This morning, the Financial Action Task Force (FATF) released its “Updated Guidance for a Risk-Based Approach to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs).” This blog post will summarize key takeaways from this guidance and posit potential implications that it might have for industry.

Context and Background:

The…

The inherent qualities of cryptocurrencies are desirable for any payment system. They allow for peer-to-peer transfer of value online; they are available 24 hours a day/7 days a week; and they facilitate an almost instantaneous transfer of value. The only problem with this novel asset class is most cryptocurrencies fluctuate…

This week, the Blockchain Association submitted an additional comment letter in response to the Notice of Proposed Rulemaking (the “NPRM”) titled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.” In its response, the Association advocated for a recordkeeping requirement instead of FinCEN’s proposed reporting requirement.

Transparent blockchains…

Blockchain Association

The unified voice of the blockchain industry. theblockchainassociation.org

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