By 
The FATF has updated its 2019 Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (VASPs).
The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF measures that apply to financial institutions.
This guidance will help countries and VASPs understand their anti-money laundering and counter-terrorist financing obligations and implement the FATF’s requirements as they apply to this sector. The guidance provides examples and potential solutions to implementation obstacles.
The 2021 Guidance includes updates focusing on the following six areas:
- clarification of the definitions of virtual assets and VASPs,
- guidance on how the FATF Standards apply to stablecoins,
- additional guidance on the risks and the tools available to countries to address the money laundering and terrorist financing risks for peer-to-peer transactions,
- updated guidance on the licensing and registration of VASPs,
- additional guidance for the public and private sectors on the implementation of the ‘travel rule’
- principles of information-sharing and co-operation amongst VASP Supervisors.
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