According to the Financial Action Working Group (FATF).
In a new report on anti-money laundering and counter-terrorism financing, the FATF said the massive adoption of stablecoins will expand illicit financial risks, especially in cases of uneven treatment across different jurisdictions. (AML/CFT).
The FATF estimates that illegal chain activity related to fraud and scams will be approximately $51 billion in 2024.
Stablecoins, a token fixed to the value of traditional financial assets such as fiat currencies, has been enjoying some headwinds in recent months, thanks to progress Regulation of the industry in the United Stateselsewhere.
Total market value of all Stablecoins Over $250 billion for the first time Earlier this month.
The FATF highlights the importance of “travel rules” compliance in curbing money laundering and terrorist financing. Travel rules are a set of requirements regarding sharing of information about the promoters and beneficiaries of cross-border payments.
The FATF noted that 99 jurisdictions have passed legislation to implement travel rules or are enforcing travel rules, and the FATF noted that they still have difficulties in identifying natural or legal persons who are enforcing virtual asset service providers. (VASP) Activity.
Crypto AML expert Notabene said Almost all cryptocurrency companies are expected to comply with travel rules In a report released in April. Notabene surveyed 91 VASPs, 90% of whom said they expect full compliance, and all of my mid-year said they hoped to be so by the end of the year.
Read more: Less than 30% of global jurisdictions start regulating cryptocurrencies: FATF chief
