FATF: 83% of surveyed jurisdictions have advanced encryption regulation and travel rule implementation

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. 83% of the surveyed jurisdictions have advanced cryptocurrency regulation and travel rule implementation, while 11 jurisdictions are still advancing related work. The Financial Action Task Force (FATF) requires all jurisdictions to promote the regulation, licensing, and registration of virtual asset service providers (VASPs). The report mentions challenges in offshore VASP regulation and cases of stablecoin abuse, including a Cambodian money laundering node issuing and promoting stablecoins that can resist asset freezing.