Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations. Virtual Asset A virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. To manage and mitigate the risks emerging from virtual assets, countries should ensure that virtual asset service providers are regulated for AML/CFT purposes, and licensed or registered and subject to effective systems for monitoring and ensuring compliance with the relevant measures called for in the FATF Recommendations. They should take appropriate measures to manage and mitigate those risks. In the case of financial institutions, such a risk assessment should take place prior to the launch of the new products, business practices or the use of new or developing technologies.
Virtual definition update#
In this update FATF has revised its Regulation 15 to read as follows:Ĭountries and financial institutions should identify and assess the money laundering or terrorist financing risks that may arise in relation to (a) the development of new products and new business practices, including new delivery mechanisms, and (b) the use of new or developing technologies for both new and pre-existing products. For more background to their response, see their announcement of 19 October 2018.įATF’s Regulation of Virtual Assets was first published in 2012 and has been updated regularly since. The update published on 19 October is FATF’s response to the G20’s request. At the end of its July 2018 meeting in Buenos Aires the G20 asked FATF to clarify, in October 2018, how its standards apply to crypto-assets. The changes were made to clarify how FATF’s Anti-Money Laundering (‘AML’) and Combating the Financing of Terrorism (‘CFT’) Recommendations apply in the context of virtual assets. The FATF Standards comprise the Recommendations and their respective Interpretive Notes, together with the definitions in the Glossary.
They set an international standard, which countries should implement through measures adapted to their particular circumstances. The FATF Recommendations set out a comprehensive and consistent framework of measures which it considers countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. The standard also covers virtual asset service providers, i.e. FATF’s definition of ‘Virtual Assets’ in the standard covers virtual currencies, but also extends to cover the fact that anything can be tokenized as an asset and transferred on a blockchain or other digital peer to peer format. The revision amends FATF's Recommendation on New Technologies (Regulation 15) and adding two new definitions: ‘Virtual Assets’ and ‘Virtual Asset Service Provider’. CTA-2069 defines these and other terms related to XR technology.On 19 October the Financial Action Task Force (‘FATF’) published its revised Recommendations for international standards on combating money laundering and the financing of terrorism and proliferation. X reality – or XR – is a general term that refers to all these, and future similar technologies that may come along. The yellow first down line is integrated into the scene and is a form of mixed reality. The score superimposed on the video feed of the game is augmenting reality. Think of watching an American football game on TV.
Mixed reality is like augmented reality, except instead of superimposing digital content on reality, a mixed reality system integrates digital content into reality. For example, eyeglasses that let people see text messages overlaid on what the wearer sees ahead are creating augmented reality. Augmented reality overlays digitally-created content into the user’s real-world environment. In a virtual reality system people use things like head-mounted video displays, surround sound headphones and hand controllers to interact with a virtual environment.
What’s the difference between virtual reality, augmented reality, and mixed reality? Virtual reality is a fully immersive environment affecting a person’s sensory inputs like sight, sound, touch, and smell.
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