Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Laxmi Sharma on May 03, 2021, 07:39:06 AM
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As the cryptoasset industry grows, it’s only inevitable that it attracts more regulatory attention. The truth of this assumption was highlighted in March, when the Financial Action Task Force (FATF) published an update for its guidance relating to the money laundering risks posed by cryptocurrencies.
There’s nothing particularly surprising about this update, which mostly expanded the definition of virtual assets (VAs) and virtual asset service providers (VASPs) to include more of the overall crypto ecosystem (e.g. stablecoins, peer-to-peer transactions). However, observers have noted that the FATF’s guidelines could have a negative impact on the competitiveness and inclusivity of the international crypto industry, insofar as it may be easier for larger companies to comply with a growing number of strict guidelines than smaller startups.
This is also the view taken by a variety of industry players speaking with Cryptonews.com, who said that the costs of compliance are more affordable for already established firms. That said, principles of proportionality indicate that smaller companies in developing nations may not have to uphold the same standards as others.
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https://cryptonews.com/exclusives/fatf-makes-small-crypto-platforms-easy-prey-for-big-players-10132.htm