The Financial Action Task Force, or FATF, reported its delegates had come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrency.

In a Feb. 24 publication, the FATF said the plenary for the financial watchdog — consisting of delegates from more than 200 jurisdictions — met in Paris and came to a consensus on a roadmap aimed at strengthening “implementation of FATF Standards on virtual assets and virtual asset service providers”. According to the task force, in 2024 it will report on how FATF members have moved forward on implementing the crypto standards, which includes regulation and supervision of VASPs.

Part of the FATF's ‘Travel Rule’ includes recommendations that VASPs, financial institutions, and regulated entities in member jurisdictions obtain information on the originators and beneficiaries of certain virtual currency transactions. As of April 2022, the financial watchdog reported that many countries were not in compliance with its standards on Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML).