Hurry Up With Crypto ID Checks, FATF Tells Countries

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Hurry Up With Crypto ID Checks, FATF Tells Countries

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After the potentially privacy-busting ‘travel rule’ for crypto transfers, global standard-setters at the Financial Action Task Force have their eyes on Defi, NFTs and unhosted wallets.

The agreement saw EU policymakers largely pull back on plans to expand the scope of money-laundering checks on payments to unhosted wallets or digital wallets held off of crypto trading platforms.

While a quarter of the countries supposed to be passing laws are now in the process of doing so, around one-third have not even introduced a bill, FATF’s report said, citing figures from a March 2022 survey that has now been made public.“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example,” the report said.

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Article Details

Author / Journalist: Jack Schickler

Category: Crypto

Topics: FATF Money Laundering Travel Rule NFTs Regulations DeFi

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 09:30:00

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 5 minutes read

Article Length: 827 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 22575

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