The FINTRAIL team have compiled a round-up of the latest crypto regulatory developments across several jurisdictions to keep you in step with recent developments.
Summer 2022
Highlights from this summary include:
The Financial Action Task Force (FATF) has published a targeted update on the implementation of its standards for virtual assets and virtual asset service providers - the third targeted review focusing on Recommendation 16, the so-called “Travel Rule”, which requires regulated institutions to obtain and exchange information on the beneficiaries and originators of virtual asset transfers over USD/EUR 1,000.
The EU has announced an agreement on the Markets in Crypto Assets (MiCA) law, a comprehensive new framework for crypto-assets. The framework requires crypto firms to take action related to consumer protection, the environment, anti-money laundering, and other areas.
In June 2022, the US Department of Justice released a report on strengthening international law enforcement cooperation for detecting, investigating, and prosecuting criminal activity related to digital assets.
What other publications and regulatory changes caught your eye in July? If you are interested in speaking to the FINTRAIL team about any of the items in the REG-CAP, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch at: contact@fintrail.com