Most Countries Lack Crypto Information-Sharing Laws, Watchdog Says
— Facilitate compliance, Could help prevent illicit use, Decentralized finance, Monitor emerging risks within, Based intergovernmental body, Implement travel rules, Might need additional work, Different countries assess, Also conduct another review, Member jurisdictions — 1 min read
Only about 30% of jurisdictions surveyed by the Financial Action Task Force said they have passed such legislation. Only a small subset of the group has started enforcement of the laws. The rules would require companies and service providers to share information about senders and recipients in cryptocurrency transactions. About a quarter of the respondents were in the process of passing such laws and about one-third hadn’t yet started introducing relevant laws, FATF said. The watchdog also said it would continue to monitor emerging risks within the sector, including the use of crypto to evade sanctions and to launder illicit proceeds from the ransomware attacks, among other emerging risks from the sector. FATF will conduct another review on the travel-rule implementation progress in June 2023. Source