Policy Scoop with Aislinn Keely: Unpacking the FATF's guidance and its impact on the global crypto landscape
The crypto world has only just begun digesting the finalized crypto reporting requirements from the Financial Action Task Force, or FATF.
The years-long process began in the summer of 2019 when the FATF made public its initial version that called for what it dubbed virtual asset service providers, or VASPs, to undertake an unprecedented degree of information-sharing about their customers and the transactions they conduct. Since then, the guidance has gone through numerous iterations and accounted for emerging use cases like decentralized finance (DeFi) and non-fungible tokens (NFTs), to name a few.
At the heart of this framework is the so-called travel rule, requiring businesses that facilitate the movement to collect and share information about the parties to a transaction. How VASPs – like exchanges – will comply with this as FATF-supporting countries go live with the requirements is an active and evolving question.
In this special episode of The Scoop, The Block reporter Aislinn Keely breaks down the implications of the FATF framework and how it might shape the evolving regulatory landscape in the United States.
To unpack the questions at hand, Keely spoke with former FATF executive secretary and current ACAMS director Rick McDonell, Shyft co-founder Joseph Weinberg and Elliptic director of policy and affairs David Carlisle.
This special episode takes a closer look at:
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