FATF’s plenary, held in October, will facilitate a discussion around how virtual assets will fit into current standards, followed by a review of its methodology and implementation dates.
Billingslea acknowledges that current standards do not accommodate virtual assets, stating that virtual currencies are “very much a patchwork quilt or spotty process,” which is “creating significant vulnerabilities for both national and international financial systems”.
The recent, expansive growth of cryptocurrencies has cast light on the opportunities it creates for illegal activities such as money laundering and terrorism.
Although there are risks, Billingslea acknowledges that digital assets are “a great opportunity” and that regulation “can’t tilt too far in one direction or another” since blockchain “will continue to evolve”.
Source: Financial Times
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