Virtual asset sector remains poorly regulated in many countries: Global financial watchdog

FATF president Mr T. Raja Kumar said Singapore had focused on addressing contemporary challenges in combating illicit finance over the Republic’s presidency term.

However, about 75 per cent – or 97 – of 130 countries with significant virtual asset and virtual asset service provider activities, remain only partially or are not compliant with the standards. Meanwhile, virtual asset service providers are required to implement the same preventive measures as financial institutions, including customer due diligence, record keeping and reporting of suspicious transactions.

The watchdog noted that the number of jurisdictions that are compliant or largely compliant with its standards in this area has increased to 33 in 2024, from 25 the year before.“The FATF calls on all jurisdictions to act rapidly and fully implement the FATF’s requirements on virtual assets and virtual asset providers,” the watchdog said, adding that it will monitor the situation and ensure countries have support to implement the requirements.

He added: “Countries can now lift the veil and find out where criminals are hiding their dirty money, including virtual assets, and go after it to ensure that crime does not pay.”

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