The Financial Stability Institute of the Bank for International Settlements (BIS),has produced this FSI Insight which finds that supervision of cryptoasset service providers (CSP) remains nascent globally and that the key question remains as to who and which activities fall within the regulatory jurisdiction.  It says that, overall, most supervisors have an open dialogue with the private sector and provide an “on-ramp” period for service providers.  While much work remains on implementation, most jurisdictions have performed or are in the process of performing an AML/CFT national risk assessment.  While the travel rule is a binding FATF obligation most jurisdictions have not effectively implemented it, and international cooperation to oversee this sector effectively is key.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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