The Financial Action Task Force (FATF) has issued a statement on money laundering risks from “stablecoins” and other emerging assets.

The FATF argues that emerging assets such as so-called global “stablecoins”, and their proposed global networks and platforms, could potentially cause a shift in the virtual asset ecosystem and have implications for the money laundering and terrorist financing risks. 

In general terms, both global “stablecoins” and their service providers would be subject to the FATF standards either as virtual assets and virtual asset service providers or as traditional financial assets and their service providers. The FATF stresses that they should never be outside the scope of anti-money laundering controls.

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