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FATF explains how its AML/CFT standards apply to virtual assets and VASPs, including stablecoins, peer-to-peer risks, licensing, supervision, travel-rule data and international cooperation.
Current state: Current FATF interpretive guidance; jurisdictions implement it through domestic law
Jurisdiction
InternationalRegulator
Financial Action Task Force
Law Type
Guidance
Status
Current International StandardOfficial Law Number
FATF/OECD 2021; R.15/INR.15 VA/VASP Guidance
Official Title
Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
Effective Date
Effective date not specified
Publication Date
October 28, 2021
Last Verified
August 26, 2026
AML/CFT authorities, supervisors, financial intelligence units, VASPs, financial institutions, stablecoin arrangements and technology providers.
National risk assessment; VASP licensing or registration; CDD and beneficial ownership; suspicious-transaction reporting; targeted sanctions; originator and beneficiary information; supervision; controls for stablecoins and unhosted-wallet risk.
Authorization rule: National risk assessment.
AML/CFT duties are material; consult the instrument and current implementing rules for scope, thresholds and filing mechanics.
No dedicated custody rule is the primary focus of this record.
No dedicated marketing code is the primary focus; ordinary consumer and advertising law may still apply.
Regulator: Financial Action Task Force.
Not a tax code. Tax consequences depend on taxpayer, asset and transaction under the jurisdiction's current tax law.
High-Level Recommendations for the Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets — Final Report (July 2023)
The FSB's High-Level Recommendations for Crypto-Asset Activities and Markets (2023) set nine recommendations for consistent regulation, supervision and oversight of crypto-asset issuers, service providers, activities and markets. They cover regulatory powers, governance, risk management, data, disclosures and cross-border cooperation. A separate revised set addresses global stablecoin arrangements. FSB recommendations are not self-executing domestic law.
Policy Recommendations for Crypto and Digital Asset Markets — Final Report (FR11/2023)
The IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023) contain 18 recommendations grounded in the principle of consistent regulation of economically equivalent activities. They address conflicts of interest, market manipulation, custody, disclosure, retail risks and cross-border cooperation. IOSCO recommendations are not self-executing domestic law — implementation depends on member regulators in their respective jurisdictions.
Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard
The OECD/G20 Crypto-Asset Reporting Framework (CARF) creates global due-diligence and reporting rules for reporting crypto-asset service providers, supporting annual cross-border exchange of crypto-asset tax information among implementing jurisdictions. It also includes amendments to the Common Reporting Standard and an XML schema implementation package. National CARF laws should link to this canonical profile.
Basel Framework Chapter SCO60 — Prudential treatment of cryptoasset exposures
The Basel Committee on Banking Supervision's SCO60 standard sets the prudential treatment of banks' cryptoasset exposures, classifying cryptoassets into groups based on risk and conditions, and setting capital, liquidity, exposure, disclosure and infrastructure-risk treatment. Note: SCO60 is not self-executing domestic law; effectiveness depends on implementation by national Basel member jurisdictions.
FATF extends the global AML/CFT framework to virtual assets and VASPs, requiring risk assessment, licensing or registration, supervision, preventive measures, travel-rule information and sanctions. Current state: Interpretive Note adopted 2019-06-21; current consolidated FATF standards should be checked
The FSB sets a global baseline for crypto-asset activities and markets based on same activity, same risk, same regulation, while addressing governance, risk management, data, disclosures and interconnectedness. Current state: Nine non-binding recommendations issued 2023-07-17
