Home Regulation FATF holds second Plenary in Paris, updates on worldwide crypto adoption

FATF holds second Plenary in Paris, updates on worldwide crypto adoption

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The crypto regulatory landscape is constantly evolving as governments and financial institutions seek to manage the risks and opportunities posed by digital assets.

Recent Financial Action Task ForceAt the second (FATF) plenary session of its kind in Paris, held last February, more than 200 representatives from jurisdictions participated in discussions to set and establish a rulebook for specific cryptographic activities. It was made.

Russia suspended from FATF

For the first time, the FATF has suspended the activities of another member state, the Russian Federation.

The decision was taken by the FATF after Russia failed to comply with the demands of UN General Assembly resolution ES-11/1 to remove troops from Ukraine’s internationally recognized borders.

In light of this violation of the basic FATF principles that all members must adhere to, Russia will no longer be allowed to participate in FATF meetings or access the organization’s global network files.

However, Russia must maintain its status as a member of the Eurasian Group’s (EAG) global network on anti-money laundering, meet FATF standards and continue to meet its financial obligations.

Summary of Other Material Obligations

  • Indonesia and Qatar plan to publish mutual evaluation reports by May 2023.
  • Morocco and Cambodia have been removed from the greylist.
  • Strategic initiatives were discussed, including corporate beneficial ownership and legal arrangements.
  • A report on the impact of ransomware attacks disrupting money flows will be published in March 2023.
  • This report includes a list of risk flags to identify suspicious activity related to ransomware and provide advice to entities on how to better detect them.

Iran

  • The Central Bank of Iran (CBI) announced progress on implementing digital reals at its 9th Annual Conference on Electronic Banking and Payment Systems.
  • According to Mohammad Reza Mani Yekta, head of the CBI office that oversees the payment system, the governing law of CBDC is consistent with real banknotes.
  • About 10 banks have applied to participate in the project, and all banks in their jurisdiction are expected to provide crypto wallets to their citizens to use digital reals.

India

  • The CBDC pilot program has generated nearly 800,000 transactions to date, and the jurisdiction aims to grow its customer base to 1 million due to public interest in the digital payment environment.
  • The RBI is looking into cross-border transactions and linkages with legacy systems in other countries and welcomes private sector and fintech participation in CBDC projects.

France

  • The French National Assembly has approved a bill to align local laws with proposed EU standards for cryptocurrency-related activities.
  • President Emmanuel Macron has until March 16 to approve the bill or send it back to parliament.
  • If passed, the new guidelines will apply to new entities offering cryptographic services registered after July 2023.
  • Existing entities will have to comply with Financial Market Authority regulations until the MiCA is passed.

United Arab Emirates

  • Dubai’s Virtual Asset Regulatory Authority (VARA) has introduced its first cryptocurrency law called Full Market Product Regulations (FMP) in February 2023.
  • The FMP applies to all Free Zones, except Dubai Emirate and Dubai International Financial Center (DIFC), with immediate effect.
  • All virtual asset service providers (VASPs) offering virtual asset services in Dubai must be registered with VARA to ensure full compliance before and after the regulation is issued.
  • The Full Market Products Regulations consist of two parts: the Virtual Assets and Related Activities Regulations 2023 and several separate rulebooks.

The latest information on global crypto adoption was first published on CryptoSlate after the FATF held its second general meeting in Paris.

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