FATF issued updated CRYPTOCURRENCY regulatory guidance for its member states
The Financial Action Taskforce (FATF), an international money laundering watchdog issues an updated guidance on October 28, 2021 for its member jurisdictions to provide regulatory framework for cryptocurrencies. As the acceptability and adoption of cryptographic digital assets is repetitively increasing, regulators around the world are trying hard to regularize and provide the regulatory framework for crypto trading. The updated guidance is based on the proposed guidance issued by the Taskforce back in March 2021 for public consultation. The guidance mainly focusses on Virtual Assets (VAs) and how to regulate Virtual Assets Service Providers (VASPs).
Accountant/ Auditors play pivotal role to implement and ensure compliance with all the regulatory requirements at while their employers/ clients transact in crypto based asset. Therefore, it is important for the accountant grasp the guidance provided by FATF.
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