On the Updated Risk-based Approach to Virtual Currencies
The Financial Action Task Force (FATF) held its FATF Week and Plenary on 22-25 February (outcomes have been published online) officially approving a new guidance on the risk-based approach to supervision that complements a previous guidance for a risk-based approach to virtual currencies. A risk-based approach, instead of a rules-based approach, is less burdensome on lower risk sectors or activities which is critical for maintaining or increasing financial inclusion. FATF will release this guidance in the first week of March.
Additionally, FAFT is currently working on updated guidance on the Travel Rule for next June.