The Financial Action Task Force organization published a summary that analyzes the cryptocurrency and its risks.
Data detailed in a statistics report shows that less than 30% of jurisdictions globally have implemented the FATF crypto-targeted guidelines.
The move by Binance to join the GTR Alliance comes after the company agreed to pay $4.3 billion to settle criminal money laundering charges brought by the US Department of Justice.
Turkish Finance Minister noted that work related to the crypto assets regulations is the final outstanding matter in order to achieve full compliance with FATF standards.
The Crypto Travel Rule was created by the UN’s Financial Action Task Force (FATF) in June 2019 as a measure to prevent illicit actors from laundering money through cryptocurrencies.
The ban crypto transactions in Kuwait is reportedly part of a broader regulatory initiative that involves multiple supervisory authorities, including the Ministry of Commerce and Industry, the Central Bank of Kuwait, and the Insurance Regulatory Unit.
Japan will implement stricter rules for exchanges, including the implementation of the FATF travel rule, to combat money laundering and ensure transparency in cryptocurrency transactions.
The startup launched its venture arm earlier this year with $100 million in committed capital to back innovative projects in the Web3.0 ecosystem.
Elliptic reported that as of November 9, hacks and related cases across DeFi platforms spiked to $10.5 billion in a single year from the $1.5 billion mark in 2020.
Top regulators like FinCEN and FATF have introduced several mandatory rules of reporting transactions taking place through unhosted wallets. Reportedly, such transactions have links to money laundering and terror financing and hence greater scrutiny over them is essential.
Regulators around the globe are reconsidering the blockchain & cryptocurrency regulations as this technology faces growth in multiple industries.