VASPnet

🤝 We are pleased to announce that we have partnered with Elliptic to enhance crypto risk assessment tools for financial institutions. Elliptic is integrating VASPnet’s regulatory data on virtual asset service providers (VASPs), sourced from 92 regulators in 74 countries. This partnership strengthens crypto due diligence for Elliptic clients by providing them with the information they need to undertake adequate due diligence on VASPs and comply with the Financial Action Task Force (FATF)’s Recommendation 16. Neil Samtani, CEO of VASPnet, notes that “compliance tools that give financial institutions the ability to make comprehensive, accurate risk assessments regarding crypto clients, vendors or firms they transact with strengthen the overall integrity and security of the virtual asset ecosystem”. 🔑 The partnership marks a key step towards developing comprehensive compliance solutions to detect and prevent illicit crypto activities and ensure a safer future for virtual assets. Read the full press release here 👉 https://bit.ly/3Y07Mia #CryptoRegulation #FATF #R16 #VASP #Elliptic

📚 Some initial takeaways from the Financial Action Task Force (FATF)'s fifth Targeted Update on the Implementation of FATF Standards for Virtual Assets (VA) and Virtual Asset Service Providers (VASPs): 📮 147 out of 205 FATF and FATF-style regional body (FSRB) members responded to the survey. The report infers that the 58 jurisdictions that did not respond have not made progress on the implementation of Recommendation 15, the requirement that VASPs be regulated for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes. 🐢 Once again, global implementation of VA regimes continues to lag. 75% of 130 assessed jurisdictions were found partially or not compliant with R.15, a result identical to that in the 2023 survey. 🚫 The number of jurisdictions prohibiting VASPs has increased from 7 in 2022 to 20 in 2024. Bans on VASPs are most common in the MENA and APAC regions. FATF has noted that bans can be costly and technically demanding to enforce. These jurisdictions have not progressed supervisory or enforcement actions to sanction illegal VASPs. 💼 65 jurisdictions self-reported having Travel Rule legislation in place to address Recommendation 16, the requirement for VASPs and financial institutions to transmit originator and beneficiary information with each VA transfer. VASPnet's latest assessment of Travel Rule implementation progress identified only 44 jurisdictions with the Travel Rule in place. 🔄 FATF explicitly reminds VASPs of the Travel Rule requirement to identify and conduct due diligence on counterparty VASPs. VASPs that use the same Travel Rule compliance tool are not exempt from this requirement and are still required to independently assess counterparty risk. 📢 34 jurisdictions with VA regulatory regimes lack public data on licensed or registered VASPs. FATF urges public sector regulatory authorities to maintain and publicise information on VASPs registered or licensed in their jurisdiction. This is critical to facilitate private sector compliance with counterpart due diligence requirements in accordance with Recommendation 16. 📏 FATF recognised interVASP Messaging Standard 101 (IVMS 101) as the common messaging standard for Travel Rule information for the VA sector. On 4 June 2024, the interVASP Standards Working Group released an update to IVMS 101 that addressed various errors, implementation challenges and enhancements. IVMS 101.2023 can be downloaded here for free 👉 https://bit.ly/4aU2kAg

👀 60% of the world’s top 103 centralised crypto exchanges (CEXs) are not yet regulated in an EU member state. In less than six months, all crypto firms operating in or servicing the EU market without authorisation or registration in Europe will need to comply with the EU’s Markets in Crypto-assets (MiCA) Regulation. The world’s top 103 CEXs were covered in CCData’s latest Exchange Benchmark Report. #CryptoRegulation #CEX #MiCA #VASP 

🌐 27% of top centralised crypto exchanges (CEXs) are either not under regulatory oversight or operate in a jurisdiction that does not have a regulatory regime for virtual assets in place. In partnership with CCData, VASPnet’s latest analysis of the regulatory status of top CEXs highlights a significant gap in regulation worldwide, underscoring the urgent need for counterparty virtual asset service provider due diligence (CVDD) to ensure a more secure, safe ecosystem for virtual assets. Visit VASPnet for more information on virtual asset service providers (VASPs) 👉 https://bit.ly/3wefnO3 #VASPdata #VASP #CEX #CryptoRegulation #VA #CVDD

💻 IBANs and bank account details alone are inadequate when screening for payments to or from virtual asset service providers (VASPs). By leveraging tools like VASPnet, financial institutions can enhance strategies to identify VASPs, reduce false positives and direct efforts towards effective risk assessments. In our latest article, we dive into the importance of accurately identifying, monitoring and risk-screening payments involving VASPs. We explore the limitations of current practices and the necessary enhancements to payment screening. By leveraging comprehensive insights from VASPnet, financial institutions can enhance their transaction screening processes, reduce false positives and develop a more complete customer profile. This proactive approach is crucial for making informed, risk-based decisions and minimising fraud. Read Neil Samtani’s latest article to learn more about enhancing payment screening capabilities and staying compliant 👉 https://bit.ly/3RgZ8r7 #VASPs #PaymentScreening #CryptoRegulation

🔎 Over half of the world’s top centralised crypto exchanges (CEXs) are only regulated under a regime that addresses AML/CFT requirements, according to VASPnet’s latest contribution to CCData’s Exchange Benchmark Report. Only 17% of CEXs are regulated under a virtual asset regime that addresses wider consumer protection, market conduct and prudential requirements in addition to those addressing anti-money laundering and countering the financing of terrorism (AML/CFT). For more information on the regulatory data on virtual asset service providers (VASPs), visit VASPnet 👉 https://bit.ly/3wefnO3 #VASPdata #VASP #CEX #AML #CFT

🛩 VASPnet proudly contributed to CryptoUK’s Travel Rule Working Group’s Travel Rule Good Practice Guide (TRGPG), a document focused on effective and practical Travel Rule compliance. This valuable resource provides crypto asset businesses and other digital asset industry participants with: 📌 A comprehensive overview of the Travel Rule and its implications in the UK 📌 Insights into current compliance practices from the Travel Rule Working Group 📌 Recommendations for overcoming compliance challenges in a global landscape of regulatory inconsistencies To learn more about the Travel Rule, download the comprehensive guide 👇 #CryptoRegulation #TravelRule #VASP

🌐 The interVASP Standards Working Group (ISWG) has released an update to interVASP Messaging Standard 101 (IVMS 101), the universal standard for virtual asset service providers (VASPs) to communicate required originator and beneficiary info. Originally developed by a cross-industry group of 130 technical experts and released in May 2020, IVMS 101 addresses the Financial Action Task Force (FATF)'s requirement for VASPs to transmit and receive personal originator and beneficiary information with each crypto transaction, known as the Travel Rule. Since then, it has become the go-to data model for leading Travel Rule solution providers. The ISWG came together in April 2023 to address: 📌 various errors,  📌 implementation challenges, and  📌 enhancements that were identified and proposed by technical subject-matter experts during the adoption process. A draft of proposed changes to IVMS 101.2013 was released for consultation in July 2023. The ISWG has now ratified the proposed changes to provide a more usable, effective and complete universal common language for transmitting Travel Rule-mandated data. More information regarding the updated IVMS 101.2023 and the download link can be found at 👉 https://bit.ly/45brclE #CryptoRegulation #TravelRule #VASPs #IVMS101 #FATF

📈 In the last six months, the number of top centralised crypto exchanges (CEXs) regulated in Europe has increased by 18%. In CCData’s latest Exchange Benchmark Report, VASPnet reported that the most popular five countries for regulated top CEXs include: 🇺🇸 United States 🇨🇦 Canada 🇱🇹 Lithuania 🇮🇹 Italy 🇫🇷 France Europe remains the most popular destination for regulated top CEXs, and France has surpassed the United Kingdom as the fifth most popular destination. Learn more about VASPnet’s regulatory reference data on virtual asset service providers (VASPs) in 73 countries 👉 https://bit.ly/3wefnO3 #CEX #VASPdata #VASP #CryptoRegulation

🎉 As of 24 May, VASPnet now has data on 30,182 virtual asset service providers (VASPs) that are permitted to conduct virtual asset activities from 91 regulators in 73 countries around the world! We’ve recently added regulatory reference data from regulators in: 🇦🇩 Andorra 🇿🇦 South Africa 🇦🇷 Argentina Learn more about how VASPnet can help financial institutions ensure they only do business with compliant VASPs 👉 https://bit.ly/3wefnO3 #VASPdata #VASP #CryptoRegulation