Summary: Financial Action Task Force (FATF), the global anti-money laundering regulator, plans to release the crypto guideline next week, as reported by The Block. The new guide does not modify any standards related to virtual assets or virtual asset providers (VASP), but provides more details on how countries and private sectors implement FATF standards, according to ...

Financial Action Task Force (FATF), the global anti-money laundering regulator, plans to release the crypto guideline next week, as reported by The Block.

The new guide does not modify any standards related to virtual assets or virtual asset providers (VASP), but provides more details on how countries and private sectors implement FATF standards, according to FATF Chairman Marcus Pleyer.

The new guide also elaborates on five areas: the definition of VASP, the licensing and registration of VASP, peer-to-peer transactions, stablecoins, and the implementation of travel rule. 

The FATF first published the guidelines in 2019, calling on cryptocurrency exchanges and VASPs to meet the standards in traditional finance, including a travel rule that requires VASP to collect and transmit information about parties involved in transactions.

By Mary Liu