The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a take hold of-all term including exchanges, wallet providers, and custody platforms, amidst others.

This updated document volition also be fabricated available for public consultation from primal stakeholders.

According to a circular issued by the FATF on Thursday, the decision to update its guidance on VASPs was the issue of the organisation's three-day plenary session.

Equally part of its annunciation, the intergovernmental that focuses on policies aimed at combating money laundering and terrorist financing revealed that the updated guidelines volition be published in the first week of March.

The new guideline will be an update to the June 2019 document that introduced the travel rule compliance for VASPs. The FATF travel dominion requires all VASPs to share transaction data for both senders and recipients on their platform.

In its 12-month review document published in June 2020, the FATF remarked that some progress had been made in implementing the crypto travel rule. A previous written report issued in March 2020 identified Us-based VASPs as largely compliant.

Indeed, as previously reported by Cointelegraph, Asian countries are reportedly leading the way in implementing the FATF travel rule with exchanges in Singapore and Republic of korea said to show the highest level of compliance.

The upcoming updated FATF guideline for cryptocurrencies and VASPs will likewise cover stablecoins and crypto peer-to-peer transactions.

Co-ordinate to the FATF communique, feedback from the public consultation will form part of its final guidance on cryptos and VASPs to be approved in June 2021.

While the FATF maintains the need for gamble-based supervision of cryptos and VASPs with respect to Anti-Coin Laundering and Combating Terrorist Financing, it is of import to note that illicit cryptocurrency transactions keep to decline.

In its 2020 crypto crime report, blockchain intelligence firm Chainalysis revealed that crime-related transactions simply accounted for 0.34% of all cryptocurrency activeness for the yr.

Indeed, both the proportion and bodily dollar value of crypto crimes declined between 2019 and 2020.