FATF Wants to ‘Gut’ DeFi with ‘Vague’ New Guidelines, Say Crypto Players
The crypto community has issued a withering response to the latest updated Financial Action Task Force (FATF) guidance, issued yesterday – with one lamenting that the document is “so bad that it makes the [American] infrastructure bill look reasonable.” Most appear particularly irked by the body’s stance on decentralized finance (DeFi).
As reported, the FATF, which polices international anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts, has sought to bring non-fungible tokens (NFTs), DeFi, peer-to-peer (P2P) trading, and stablecoins for the first time with its new guidelines, the latest in a series of periodical updates on its 2019 recommendations.
Marc Boiron, the General Counsel at the decentralized exchange
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