FATF has finalized its crypto guidance and plans release next week

The global anti-money laundering watchdog has finalized its crypto guidance — but it won't be published until next week. 

The Financial Action Task Force (FATF) released the outcomes of its October plenary meeting today. According to the notice, the FATF has finalized its virtual asset guidance and plans to publish an updated version on October 28.

FATF President Marcus Pleyer reiterated in a press conference today that the guidance itself has not amended any standards related to virtual assets or virtual asset providers (VASPs), but rather provides "more detailed information on how countries and the private sector can implement the FATF standards."

The FATF first issued this guidance in 2019, calling for crypto exchanges and money transmitters — so-called "VASPs" — to meet standards seen in traditional finance. This included a travel rule, which would require VASPs to collect and transmit information on parties participating in a transaction. Some jurisdictions have already begun implementing these standards, and the FATF has already conducted two reviews on how that implementation is going.

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