The Financial Action Task Force, the international body that coordinates financial transaction standards among 39 country and regional members, today issued updated guidelines for countries to assess and reduce risk associated with cryptocurrencies.
The „Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers” replaces previous guidance issued in April 2020. The service providers, or VASPs, in the title refer to cryptocurrency exchanges and money transmitters that handle digital assets.
The new guidance makes at least two major changes.
First, it revises the definition of who qualifies as a VASP. It states that the current definition „is meant to exclude ancillary participants that do not provide or actively facilitate any of these covered activities, such as entities which provide Internet or cloud services.” In short, VASPs must control cryptocurrency, not just facilitate its use by, for example, creating computer code for a decentralized f
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