FATF President Urges G7 to Lead in Shutting Down ‘Lawless Crypto Space’

0 6

FATF President Urges G7 to Lead in Shutting Down ‘Lawless Crypto Space’

knife

It is necessary to put an “end to the lawless crypto space,” according to the head of the Financial Action Task Force (FATF). G7 nations must set an example in implementing global standards on combating money laundering, the executive insisted, as little progress has been made in regards to introducing the organization’s new crypto rules.

Crypto Assets Continue to Operate in Lawless Global Environment, FATF Chief Says

The Group of Seven (G7) must lead in implementing recommendations on combating money laundering, terrorism and proliferation financing, FATF President T. Raja Kumar urged ahead of the developed economies’ summit in Hiroshima, Japan, this weekend.

Countries have advanced with introducing most of the FATF standards but progress on implementing the updated requirements concerning crypto assets has been “relatively poor,” Kumar noted in an article titled “An End to the Lawless Crypto Space.”

FATF extended its global anti-money laundering (AML) and countering terrorist financing (CTF) standards to cryptocurrencies in 2019. However, the great majority of nations (73%), are still non-compliant or only partially compliant with them.

“This unacceptable situation must be urgently addressed,” the head of the international body insisted. His call comes after in February of this year, FATF announced that more than 200 jurisdictions had agreed on an action plan for their timely implementation.

T. Raja Kumar pointed out that the risks posed by crypto assets continue to grow. He referred to a recent FATF report highlighting the significant increase in the past few years of ransomware payments which almost exclusively use cryptocurrencies. Crypto is also employed to evade sanctions and raise funds for terrorist groups, he added, stating:

While the risks have increased, crypto assets continue to operate in a virtually lawless global environment.

“Countries need to take urgent action to shut down lawless spaces,” the FATF President emphasized. He also admitted that crypto is “challenging to regulate” and remarked that many governments lack experience or expertise in the field.

“G7 countries should lead by example and regulate the crypto sector so that no virtual safe havens exist for illicit financial transactions,” Kumar said, noting this includes implementing the so-called ‘travel rule.’ The latter requires service providers to identify both the sender and receiver of a transaction. It’s already part of the crypto legislation recently adopted by the EU.

Do you expect G7 nations to discuss crypto regulations at their summit in Japan? Share your thoughts on the subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 42,448.37
ethereum
Ethereum (ETH) $ 2,249.68
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 236.00
xrp
XRP (XRP) $ 0.626685
solana
Solana (SOL) $ 69.78
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,248.61
cardano
Cardano (ADA) $ 0.556768
dogecoin
Dogecoin (DOGE) $ 0.099177
avalanche-2
Avalanche (AVAX) $ 36.54
tron
TRON (TRX) $ 0.105781
polkadot
Polkadot (DOT) $ 6.74
chainlink
Chainlink (LINK) $ 15.15
matic-network
Polygon (MATIC) $ 0.858949
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,352.35
shiba-inu
Shiba Inu (SHIB) $ 0.00001
litecoin
Litecoin (LTC) $ 73.55
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.28
bitcoin-cash
Bitcoin Cash (BCH) $ 235.19
leo-token
LEO Token (LEO) $ 3.82
okb
OKB (OKB) $ 59.29
stellar
Stellar (XLM) $ 0.126369
monero
Monero (XMR) $ 171.43
cosmos
Cosmos Hub (ATOM) $ 10.03
ethereum-classic
Ethereum Classic (ETC) $ 20.27
crypto-com-chain
Cronos (CRO) $ 0.102079
kaspa
Kaspa (KAS) $ 0.122344
true-usd
TrueUSD (TUSD) $ 0.999686
immutable-x
Immutable (IMX) $ 1.93
internet-computer
Internet Computer (ICP) $ 5.36
hedera-hashgraph
Hedera (HBAR) $ 0.071866
near
NEAR Protocol (NEAR) $ 2.34
filecoin
Filecoin (FIL) $ 4.72
aptos
Aptos (APT) $ 7.87
optimism
Optimism (OP) $ 2.31
lido-dao
Lido DAO (LDO) $ 2.29
vechain
VeChain (VET) $ 0.027354
injective-protocol
Injective (INJ) $ 22.43
bittensor
Bittensor (TAO) $ 323.29
mantle
Mantle (MNT) $ 0.593062
thorchain
THORChain (RUNE) $ 5.95
elrond-erd-2
MultiversX (EGLD) $ 63.41
quant-network
Quant (QNT) $ 111.48
havven
Synthetix Network (SNX) $ 4.65
algorand
Algorand (ALGO) $ 0.190489
the-graph
The Graph (GRT) $ 0.162754
binance-usd
BUSD (BUSD) $ 1.00
celestia
Celestia (TIA) $ 10.21
arbitrum
Arbitrum (ARB) $ 1.10
render-token
Render (RNDR) $ 3.69
bittorrent
BitTorrent (BTT) $ 0.000001
aave
Aave (AAVE) $ 91.69
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,459.88
blockstack
Stacks (STX) $ 0.916243
maker
Maker (MKR) $ 1,355.34
wemix-token
WEMIX (WEMIX) $ 3.57
flow
Flow (FLOW) $ 0.777934
the-sandbox
The Sandbox (SAND) $ 0.516927
first-digital-usd
First Digital USD (FDUSD) $ 1.00
terra-luna
Terra Luna Classic (LUNC) $ 0.000181
theta-token
Theta Network (THETA) $ 1.06
fantom
Fantom (FTM) $ 0.3728
ordinals
ORDI (ORDI) $ 48.19
axie-infinity
Axie Infinity (AXS) $ 7.27
bitcoin-sv
Bitcoin SV (BSV) $ 49.60
kucoin-shares
KuCoin (KCS) $ 9.90
gala
GALA (GALA) $ 0.031477
decentraland
Decentraland (MANA) $ 0.496205
eos
EOS (EOS) $ 0.782921
neo
NEO (NEO) $ 12.04
beam-2
Beam (BEAM) $ 0.018108
mina-protocol
Mina Protocol (MINA) $ 0.825551
iota
IOTA (IOTA) $ 0.270755
whitebit
WhiteBIT Coin (WBT) $ 5.67
klay-token
Klaytn (KLAY) $ 0.248895
tezos
Tezos (XTZ) $ 0.892271
kava
Kava (KAVA) $ 0.777895
bonk
Bonk (BONK) $ 0.000012
usdd
USDD (USDD) $ 0.989629
ecash
eCash (XEC) $ 0.000036
frax-share
Frax Share (FXS) $ 9.34
bitget-token
Bitget Token (BGB) $ 0.500493
sui
Sui (SUI) $ 0.655633
helium
Helium (HNT) $ 4.69
frax-ether
Frax Ether (FRXETH) $ 2,244.61
cheelee
Cheelee (CHEEL) $ 12.49
xdce-crowd-sale
XDC Network (XDC) $ 0.04818
tokenize-xchange
Tokenize Xchange (TKX) $ 8.29
frax
Frax (FRAX) $ 0.999482
chiliz
Chiliz (CHZ) $ 0.08441
curve-dao-token
Curve DAO (CRV) $ 0.691478
pyth-network
Pyth Network (PYTH) $ 0.423865
pancakeswap-token
PancakeSwap (CAKE) $ 2.41
conflux-token
Conflux (CFX) $ 0.177339
gatechain-token
Gate (GT) $ 4.59
illuvium
Illuvium (ILV) $ 102.55
the-open-network
Toncoin (TON) $ 2.25
apecoin
ApeCoin (APE) $ 1.67