In March 2021, the Financial Action Task Force (FATF) has put out its updated “Guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs)” for public comment. The FATF originally published this Guidance in June 2019 when the FATF finalised changes to its Standards to clearly place anti-money laundering and countering the financing of terrorism (AML/CFT) obligations on VAs and VASPs. In July 2020, the FATF committed to update this Guidance as set out in its 12-month review report and report to G20 on so-called stablecoins.

The March proposal was updated to provide the public and private sectors with revised guidance. These revisions focused on six key areas where greater guidance from the FATF was sought. These are to

1. clarify the definitions of VA and VASP to make clear that these definitions are expansive and there should not be a case where a relevant financial asset is not covered by the FATF Standards (either as a VA or as a traditional financial asset),
2. provide guidance on how the FATF Standards apply to so-called stablecoins,
3. provide additional guidance on the risks and potential risk mitigants for peer-to-peer transactions,
4. provide updated guidance on the licensing and registration of VASPs,
5. provide additional guidance for the public and private sectors on the implementation of the ‘travel rule’, and
6. include Principles of Information-Sharing and Co-operation Amongst VASP Supervisors. This document incorporates and supersedes the 2019 Guidance.

On May 10, 2021, Tokyo FinTech will hold a webinar to discuss this revised guidance in the context of the overall regulatory environment, with a specific focus on the travel rule. The panel will include service providers, compliance and legal experts from 21 Analytics, Chainalysis Team, and Anderson Mori & Tomotsune, respectively. You may also register directly on Zoom.

While we will use the Japan Financial Services Agency (FSA) announcement to expect compliance with the Travel Rule by April 2022 as a hook, the geographic coverage of the panelists will allow us to take the discussion into a global context. The regulation to be adopted requires all virtual asset service providers to share transaction data of senders and recipients of crypto-assets.

The FSA also noted that it had requested the Japan Virtual and Crypto Assets Exchange Association (JVCEA) to advise its members to prepare for the implementation of the rule. FATF created the travel rules to prevent cryptocurrencies from being used to finance terrorist and money laundering activities. Japan authorities have been concerned about the use of cryptocurrencies to perpetrate financial crimes within the country.

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Source: https://medium.com/tokyo-fintech/the-travel-rule-b86ccd0b7c1b?source=rss——-8—————–cryptocurrency