Svmuu News: The Financial Action Task Force (FATF) has released its seventh targeted update on the implementation of standards for virtual assets and virtual asset service providers (VASPs), stating that 83% of the jurisdictions surveyed have made progress in implementing crypto regulations and travel rules, while 11 other jurisdictions are still working on these efforts.
The FATF stated that jurisdictions must continue to advance the regulation, licensing, and registration of virtual asset service providers (VASPs) to close loopholes exploited by threat actors for illicit purposes. The report also highlighted regulatory challenges related to offshore VASPs, as well as cases of stablecoin abuse, including a money laundering hub in Cambodia that issued and promoted a stablecoin purported to be resistant to asset freezing.