In the recent reports, an alarming and rather concerning news has been dropped on the international bodies representing VASPs. The virtual asset service providers from around the world have been intimated by the regulatory authorities.
The regulatory authorities have intimated the VASPs to get ready for another phase of regulatory checks and hurdles. The regulatory authorities from around the world have granted the international virtual assets providing entities such a short amount of time.
By the beginning of the year 2021, the VASPs are required to standardize services all across the board. They are required to ensure that the AML and KYC policies are completely adhered to. As the regulatory authorities have intimated that they will start their crack-down on any VASPs if they or their users are found non-compliant.
The regulators have stated that if any VASP is found non-compliant or evading any policies, strict measures are in place for breaching the regulatory instructions.
This information was shared at the V20 summit in the presence of industry groups. The V20 summit is known for bringing together crypto industry players and regulators. This is where the regulators can provide proper intimation to the crypto-industry players and share their point of view of any updates and changes.
The summit also provides the crypto-industry players and investment firms to share their thoughts on the new updates shared by the regulatory authorities.
After the summit, one of the senior partners and the chief architect at XREG Consulting, Sian Jones had positive comments to make. He stated that this is a good move by the regulatory authorities as it will unify the standards of operating in virtual assets.
He added that although these implementations have been demanded very soon by the regulators. But as soon as the VASPs are able to adapt to these standards, the better and easier it will be for them to operate.
The cryptocurrency industry is already facing a very difficult time following the recent announcement made by FATF. The FATF announced that it is currently working on creating and introducing a new set of guidelines for the crypto-industry. The FATF plans to introduce these guidelines by 2021 so they can be followed in the same year.