Discover and read the best of Twitter Threads about #VASP
Most recents (2)
#2022 has proved to be a challenging year for the #crypto world
The industry had to deal with back-to-back blows (i.e. TerraUSD crash, #FTX collapse, etc)
This will lead to intense regulatory pressure on the nascent #crypto sector from #FATF, #G20, and more
The industry had to deal with back-to-back blows (i.e. TerraUSD crash, #FTX collapse, etc)
This will lead to intense regulatory pressure on the nascent #crypto sector from #FATF, #G20, and more
FATF has demanded #countries implement #TravelRule at the earliest
However, there are several problems that need to be sorted from Travel Rule #compliance first
The major issues being:
⚠️ #VASP discovery
⚠️ #Data security
However, there are several problems that need to be sorted from Travel Rule #compliance first
The major issues being:
⚠️ #VASP discovery
⚠️ #Data security
1/ Like a strong weather pattern taking shape over the ocean, everyone knew an eventual landfall was coming. And it is here - @FATFNews dropped their final virtual asset service provider (#VASP) guidance this morning:
fatf-gafi.org/publications/f…
A ew thoughts…
fatf-gafi.org/publications/f…
A ew thoughts…
2/ It could be much worse.
Whatever policy makers would like to do, the Guidance recognizes that there are significant limitations on what can be prescribed in terms of the implementation of AML/CFT-related checks in DeFi protocols.
Whatever policy makers would like to do, the Guidance recognizes that there are significant limitations on what can be prescribed in terms of the implementation of AML/CFT-related checks in DeFi protocols.
3/ There are still many reasons to be concerned.
#FATF are still clearly skeptical of DeFi. The Guidance introduces two new vague standards. Even if a DeFi protocol is not “controlled”, if an entity can be identified who is engaged in “active facilitation” they may be a VASP.
#FATF are still clearly skeptical of DeFi. The Guidance introduces two new vague standards. Even if a DeFi protocol is not “controlled”, if an entity can be identified who is engaged in “active facilitation” they may be a VASP.
