Fire Coin Research Institute: FATF policy requirements may promote the implementation of corresponding licenses and registration systems in some countries

On June 22nd, the FATF (Financial Action Task Force) officially issued a policy requirement for crypto assets and crypto asset service providers (VASP) to provide comprehensive anti-money laundering and anti-terrorist financing risks. According to the analysis of the Fire Coin Research Institute, the proposal indicates that the regulatory requirements for cryptocurrency providers meet the same requirements as traditional financial institutions, and it is possible to promote the implementation of corresponding licenses and registration systems in some countries. In addition, the FATF requires the VASP where the virtual asset transaction beneficiary is located to accurately obtain and maintain the sponsor and beneficiary information and provide it to the authorities when requested by the regulatory authority, which means that the transaction parties also need to send corresponding customer information when transferring funds. This is very difficult for the current cryptocurrency market and may further promote VASP compliance registration, which may be a blow to support anonymous service providers.