The Financial Action Task Force (FATF) has begun accepting feedback for amendments to rules governing the digital asset industry. The new version will be released in the first week of March.
"The updated guidance will help countries and virtual asset service providers (VASPs) understand their obligations and effectively comply with FATF requirements in key areas," - the organization said in a statement.
In June 2019, the FATF decided to tighten controls over the cryptocurrency industry. In particular, to oblige bitcoin exchanges and other VASPs to comply with AML and CFT procedures similar to traditional financial companies.
The implementation was given a year, after which the president of FATF Markus Payer said the need to adjust the guidelines for the crypto industry, as many countries have not fully implemented the previously adopted standards.
In October 2020, a consortium of leading U.S. cryptocurrency companies unveiled an AML/CFT compliance plan for its members.
In November, FATF Executive Secretary David Lewis said cryptocurrencies have a long way to go before they become fully compliant. According to him, they are just beginning to adapt to the regulatory requirements that many countries have already incorporated into their legislation.
