The Financial Action Task Force, released, on 19 Mar 2021, a public consultation for its updated Draft Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.
Key changes proposed include:
• DEXs and crypto escrow services are considered Virtual Asset Service Providers (VASPs)
• Stablecoins are virtual asset (VAs) and FATF Standards apply to them
• Only NFTs that can facilitate money laundering and terrorism financing are VAs
• Treatment of DeFi projects
• VASPs should assess and mitigate proliferation financing (PF) risks
• Best practices for counterparty VASP due diligence
• Options for mitigating peer-to-peer transaction risks
• New Travel Rule clarifications and guidance
These changes will have material impact on the blockchain community.
The Regulatory and Compliance Sub-Committee and the Digital Exchange Chapter of the Blockchain Association of Singapore is hosting a Webinar to discuss the FATF proposals, its impact on the community. We also hope to obtain feedback from the community that we will distil into a set of written submissions to the FATF.
In addition, MAS released on 26th Mar 2021 – “Strengthening AMLCFT Controls of Digital Payment Token Service Providers”. We will be covering this topic for discussion as well.
Founder & CEO Ethikom Consultancy, Head Reg and Comp Subcomm BAS
CEO ECXX Exchange, Board Member BAS
General Counsel, Upbit APAC
Founding Team Merkle Science | VP of Business Development
Chionh Chye Kit
CEO & Co-Founder, Cynopsis Solutions
Moderator: Kevin Pang
CEO Legatus Global, Secretary BAS
Date: 1st April 2021
Time: 3pm to 4.30pm