ChainCatcher news, according to Bitcoin.com, the South African Financial Intelligence Centre has issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions.This directive will take effect on April 30, 2025, and aims to help South Africa be removed from the Financial Action Task Force (FATF) grey list. The grey list affects the country's reputation, increases the cost of financial transactions, and raises borrowing costs.According to the directive, the full names and wallet addresses of both parties in a transaction must be recorded, with stricter requirements when the transaction amount exceeds $277 (5,000 rand). Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, calling it the lowest globally.

ChainCatcher news, the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) emphasized that even if the Financial Action Task Force (FATF) decides to blacklist Russia, its anti-money laundering system will continue to operate effectively. Previous assessments mentioned issues related to virtual currency regulation, but Rosfinmonitoring insists that these issues have been resolved.According to TASS, the regulatory agency stated: "The Russian Federation has improved its ratings on three FATF recommendations, with only one being downgraded to 'partially compliant' due to insufficient legislative regulation in the field of virtual currency circulation."However, Rosfinmonitoring pointed out that since these assessments, Russia has passed two federal laws to strengthen its digital currency regulatory framework. The agency added: "Since then, the Russian Federation has passed two federal laws regulating the circulation of digital currencies."It is reported that the FATF is an intergovernmental organization that sets global standards for anti-money laundering and combating the financing of terrorism. Whether Russia will be blacklisted will be discussed at the FATF plenary meeting from October 21 to 25.

ChainCatcher news, according to News.bitcoin, based on data from the Financial Action Task Force (FATF), 97 out of 130 jurisdictions "partially or not at all" comply with anti-money laundering recommendations for the virtual asset sector. 88 jurisdictions (60%) have decided to allow virtual asset service providers (VASP), while 14% (20 jurisdictions) explicitly prohibit them. The FATF claims that stablecoins and privacy-enhanced cryptocurrencies are increasingly being used by terrorist organizations and "rogue states."

ChainCatcher news, according to CoinDesk, the chairman of the Financial Action Task Force (FATF), T. Raja Kumar, stated that according to a report, as of June 2023, less than 30% of jurisdictions worldwide have begun to regulate cryptocurrencies.The report explores which jurisdictions have complied with FATF's recommendations, stating that countries need to take this issue seriously and urging them to take action. The report points out that the lack of regulation on cryptocurrencies "provides significant loopholes for criminals and terrorists," and emphasizes the urgency of strengthening regulation globally.

ChainCatcher news, the Argentine government is preparing to regulate cryptocurrency service providers through an executive order. The measure aims to keep Argentina off the Financial Action Task Force (FATF) gray list and place cryptocurrency lending institutions under the supervision of local securities regulators.According to the new decree, all cryptocurrency service providers must register with the national cryptocurrency regulatory agency and operate under a license provided by that organization, even if they are not located in Argentina. Additionally, these institutions must provide information to the national intelligence agency to comply with anti-money laundering laws, forcing cryptocurrency service providers to issue risk reports and report suspicious activities.The executive order is set to be published before March 6, when the FATF will visit Argentina to assess the anti-money laundering measures implemented since their last visit.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) requires UK virtual asset service providers (VASP) to comply with the FATF travel rule starting September 1, collecting, verifying, and sharing information related to domestic and cross-jurisdictional transactions.The FCA also requires UK cryptocurrency companies to regularly review the implementation of the travel rule in other jurisdictions and adjust their business processes as appropriate. When sending cryptocurrency to jurisdictions without travel rules, if the necessary information cannot be obtained, crypto asset businesses must still collect and verify information in accordance with anti-money laundering regulations (MLR) and should store that information before conducting the crypto asset transfer.The travel rule aims to enhance the transparency of crypto asset transfers, advancing global anti-money laundering (AML) and counter-terrorism financing (CTF) efforts by helping crypto asset businesses detect suspicious transactions and conduct effective sanctions screening.

ChainCatcher news, the Financial Action Task Force (FATF) third plenary meeting pointed out that four years after strengthening standards for virtual assets and virtual asset service providers (VASP), the global implementation of these measures remains relatively poor. Nearly three-quarters of jurisdictions only partially comply or do not comply with FATF's requirements. Many jurisdictions have yet to implement basic requirements, and more than half of the respondents have taken no action to implement the "Travel Rule." This rule is a key requirement proposed by FATF to prevent funds from being transferred to sanctioned individuals or entities. FATF calls on all countries to apply anti-money laundering / counter-terrorism financing rules to virtual asset service providers without further delay.On June 27, FATF will release a report urging countries to swiftly implement FATF's recommendations regarding virtual assets and VASP, including the Travel Rule, to address these vulnerabilities. The report also highlights emerging risks, including illegal virtual asset-related activities used by North Korea to fund its weapons of mass destruction programs, as well as risks from DeFi and peer-to-peer trading. In addition, FATF stated it will continue to promote global compliance and will publish a table in the first half of 2024 showing what measures FATF member jurisdictions and other jurisdictions with significant virtual asset trading activities have taken to implement Recommendation 15. (source link)

ChainCatcher news, a report released by the Financial Action Task Force (FATF), a global anti-money laundering regulatory body, shows that Qatar banned cryptocurrency providers in 2019, but the country has taken little action against cryptocurrency companies that violate the ban announced in 2019. The FATF urged the Qatar Central Bank (QCB) to more actively identify and sanction virtual asset service providers (VASP) that violate its crypto ban. (source link)

Chain Catcher news, the Indian government plans to finalize its stance on the legality of cryptocurrency by February to March 2023, and to comply with the Financial Action Task Force (FATF) requirements by May. In addition, Outlook India reported on Monday, citing a senior government official, that a report from the Financial Stability Board (FSB) is expected to be released in October, which will help the Indian government decide whether to ban cryptocurrency trading or to provide a legal framework for handling cryptocurrency transactions in India. (Bitcoin.com)