In March 2021, the Financial Action Task Force (FATF), the international standard setter for FinCrime, issued new guidelines on a risk-based approach to Virtual Assets and Virtual Asset Service Providers. Coming less than two years after its first guidelines on the area, the document has sought to clarify uncertainties, fill gaps, and update the rules in light of the fast-growing scope of the sector. 

Overall, the new guidelines have pointed towards a more stringent approach than before, with a widened definition of Virtual Assets, and additional references to stable coins, Decentralised Finance (DeFi) and Non-Fungible Tokens (NFT). Some FATF members have already starting taking a tougher line on the question, and those that have not are likely to follow suit in the near future.

But is this the right approach for Virtual Assets, or even the only approach? Is it possible to continue to apply a framework designed for fiat currencies to the virtual space?

Or will a bespoke approach be required? In this panel, our speakers will review the current ‘state of play’ in the regulation of Virtual Assets, the philosophy behind regulators’ policies, and assess where regulators might go next. The panel will explore whether other regulatory models or bespoke alternatives might be applied to better effect, and the potential scope for regulatory innovation.


Denisse Rudich, Director, Rudich Advisory, CCO & Co-Founder, ElementaryB


Kayla Izenman, Research Fellow, Centre for Financial Crime and Security Studies, Royal United Services Institute (RUSI)

David Carlisle, Director of Policy and Regulatory Affairs, Elliptic

Siân Jones, Senior Partner, XReg.Consulting

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