Virtual Assets

Publication details

Language

English

Country
Topic

The FATF's focus on virtual assets

 
 

Blockchain, bitcoin, crypto assets, virtual currencies…a whole new vocabulary describing innovative technology to swiftly transfer value around the world. The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their speed, global reach and above all - anonymity - also attract those who want to escape authorities’ scrutiny.

Blockchain originated just over 10 years ago. Since then, virtual assets have become widely available and have started to be used as payment products. However, without established regulation and oversight, the sector is often still referred to as the “wild west” of the finance industry.