Bitcoin, Web3, Ethereum, and Cryptocurrency Overview:
– Majority of jurisdictions worldwide only partially comply with FATF recommendations for regulating virtual assets.
– Significant deficiencies in supervision and monitoring of VASPs persist.
– Ongoing international cooperation essential to address deficiencies in the virtual asset ecosystem.
Global Compliance with FATF Recommendations:
– Global efforts required to fully adhere to FATF recommendations for regulating virtual assets.
– Developing countries face challenges in implementation of regulations.
US and UK Contrasting Crypto Regulation Approaches:
– US regulatory landscape characterized by a patchwork of rules and enforcement-heavy stance.
– UK adopts a collaborative model in bringing the crypto industry under compliance.
