FATF Starts Checking How Well Countries Implement Crypto Standards

The Financial Action Task Force (FATF) has agreed on how it will assess whether countries have taken the necessary steps to implement the crypto-related requirements. “Given the global nature of the virtual asset industry, it is essential that countries implement these requirements swiftly,” the FATF emphasized.

Also read: Where US Regulators Stand on Cryptocurrency

FATF Unveils How Countries Will Be Assessed

The FATF held a plenary on Oct. 16-18, the first meeting under the Chinese presidency, chaired by Xiangmin Liu of the People’s Republic of China. Over 800 delegates representing 205 jurisdictions and international organizations attended the three-day event. The FATF is an intergovernmental organization founded to develop policies for combating money laundering. It currently comprises 37 member jurisdictions and 2 regional organizations. Stablecoins and other emerging assets are top of the agenda.