Representatives from various countries meet at FATF to discuss how to regulate virtual assets and virtual asset service providers

On January 9, national leaders met to discuss how to monitor and manage virtual assets and virtual asset service providers (VASPs). Since the Financial Action Task Force (FATF) finalized these new measures in June 2019, this meeting is the first opportunity for executives to discuss how to implement these new measures. The forum discussed three main areas: 1. Lessons learned so far from countries that have established VASP monitoring systems and have begun monitoring VASP. 2. Frequently asked questions when drafting VASP laws and regulations. 3. The tools, skills, procedures and techniques needed for managers to effectively monitor VASP.

The meeting identified a number of areas where further action was needed. These issues will be discussed further at the FATF Plenary and the meeting of the Oversight Body Forum to be held in May 2020. According to previous reports, on June 22, 2019, the FATF official website released the "Risk-based Perspective: Regulations for the Regulation of Digital Assets and Digital Asset Service Providers", which will help countries and virtual asset service providers to understand their anti-money laundering and counter-terrorism Financing obligations and effective implementation of FATF requirements applicable to the industry.