This edition of the paper, authored by Mark McKenzie of the Financial Stability, Supervision and Payments pillar at The SEACEN Centre, is a review of the Financial Action Task Force’s (FATF’s) Updated Guidance for a Risk-Based Approach (RBA) for Virtual Assets (VAs) and Virtual Assets Service Providers (VASPs) issued in October 2021. The paper underscores that one of the biggest challenges hampering the emergence of a clear regulatory framework in the nascent virtual assets space relates to the issue of classification, which has recently attracted significant attention, notably in the virtual asset space of stablecoins.
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