{"id":39363,"date":"2021-03-22T19:02:59","date_gmt":"2021-03-22T17:02:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39363"},"modified":"2025-08-30T09:10:21","modified_gmt":"2025-08-30T06:10:21","slug":"fatf-includes-defi-in-draft-guidance-for-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fatf-includes-defi-in-draft-guidance-for-the-crypto-industry\/","title":{"rendered":"FATF Includes DeFi in Draft Guidance for the Crypto Industry"},"content":{"rendered":"<p>The Financial Action Task Force (FATF) has proposed amendments to the guidelines for the cryptocurrency industry. According to the <a href=\\\"https:\/\/www.fatf-gafi.org\/publications\/fatfrecommendations\/documents\/public-consultation-guidance-vasp.html\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">\u043f\u0440\u043e\u0435\u043a\u0442\u0443<\/a>, the regulator&#8217;s focus includes the DeFi sector and NFTs.<\/p>\n<p><!--more--><\/p>\n<p>FATF clarified the wording around decentralised exchanges and the mechanisms underpinning the operation of platforms and apps. In the authors&#8217; view, DeFi-related projects are considered virtual asset service providers (VASPs) and should comply with anti-money-laundering rules.<\/p>\n<p>The group also proposed changes to terminology referring to NFTs, in a comment <a href=\\\"https:\/\/www.coindesk.com\/financial-watchdogs-have-defi-in-their-sights-alter-wording-around-nfts\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">\u0421oinDesk<\/a> senior partner Si\u00e2n Jones of XReg Consulting said.<\/p>\n<blockquote>\n<p>\u201cSome terms that could have been interpreted by interested parties in a way not originally intended by FATF were replaced with wording that more accurately expresses the regulator&#8217;s intentions,\u201d Jones noted.<\/p>\n<\/blockquote>\n<p>According to <a href=\\\"https:\/\/ciphertrace.com\/analysis-proposed-fatf-guidance-for-virtual-assets-and-vasps\/\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">CipherTrace<\/a>, only NFTs that could facilitate money laundering and the financing of terrorism are &#8220;virtual assets&#8221; in FATF&#8217;s sense.<\/p>\n<p>In June 2019, the group decided to oblige Bitcoin exchanges and other VASPs to comply with anti-money-laundering and counter-terrorist financing rules, in line with traditional financial firms.<\/p>\n<p>Later, FATF President Marcus Pleyer said there was a need to adjust the guidance for the crypto industry, as many countries had not fully implemented the standards adopted earlier.<\/p>\n<p>In October 2020, a consortium of leading US cryptocurrency companies <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-crypto-industry-players-unveil-plan-to-implement-fatf-requirements\">presented a plan<\/a> for its members to comply with FATF requirements.<\/p>\n<p>In late February 2021, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/fatf-to-revise-rules-governing-the-crypto-industry-in-march\">began soliciting feedback<\/a> for amendments to the regulatory rules.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Action Task Force (FATF) has proposed amendments to the guidelines for the cryptocurrency industry. Under the draft, the regulator&#8217;s focus includes the DeFi sector and NFTs.<\/p>\n","protected":false},"author":1,"featured_media":39364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,971,1213,36],"class_list":["post-39363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-fatf","tag-nft","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39363"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39363\/revisions"}],"predecessor-version":[{"id":39365,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39363\/revisions\/39365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39364"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}