DeFi is on the radar of global regulators
Innovative areas in cryptocurrency, such as decentralized finance (DeFi), are on the radar of global regulators, according to draft guidance released Friday by the Financial Action Task Force (FAFT) and the global anti-money laundering organization (AML).
The FATF has stated that its standards may not apply to underlying software or technology, but entities associated with "DApps," such as owners or operators, can now be considered virtual asset service providers (VASPs).
FATF is making a cautious change in terminology that seems to point to NFT. The specific reference to "fungible assets," which has important implications in light of the current NFT craze, has been replaced with "assets that are convertible and fungible."
