Close Menu
CryptoHoppers.comCryptoHoppers.com
    What's Hot

    Synternet: The Future of Interoperable Blockchain Data Infrastructure

    June 9, 2024

    Building the Future of AI & Blockchain

    May 20, 2023

    WBS Dubai: Crafting Tomorrow’s Digital Landscape

    November 9, 2023
    Facebook X (Twitter) Instagram
    • Privacy Policy
    • Get In Touch
    Facebook X (Twitter) Instagram
    CryptoHoppers.comCryptoHoppers.com
    • News

      Coinbase CEO’s Crypto Regulatory Meetup in London

      June 17, 2025

      Europe wants to knock off China and US in Southeast Asia, but its just not as appealing

      June 16, 2025

      Bybit Launches Byreal DEX – Is This the Start of a DeFi Pivot?

      June 15, 2025

      8,000 Bitcoins awaken after 5 years – Whale strategy or ETF play?

      June 14, 2025

      Bitcoin’s High Euphoria Spurs UK Company’s $4.7 Million Buy

      June 12, 2025
    • Technology

      Comment on Crypto Market Outlook: Bitcoin Reclaims $107K while ETH Climbs to $2.6K by Pump.fun X Account Suspended as X Cracks Down on the platform

      June 17, 2025

      Ripple’s Role Expands as UAE’s Trojena Project Integrates Blockchain and Tokenized Assets

      June 16, 2025

      Ripple And Japan’s Web3 Salon Spark Asia Innovation

      June 15, 2025

      Small caps, big moves: These altcoins outshine Bitcoin

      June 14, 2025

      Comment on Hacker Behind $2M Crypto Hack Offered Role by Targeted Protocol by James Cyrus

      June 13, 2025
    • Learn/Guide

      DayDayCook to raise up to $528 million for Bitcoin treasury expansion

      June 17, 2025

      Justin Sun’s Tron set to go public in US in deal backed by Eric Trump-linked firm: FT

      June 16, 2025

      Bybit to launch Byreal, its first onchain DEX on Solana, on June 30

      June 15, 2025

      Invesco, Galaxy Digital file to launch Solana ETF in Delaware amid SEC approval buzz

      June 14, 2025

      Cardano founder Charles Hoskinson proposes converting $100M ADA to Bitcoin and stablecoins

      June 13, 2025
    • NFTs

      1mouth Analog: miirror’s Raw Leap from Digital to Handmade Chaos | NFT CULTURE | NFT News | Web3 Culture

      May 9, 2025

      NFTCulture Expands Into TCGs with Cardcore.xyz: Where Digital Collectibles Meet Competitive Play | NFT CULTURE | NFT News | Web3 Culture

      May 8, 2025

      From Moonshots to Broken Links: The Rise and Fall of CloneX | NFT CULTURE | NFT News | Web3 Culture

      April 24, 2025

      Pacific Spirit: Vinyl Meets Code in a Groundbreaking Generative Drop on Art Blocks | NFT CULTURE | NFT News | Web3 Culture

      April 16, 2025

      Daizen: Elevating the NFT Multiverse on Apechain Blockchain | NFT CULTURE | NFT News | Web3 Culture

      December 5, 2024
    • Regulation

      SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

      May 30, 2025

      Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

      March 31, 2025

      Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

      February 23, 2025

      Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

      January 26, 2025

      MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

      January 25, 2025
    • Business

      Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

      November 17, 2024

      Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

      November 16, 2024

      Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

      November 15, 2024

      Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

      November 14, 2024

      Brazil Prepares to Let Tradfi Institutions Embrace Crypto

      November 13, 2024
    • Live Pricing
    CryptoHoppers.comCryptoHoppers.com
    Home » Too few jurisdictions follow virtual asset guidelines: FATF
    News

    Too few jurisdictions follow virtual asset guidelines: FATF

    July 14, 20243 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Too few jurisdictions follow virtual asset guidelines: FATF
    Share
    Facebook Twitter LinkedIn Pinterest Email



    A recent report reveals that the majority of jurisdictions worldwide have only partially complied with the Financial Action Task Force (FATF) recommendations for regulating virtual assets.

    Some progress has been achieved, but not enough, according to a report released on July 13. Further efforts are required to fully adhere to the FATF recommendations and establish a cohesive global strategy for regulating virtual assets.

    According to the study:

    • 58% of jurisdictions have introduced varying levels of regulation for virtual asset service providers (VASPs)
    • Only 42% have fully implemented the FATF’s “travel rule,” which mandates the exchange of customer information between VASPs. 

    Significant deficiencies persist in areas such as the supervision and monitoring of VASPs, the FATF stated.

    Who’s complying?

    Jurisdictions with the highest compliance levels typically possess well-established financial sectors and robust anti-money laundering frameworks.

    Developing countries, however, encounter greater challenges in implementation.

    The report underscores the critical role of ongoing international cooperation and information sharing to address these deficiencies and maintain the security and resilience of the virtual asset ecosystem, considering financial crime threats continue to rise.

    Additionally, the report highlights that despite some progress, additional efforts are necessary to fully implement the FATF’s guidance and achieve a globally coordinated approach to regulating virtual assets.

    US, UK crypto regulation contrasts

    As the global cryptocurrency market evolves, regulators in the United States and the United Kingdom have adopted divergent approaches to bring the industry into compliance.

    In the U.S., the regulatory landscape is characterized by a patchwork of rules, with various federal agencies asserting jurisdiction over different aspects of the crypto sector. 

    The Securities and Exchange Commission (SEC) has taken an assertive stance, classifying many cryptocurrencies as securities and actively pursuing non-compliant firms. Meanwhile, the Commodity Futures Trading Commission (CFTC) has opted for a more permissive “do no harm” approach, allowing for crypto derivatives trading.

    Complicating matters further, individual US states have imposed their own licensing and regulatory requirements on crypto businesses, contributing to a fragmented compliance environment.

    On January 10, the US Securities and Exchange Commission (SEC) made a significant announcement, granting certain bitcoins the same status as exchange-traded products (ETPs). This landmark approval recognized the real-world value of cryptocurrencies, paving the way for integrating more digital assets into the traditional economy. Additionally, it highlighted the SEC’s commitment to enhancing regulation of the crypto industry, a move expected to influence US regulatory and compliance frameworks in the future.

    While the United States has taken a more enforcement-heavy stance on cryptocurrency regulation, the United Kingdom has embraced a more collaborative model in its efforts to bring the industry under compliance.

    In the UK, a key regulatory strategy involves the implementation of the “travel rule” by the Financial Conduct Authority (FCA). This rule aligns with global anti-money laundering standards set by the FATF, requiring cryptocurrency firms to share customer information when transferring funds.

    The implementation of the travel rule in the UK is crucial for combating financial crimes like money laundering within the crypto space. Aligning regulations with international standards will foster a more secure environment for crypto transactions.

    Furthermore, Initiatives such as the Bank of England’s efforts on stablecoin frameworks further underscore the UK’s commitment to integrating cryptocurrencies into the broader financial system.

    By adopting a collaborative regulatory approach, the UK seeks to establish itself as a leading global centre for cryptocurrency and blockchain innovation.

    As both the U.S .and the UK navigate the maturing crypto market, they must balance supporting innovation with managing potential risks.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Coinbase CEO’s Crypto Regulatory Meetup in London

    June 17, 2025

    Europe wants to knock off China and US in Southeast Asia, but its just not as appealing

    June 16, 2025

    Bybit Launches Byreal DEX – Is This the Start of a DeFi Pivot?

    June 15, 2025

    8,000 Bitcoins awaken after 5 years – Whale strategy or ETF play?

    June 14, 2025
    Top Posts

    Billionaires Pour $96,300,000 Into Several Stocks in High-Stakes Bet on Themselves: Report

    April 12, 2025

    Ripple RLUSD Delay Pushes XRP Down To 4th In Crypto Rank

    December 5, 2024

    Former Special U.S. Assistant Attorney Volunteers to Lead Operation Chokepoint 2.0 Investigation

    January 6, 2025

    Welcome to CryptoHoppers.com! Stay informed with the latest updates, trends, and insights from the dynamic world of cryptocurrencies. From Bitcoin to altcoins, blockchain technology to decentralized finance (DeFi), we cover it all. Discover expert analysis, market trends, regulatory developments, and exciting innovations shaping the crypto industry.

    Top Insights

    Coinbase CEO’s Crypto Regulatory Meetup in London

    June 17, 2025

    Europe wants to knock off China and US in Southeast Asia, but its just not as appealing

    June 16, 2025

    Bybit Launches Byreal DEX – Is This the Start of a DeFi Pivot?

    June 15, 2025
    Advertisement
    Demo
    CryptoHoppers.com
    Facebook X (Twitter) Instagram
    • News
    • Technology
    • Learn/Guide
    • Regulation
    • NFTs
    • Business
    • Live Pricing
    © 2025. Designed by CryptoHoppers.com.

    Type above and press Enter to search. Press Esc to cancel.