FAFT Will Release Its Cryptocurrency Guide Next Week

FAFT will release its cryptocurrency guide next week. It is known that the guide will also cover NFTs.

Marcus Pleyer, the head of the Financial Action Task Force (FATF), established by the G7 countries and including many countries, announced that they will soon publish their revised guides for cryptocurrency companies. Speaking at the press conference held on the subject, Pleyer said, "This guide, which approaches virtual assets and such investments on a risk-based basis and we have prepared accordingly, will be published next week."

Time Extended to Include DeFi and NFTs

FATF, a global anti-money laundering control body, published a draft in March that also includes rules on VASPs (virtual asset service providers), but later it was decided to include NFTs and DeFi industry elements in the main guide, extending the release date of the guide. Stating that there are standards to be applied to stablecoins in the guide, such as clarifying the definition of VASPs, Pleyer also stated that countries should put these standards, also known as the "Travel Rule", into practice as soon as possible. Sian Jones, one of the experts speaking on the subject and one of the partners of XReg consulting firm, evaluated that the guide should also have a definition of VASPs in decentralized finance. Stating that he thinks it will be difficult for companies to implement the new rules, Jones said, "It will probably be difficult and expensive for companies to comply with the rules in this guide." Turkey is also included in the FATF, which includes 37 countries.