FATF Releases Updated Guidelines on Crypto, Defi and NFTs

Financial Action Task Force (FATF), the global anti-money laundering watchdog has released an updated set of guidelines for the crypto market. The final guidelines make improvements and offer more clarity on the draft guidelines released earlier. The guidelines shed special focus on how regulators should treat new markets such as NFT and Defi.

The draft guidelines clarified that NFTs shouldn’t be treated as traditional digital or virtual assets, but if they are traded in a way that adheres to the FATF guidelines then they should be regulated appropriately under the same regulatory umbrella.

The main issue with the final draft guidelines on the crypto market lies with Decentralized Finance (Defi). Most of the guidelines fit perfectly for centralized exchanges and platforms but fail to clarify much on the Defi front. Thus, FATF has found a solution, instead of regulating the protocols, it would hold operators of Dex platforms and Dapss responsible and liable.

Read briefly here;

https://bit.ly/3pGmLfY

--

--

--

AMA | GameFi | NFT | Metaverse | Giveaways | Promotions, “Backed by KuCoin, Hotbit, OKEX & BigOne Exchange”, Telegram group: https://t.me/Cryptominers_co

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Modern Economic Nonsense — We are at the bear market, now what

White Hat Legend Whitepaper

Reimagining the Concept of Property

Mixing as a DeFi Financial Primitive

Ethereum Classic Rose 220% This Week, but Why?

How to get massively rich with Binance (excluding trading) like Gordon Gekko.

How to farm CORE on cvault.finance

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
CRYPTO MINERS

CRYPTO MINERS

AMA | GameFi | NFT | Metaverse | Giveaways | Promotions, “Backed by KuCoin, Hotbit, OKEX & BigOne Exchange”, Telegram group: https://t.me/Cryptominers_co

More from Medium

UNMARSHAL updates: February, 2022

Why we chose FANTOM ?

FUFU to launch Main Staking Rewards Program on March 4th 3AM UTC

AMA Recap: CRYPTO MINERS X AUTHTRAIL