The Financial Action Task Force (FATF), an intergovernmental organization combatting money laundering and terrorism financing, concluded its plenary session on February 24. Delegates from over 200 jurisdictions agreed on global crypto standards, including the “Travel Rule,” to be implemented by 2024.
This rule mandates full identification of senders and recipients in crypto transactions. More than 17 crypto firms and exchanges, such as Coinbase and Kraken, have already adopted these standards. Non-compliance may lead to asset freezes, impacting users who transact with anonymous wallets.
Notably, Russia was excluded from FATF, deemed politically motivated by Rosfinmonitoring. Despite this, Russia must still adhere to FATF’s crypto regulations. FATF continues to demand membership fees from Russia, showcasing an unusual and controversial stance in international finance regulations. This situation underscores the complexities of global financial governance.
