing or registration of virtual asset providers.
Focus on Stablecoins and DeFi
Stablecoins and DeFi have again been highlighted in the FATF report. It notes a rising use of stablecoins for illicit financial activities and discusses legislative proposals in this area.
Given global trends, adherence to FATF standards is becoming crucial for jurisdictions aiming to establish legal frameworks for cryptocurrencies. The implementation of FATF regulations will enhance the level of control and reliability in the cryptocurrency market.
