The FATF's July review highlights risk of a future divide in the crypto services ecosystem

Quick Take

  • The Financial Action Task Force released a review of how jurisdictions are responding to guidance released last year.
  • The review indicates that jurisdictions uncomfortable with noncustodial wallets have the ability to ban exchanges that allow their use in peer-to-peer transactions.
  • As exchanges continue to explore solutions, many are primarily focused on solutions for custodial wallets, which could spell trouble for DeFi.
While the industry scrambles to find a solution that covers VASP interactions, the FATF review dropped a bombshell for noncustodial wallets.

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