NFTs & Stablecoins
The FATF, which advises and monitors governments on anti-money laundering and counter-terrorist financing for the G7, the Organization for Economic Co-operation and Development, and other multinational organizations, has issued a series of guidelines in 2019, including the much-maligned reporting protocol for crypto exchanges. In a document released today, the FATF said it has updated and improved its guidelines to "incorporate and supersede the 2019 guidance."The task force first clarified that non-fungible tokens (NFTs) do not appear to be VAs, but if they are used in a way that falls within the FATF standards, they should be regulated as such, even if their general use does not meet the VA definition. The FATF recommends a "functional approach" to regulating these new types of assets that appear to cross the boundaries of the definition and regulate them on a case-by-case basis.
Stablecoins come under particular scrutiny in the document. The Panel concludes that fiat-pegged tokens are either crypto assets or "financial assets" under its definition. The Panel concluded that if tokens are classified as crypto assets, they must be monitored accordingly. If they are classified as financial products, they should be monitored in the same manner as any other similarly categorized assets according to this provision.
What is the issue with DeFi?
The FATF's VASP definition includes any natural or legal person that, as an entity, engages in the exchange of VAs for fiat or other VAs on behalf of another legal person, the transfer of VAs, the custody and management of VAs or of instruments that enable control over VAs and the "participation in and provision of financial services in connection with the offer and/or sale of VAs by an issuer". For centralized companies, this is pretty clear. If a firm provides a transfer, exchange, or custody service, it is likely subject to the VASP standard. However, it is unclear how it applies to blockchain-based services such as decentralized applications (DApps).The clarifications state that DApps are not VASPs because the standards do not apply to the underlying software. However, creators, owners, operators, or anyone who exercises "control or sufficient influence over the DeFi arrangements" are likely VASPs, even if parts of the protocol are decentralized or automated. That said, the FATF leaves plenty of room for countries to decide how to deal with DeFi. However, it warns that many projects use the word "decentralized" even though a natural or legal person could still be held accountable.
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