Stablecoins now represent most illicit activities on the channel, according to the financial action working group (Fatf).
The mass adoption of stablescoins will amplify the risks of illicit financing, in particular when treated unevenly through the differences in difference, the gaff declared in a new report on the whitening of the fight against money laundering and the counter-terrorist financing (AML / CFT).
The FATF estimated that there were about $ 51 billion in illegal activity on the channel concerning fraud and scam in 2024.
Stablescoins, Armous tokens on the value of a traditional financial asset such as a fiduciary currency, have enjoyed certain tail wind in recent months thanks to progress towards the regulations of the sector in the United States, among others.
The total market capitalization of all stablecoins exceeded $ 250 billion for the first time earlier this month.
The FATF has highlighted the importance of the conformity of the “travel rule” in reducing money laundering and terrorist financing. The travel rule is a set of requirements on the sharing of information on the initiator and the beneficiary of cross -border payments.
Noting that 99 jurisdictions have adopted legislation implementing the travel rule or are doing so, the FATF noted that they nevertheless find it difficult to identify the natural or legal people who conduct a provider of virtual asset services (VASP) activities.
Crypto AML specialist, notabene, said that he expected almost all cryptocurrency companies comply with the travel rule in a report published in April. Notabene had interviewed 91 VASP, 90% saying that they expect to be fully in conformity with halfway and all saying that they expected it by the end of the year.
Find out more: less than 30% of jurisdictions around the world began to regulate the crypto: the chief of the fatf
