VASPnet data indicates less than 5% of global jurisdictions are currently enforcing FATF’s Travel Rule
The world’s largest and most accurate regulatory data platform for the crypto asset sector reports on the state of global regulatory affairs.
VASPnet released insights from their VASPdata platform today that indicate less than 5% of global jurisdictions are currently complying with the Travel Rule guidance issued by the Financial Action Task Force (FATF) in 2018. In addition, nearly 48% of global jurisdictions have not started to implement a regulatory regime for crypto assets.
Announced four years ago this coming October, the FATF guidance requires virtual asset service providers (VASPs) to share information about their customers and facilitate risk-based decisions on who they do business with. To make compliance with the guidelines efficient and productive for crypto businesses, VASPnet’s platform consolidates information from 56 regulatory authorities in 48 countries to provide data on over 33,420 VASPs around the world.
The latest information published by the company indicates that of the 75 jurisdictions that do have a regulatory regime in place, 36% have unavailable data because they have not yet issued a license, have issues with technical implementation, or are because they are simply unwilling to provide access.
COO of VASPnet Neil Samtani states that, “As FATF noted in their recent Travel Rule implementation update, there is a difference between putting a regulatory regime in place and putting one into practice. Those global regulatory bodies who have not made their data accessible to the rest of the industry are also contributing to the challenge of crypto compliance. Even the most compliant VASPs are unable to access the regulatory status of counterpart entities in certain jurisdictions and are thus unable to conduct proper due diligence and unable to comply with FATF guidelines."
The information issued by VASPnet also notes the regulatory status of each of the 209 global jurisdictions under the realm of FATF guidance, including those jurisdictions whose data is accessible on the VASPdata platform, those who have a regime in progress and the 11 which are currently banned.
VASPnet is the most assured source of authoritative regulatory data on virtual asset service providers (VASPs). It provides real-time information that allows VASPs and those institutions that service them to confidently make well-informed, risk-based decisions and better meet AML/CFT obligations. VASPnet Ltd is a subsidiary of XReg Consulting, an international policy and regulatory affairs consultancy specialised in crypto assets. Visit www.vaspnet.com to learn more or follow us on LinkedIn.