The FATF’s Cryptocurrency Guidelines
CBRI Working Papers: Notes on the 21st Century
17 Pages Posted: 24 Apr 2020
Date Written: March 28, 2020
Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) are an area of heightened international financial regulatory interest. Although the FATF has wasted much time as a politicized instrument of economic violence against smaller economies, there are nevertheless technical areas where the FATF can make a more prudent and laudable contribution, such as the guidelines for oversight of VAs/VASPs. This paper examines the scope and impact of the FATF’s virtual currency guidelines, noting that they are alleviating regulatory uncertainties around the world. The paper thus argues that the FATF should focus more on the technical challenges of monetary authority in the 21st century with regards to VAs and VASPs.
Keywords: cryptocurrency, virtual assets, blockchain, bitcoin, FATF, financial regulation
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