As reported by The Block, the Financial Action Task Force (FATF) released its finalized crypto guidance to the public today.The finalized guidance contains clarifications to the standards found in its previous draft guidance, including how NFTs and DeFi should be viewed by regulators in relation to the standards. The FATF acknowledges that understanding the function of a technology should be put above whether it fully adheres to the letter of the definition. Services should be analyzed based on what they provide rather than how they might fit into the nomenclature the FATF has provided. The global anti-money laundering watchdog first issued its virtual asset guidance in 2019. Since then, some jurisdictions have begun the process of implementing these standards.
