Revised FATF Standards on Virtual Assets 12-Month Review

It’s been a year since VASPs were included in the Travel Rule. How has the industry coped so far? And how does the regulatory body envision VASP compliance going into the future?

Following its 12-month review period of the implementation of the Travel Rule, on 7 July 2020 the Financial Action Task Force (FATF) published its review reporting back on the status of the VASP industry’s compliance with the rule. The Review also included suggestions for the development of technical solutions for Travel Rule compliance.

The report’s findings conclude that only 35 countries have so far implemented the FATF standards, so there is still a lot of work to be done. It has therefore decided on another 12-month review process to give countries more time to transpose the Travel Rule into effective domestic regulations.

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However, the FATF does not view this new review period as a convenient extension. They expect regulators to guide VASPs along in implementing technical solutions, in order for the sector to be compliant with the FATF Standards by June 2021.