Cryptocurrency (Photo: Photo illustration Jason Doiy/ALM) FATF Guidance of NFT, DeFi and Digital Assets: Void for Vagueness?
The Financial Action Task Force's recent guidance could have a major effect on DeFi and NFTs where, up to now, there has been little or no international coordination for regulating these areas of innovation. But is the guidance too vague for the average reasonable citizen to understand?
April 12, 2021 at 10:30 AM
7 minute read
The Financial Action Task Force (FATF), a global intergovernmental group focused on helping countries find ways to address money laundering and terror financing, is taking on the world of cryptocurrency. FATF has published a revised draft guidance for virtual assets (VAs) and virtual asset service providers (VASPs) and is planning to finalize that guidance at its June 2021 meeting, with the explicit purpose of obligating VAs and VASPs to implement anti-money laundering and countering the financing of terrorism (AML/CFT) programs.
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