FATF Rules are international standards for combating money laundering and terrorist financing. Established by the Financial Action Task Force, these recommendations guide countries in developing their anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory frameworks, including specific guidance for virtual assets and virtual asset service providers (VASPs). Adherence to these rules is crucial for digital asset firms to operate globally and maintain relationships with traditional financial institutions. Non-compliance can lead to severe penalties and exclusion from the global financial system.
Context
FATF rules are a dominant force shaping global cryptocurrency regulation, with news frequently reporting on national implementations and enforcement actions. The ongoing challenge involves adapting these traditional financial guidelines to the unique characteristics of decentralized digital assets, particularly concerning privacy-enhancing technologies. Future developments will likely include updated guidance and increased international pressure for consistent application of these standards across the digital asset industry.
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