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FATF’s Released Guidelines Includes Clarifications for DeFi, NFT (Report)

The Financial Action Task Force (FATF) has released guidance on virtual assets and virtual asset service providers (VASP). But the inclusion of decentralized finance (DeFi) and non-fungible tokens (NFT) have sparked a fresh debate.

Just a week after the FATF had announced finalizing its crypto guidance, the global anti-money laundering watchdog released an updated version on October 28th. The guidance contains clarifications for platforms that handle virtual assets. The draft called for VASPs (platforms dealing with cryptocurrency) to conform with the standards applied to legacy financial establishments.

Increased Oversight by FATF on Crypto Realm

Companies that offer services related to stablecoins, blockchain-based decentralized finance (DeFi) apps, and facilitate peer-to-peer (p2p) transactions may have to keep a close watch on their customers’ credentials and funds to avert money laundering and terrorism financing. In a nutshell, these platforms are required to adhere to all existing rules and conduct thorough anti-money-laundering (AML) and anti-terrorism-financing checks.

In the case of peer-to-peer transactions, on the other hand, FATF’s guidelines stated that countries might enforce practices such as record-keeping or capping transaction limits to only specific approved addresses. It reads,

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Tags: DeFi Non-Fungible Token (NFT) Regulations

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