Coinspeaker
Crypto Remains Under-regulated, FATF Chief Warns

The Financial Action Task Force (FATF) has highlighted the need for comprehensive regulation in the crypto space. The message was conveyed in a recent interview granted by the FATF President T. Raja Kumar.

According to Kumar, the rallying call comes as a result of recent research into how global jurisdictions are responding to FATF’s recommendations for crypto regulation.

Data detailed in a statistics report shows that less than 30% of jurisdictions globally have implemented the FATF crypto-targeted guidelines. Essentially, this means that a significant portion of the crypto market continues to operate without oversight.

The report is named “Status of Implementation of Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity”. FATF’s recommendation charges jurisdictions to clamp down on the criminal uses of crypto by licensing virtual asset service providers (VASPs). The agency also urges every jurisdicti...