With stronger worldwide actions, an international financial watchdog in France is against the risks related to crypto assets.
In a newly published study, the International Financial Action Task Force (FATF) – founded in 1989 says to promote policy that protecting the global financial system – that stronger actions are needed by crypto service providers to guarantee safety.
According to FATF, virtual asseters (VASPs) have generally made progress in terms of developing anti-money laundering protocols, progress must still be made on this front, which emphasizes the challenges related to overseas providers.
“Progress has been made in jurisdictions that require licenses and registration of VASPs. Nevertheless, further progress is required in licenses and registration in practice and the jurisdictions continue to experience problems in identifying natural or legal persons who perform vasp activities.
Jurisdictions have reported challenges with reducing the risk of offshore -weapas, with more than a third of the areas of law with a license or registration framework that applied a more extensive approach and require offshore debas (which have not been created in their jurisdictions or must be prepared in their jurisdictions). “
According to FATF, many areas of law are busy creating ‘travel rules’ or rules that have been established to guarantee the transparency of cross-border crypto transfers.
“Jurisdictions have made progress in the implementation of the travel rule. For the 2025 survey, 73% of the respondents (85 of the 117 jurisdictions, excluding those who prohibit or plan to explicitly prohibit VASPs) adopted legislation that implements the travel rule …
Jurisdictions that have not yet introduced legislation or regulations to implement the travel rule should do so urgently [while] Judications that have introduced the travel rule must quickly operationalize it, including through effective supervision and enforcement in the event of non-compliance. “
FATF concludes by noting that, since digital assets are naturally international, legal failure in one jurisdiction, such as North Korea, can have serious global consequences.
“This year, the DVK has carried out the largest single VA theft in history, stolen $ 1.46 billion from the Vasp Bybit. Only 3.8% of the stolen funds have been found, which emphasizes the need to tackle the challenges of assets restoration and improve international cooperation.”
Follow us on X, Facebook and Telegram
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Surf the Daily Hodl -Mix
Generated image: midjourney