Stablecoins now account for the most prohibited on-chain activity, according to the Financial Action Task Force (FATF).
The adoption of the masses of stablecoins will boost financial financial risks, especially if it is handled evenly to the scope, the FATF said in a new report on anti-money laundering and counter-terrorist financing (AML/CFT).
FATF estimated that about $ 51 billion in prohibited on-chain activity related to fraud and scam in 2024.
The stablecoins, tokens that are in the value of a traditional financial possession such as a fiat currency, are satisfied with some tails in recent months Thanks for developing towards the sector regulation in the USamong other places.
The total market cap of all stablecoins exceeded by $ 250 billion in the first instance Earlier this month.
The FATF highlighted the importance of following the “travel rule” in preventing money losses and terrorist financing. Travel rule is a set of information sharing requirements about the derived and beneficiaries of cross-border payments.
It is noted that 99 jurisdictions pass the law that enforces the travel rule or in the process of doing so, FATF noted that however they experience difficulties in identifying natural or legal people who conduct a virtual service provider (Vasp) activities.
Crypto AML Specialist Notabene said this Expects that almost all cryptocurrency companies comply with the travel rule In a report published in April. Notabene reviewed 91 Vasps, with 90% saying they expected to fully comply with my midyear and all who say they expect to be at the end of the year.
Read more: Fewer than 30% of jurisdictions worldwide began to regulate crypto: FATF leader
