2026稳定币与非托管钱包专项报告：P2P交易 Targeted Report on Stablecoins and Unhosted Wallets Peer-to-Peer Transactions

FATFReport

TargetedReportonStablecoinsand

UnhostedWallets

Peer-to-PeerTransactions

March2026

TheFinancialActionTaskForce(FATF)isanindependentinter-governmentalbodythatdevelopsandpromotes

policiestoprotecttheglobalfinancialsystemagainstmoneylaundering,terroristfinancingandthefinancingofproliferationofweaponsofmassdestruction.TheFATFRecommendationsarerecognisedastheglobalanti-moneylaundering(AML)andcounter-terroristfinancing(CFT)standard.

FormoreinformationabouttheFATF,pleasevisit

Thisdocumentand/oranymapincludedhereinarewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundariesandtothenameofanyterritory,cityorarea.

Citingreference:

FATF(2026),TargetedReportonStablecoinsandUnhostedWallets–Peer-to-PeerTransactions,FATF,France,

/content/fatf-gafi/en/publications/virtualassets/targeted-report-stablecoins-unhos

ted-wallets

©2026FATF/OECD.Allrightsreserved.

Noreproductionortranslationofthispublicationmaybemadewithoutpriorwrittenpermission.Applicationsforsuchpermission,forallorpartofthispublication,shouldbemadeto

theFATFSecretariat,2rueAndréPascal75775ParisCedex16,France(e-mail:

contact@)

.

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

TableofContents

AbbreviationsandAcronyms 2

ExecutiveSummary 3

Introduction 4

ObjectivesandStructure 4

PreviousFATFWorkonStablecoins 4

Scope 5

Methodology 5

Background 6

BackgroundonStablecoinEcosystemandDefinitions 6

FATFRequirementsforVASPsandApplicabilitytoStablecoins 8

PartOne:AnalysisonCurrentsituation,ThreatsandVulnerabilities 11

CurrentSituation 11

ThreatActorsUseofStablecoins 12

Vulnerabilities 18

PartTwo:GoodPracticestoMitigateMisuseofStablecoins,IncludingforP2PTransactions 22

EffectiveImplementationofFATFStandards 22

StablecoinIssuersApplyingControls 24

UsingAdvancedToolsforDetectingandMonitoringSuspiciousTransactions 27

EffectiveSupervisionofStablecoinissuersandotherentitiesinvolvedinstablecoinarrangements 29

RobustPublic-PrivateSectorCollaboration 31

FollowingInvestigativeLeads 32

ML/TF/PFRisksMitigationmeasuresforUnhostedWalletsandP2PTransactions 32

Conclusion 34

RecommendedActions 35

AnnexA:ListofRiskIndicators 37

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

AbbreviationsandAcronyms

AECs

AnonymityEnhancedCryptocurrencies

AML/CFT/CPF

Anti-MoneyLaundering/CounteringtheFinancingofTerrorism/CounterProliferationFinancing

CBDCs

CentralBankDigitalCurrencies

CDD

CustomerDueDiligence

DeFi

DecentralisedFinance

DEX

DecentralisedExchange

DLT

DistributedLedgerTechnology

DPRK

DemocraticPeople'sRepublicofKorea

DTOs

Drugtraffickingorganisations

EDD

EnhancedDueDiligence

FIs

FinancialInstitutions

KYC

KnowYourCustomer

ML/TF/PF

MoneyLaundering/TerroristFinancing/ProliferationFinancing

OTC

OvertheCounter

P2P

PeertoPeer

PPPs

Public–PrivatePartnerships

SAR/STR

SuspiciousActivity/TransactionReport

TFS

TargetedFinancialSanctions

TRW

TravelRule-coveredWallet

VAs/VASPs

VirtualAssets/VirtualAssetServiceProviders

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

ExecutiveSummary

1.Stablecoinshavegrownrapidlyinscale,adoption,andfunctionalintegrationwithinboththevirtualassetecosystemand,increasingly,thetraditionalfinancialsystem.Asofmid-2025,over250stablecoinswereincirculation,withtotalmarketcapitalisationexceedingUSD300billionanddailytradingvolumessurpassingthoseofBitcoin.Fiat-backed,centrallygovernedstablecoins—predominantlyUSD-referenced—dominatethemarketandarewidelyusedacrossmultipleblockchains.Whilestablecoinsareincreasinglyusedforlegitimatepurposes,theirdistinctivefeatures—pricestability,highliquidity,interoperability—alsomakethemattractivetoolsforthreatactors.

2.Stablecoins,includingthroughunhostedwallets,havebecomeacommoncomponentofML,TFandPFschemesthatusevirtualassets.Whiletherearesomesimpleand/ordirectusesofstablecoinsobserved,manyschemesusestablecoinsasonefeatureinamorecomplexseriesoftransactionsdesignedtoobfuscatetheoriginoffunds,anddistanceitfromtheintendeduse.Reportingindicatesthatstablecoinsarethemostpopularvirtualassetusedinillicittransactions.

3.Stablecoins,generally,havethesamevulnerabilitiesasothervirtualassets.Thesevulnerabilitiesareexacerbatedbytheircharacteristicssuchasthepricestabilityandampleliquidity,whichcanmakestablecoinsmorelikelytobeusedinP2Ptransactions.P2Ptransactionsviaunhostedwalletsrepresentakeyvulnerabilityinthestablecoinecosystem.ConductedwithouttheinvolvementofAML/CFT-obligedintermediaries,thesetransactionscanbeofhigherrisk,especiallywhenlayeredthroughunhostedwallets.Inaddition,stablecoinscouldexhibitmoreasset-specificvulnerabilities,notablythosearisingfromtheirinterconnectionswithtraditionalfinance.Casesindicatethatthreatactorshaveusedstablecoinstopurchaseprohibitedgoodswithoutcashingoutthroughintermediaries,however,dataremainslimitedregardingthebroaderuseofstablecoinsforthepurchaseofgoodsandservicesorforP2Ptransactions.Therefore,itisimportantforjurisdictionsandrelevantstakeholderstocontinuetocloselymonitorwhetherstablecoinsareincreasinglyusedforpurchaseswithoutrelianceontraditionalon-andoff-ramps,andtheextenttowhichaccuratedataonthescaleandproportionofP2Ptransactionscanbeobtained.

4.Inresponsetotheserisksandvulnerabilities,thereportidentifiesarangeofgoodpracticesthatcanbeimplementedbywiderjurisdictionsandprivatesector.Somearecommonwithallvirtualassets,whileothersuniquetostablecoins.TheseincludeestablishingcomprehensivelegalframeworksincompliancewiththeFATFStandards;imposingclearAML/CFTobligationsonstablecoinissuers,intermediaries,andcustodians;assessingriskandimplementingriskmitigationmeasuresfortransactionsinvolvingunhostedwallets;andleveragingadvancedtechnology-basedtools.Thereportalsoemphasisestheneedforfurthercoordinationamongcompetentauthoritiesandacrossborders,aswellastheimportanceofprovidingtechnicalassistancetojurisdictionsthathavenotyetadequatelyimplementedregulatoryandsupervisoryframeworksforstablecoins.Thisreportalsodemonstratesseveraljurisdictionsthathavealsoadoptedinnovativeapproaches,suchasrequiringissuerstoembedprogrammablecontrolsinstablecoinsmartcontracts,tosupportfreezing,deny-listing,orotherriskmitigationactionsinsecondarymarkets.

5.Finally,thisreportmakesavailabletomembersoftheFATFGlobalNetworkindicatorsofthemisuseofstablecoins,particularlythroughunhostedwallets.ItalsomakesinternalrecommendationsfortheFATFGlobalNetworktoconsidertopotentiallymitigateriskinthestablecoinenvironment.

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

Introduction

ObjectivesandStructure

6.PreviousFATFworkhasfocusedonstablecoinsmorebroadly

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.TheobjectiveofthisprojectistoenhancetheunderstandingofemergingML/TF/PFrisks,threatactorsandvulnerabilitiesrelatedtostablecoinsandunhostedwallets,particularlyduringP2Ptransactions.Inaddition,theprojectidentifiesandsharesgoodpracticestomitigatethose

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risks.

Theseobjectivesareachievedthroughthreesections:

•Background:Setsoutthevariousparticipantsinthestablecoinecosystem,providesrelevantdefinitions,andoutlinestheapplicabilityoftheFATFStandardstostablecoinsarrangements,aswellasthecurrentimplementationstatusofFATFStandards.

•PartOne:Analysesthecurrentsituationregardingstablecoinecosystemdevelopmentandhowstablecoinsdifferfromothervirtualassets,andidentifiesthreatactorsaswellasnationalandsectoralvulnerabilitiesexploitedbythem.

•PartTwo:Exploresgoodpracticesonmitigationmeasuresfromthepublicandprivatesectors,aswellasoninvestigativeandnational/internationalco-operation.

PreviousFATFWorkonStablecoins

7.TheFATFhasconductedworkonstablecoinssince2019,firstthroughthepublicstudy‘Moneylaunderingrisksfrom“stablecoins”andotheremergingassets’andalsothe‘FATFReporttotheG20onSo-calledStablecoins’.

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TheFATFcontinuedtoclarifytheapplicationoftheFATFStandardstohelpjurisdictionsmitigatethoserisks.

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IntheTargetedUpdateonImplementationoftheFATFStandardsonVirtualAssetsandVirtualAssetServiceProviders(2025),theFATFobservedthattheuseofstablecoinsbyarangeofillicitactors,includingDPRKactors,terroristfinanciers,anddrugtraffickingnetworks,hascontinuedtoincreaseovertime.

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8.TheFATFhashighlightedtheneedtocloselymonitordevelopmentsinthestablecoinecosystemtoensurethattheFATFStandardsremaineffectivedespiteongoingvirtualassetevolution.Inparticular,theFATFunderscoredtheimportanceofcontinuedmonitoringof:(1)

1

2025-Targeted-Upate-VA-VASPs.pdf.coredownload.pdf

;

UpdatedGuidanceforaRisk-BasedApproachforVirtualAssetsandVirtualAssetService

Providers

;

VIRTUALASSETS–DRAFTFATFREPORTTOG20ONSO-CALLEDSTABLECOINS

2TheFATFdefinespeer-to-peer(P2P)transactionsasVAtransfersconductedwithouttheuseorinvolvementofaVASPorotherobligedentity(e.g.,VAtransfersbetweentwounhostedwalletswhoseusersareactingontheirownbehalf).See:UpdatedGuidanceforaRisk-basedApproachforVirtualAssetsandVirtualAssetsServiceProviders

3FATF

Moneylaunderingrisksfrom“stablecoins”andotheremergingassets

(2019);

FATF

(2020),FATFReporttotheG20,FATF,France.

4

FATF12-MonthReviewoftheRevisedFATFStandardsonVirtualAssetsandVirtualAssets

ServiceProviders(2021);

FATF

UpdatedGuidanceforaRisk-BasedApproachforVirtual

AssetsandVirtualAssetServiceProviders

(2021);

FATFSecond12-MonthReviewofthe

RevisedFATFStandardsonVirtualAssetsandVirtualAssetsServiceProviders

(2021).

5FATF

TargetedUpdateonImplementationoftheFATFStandardsonVirtualAssetsand

VirtualAssetServiceProviders

(2025).

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

whetherstablecoinsachieveglobalmassadoptioninamannerthatallowsthepurchaseofgoodsandserviceswithlittleornorelianceontraditionalon-andoff-ramps;and(2)theextenttowhichjurisdictionsandtheprivatesectorareabletoobtainaccuratedataonthescaleandproportionofP2Ptransactions.

Scope

9.Thisreportreflectsdevelopmentsinthestablecoinecosystemuntiltheendof2025.ItexplainstheapplicabilityoftheFATFStandardstothevariousparticipantsinvolvedinstablecoinarrangements,identifiesthemarketdevelopmentofstablecoins,showstheincreasingML/TF/PFrisksofstablecoins,particularlyassociatedwithunhostedwalletsduringP2Ptransactions.

10.Thereportexploresthevulnerabilitiesofstablecoins,someofwhicharecommontomostvirtualassets,whileothersareuniquetostablecoins.Thereportfocusesonprovidingpracticalriskmitigationmeasuresforstablecoins,withafocusonP2Ptransactionswithavarietyofcasestudiesprovidedbyjurisdictions,concludedbyrecommendedactionsforrelevantstakeholders.AswithallFATFguidanceproducts,theGuidanceisnon-binding.

Methodology

11.ThemethodologyinvolvedcollectingandanalysinginputsfromtheFATFprojectteamandtheVirtualAssetContactGroup(VACG)members,engagingwithrelevantstakeholders,andreviewingandrefiningexistingmaterialsonstablecoinarrangements,including:

•TworoundsofrequestsforinformationweremadetotheFATFprojectteamandVACGmemberstoprovideinputs.Theserequestsyielded(a)29casestudiesonthreats,typologies,andjurisdictionalmeasureswerereceived,and(b)25inputsweresubmittedonAML/CFT/CPFobligationsofparticipantsinthestablecoinecosystem,regulatorychallenges,andgoodpracticesformitigationmeasures.

•Privatesectorentities,suchasstablecoinissuersandblockchainanalyticscompanies,wereinvitedtorespondtoatargetedoutreachsurveyfocusingonchallengesandgoodpracticesinmitigatingillicitfinancerisksassociatedwithstablecoins.

•Avirtualroundtablemeetingwithkeystakeholderswasheldbasedonthesurveyresultstogainmoredetailedinsightsonmitigationmeasures.

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

Background

BackgroundonStablecoinEcosystemandDefinitions

BasicDefinitions

12.Astablecoinisoneformofvirtualassets,whichisadigitalrepresentationofvaluethatcanbedigitallytraded,ortransferred,andcanbeusedforpaymentorinvestmentpurposes.WhiletheFATFhasrecognisedthatstablecoinsarenotalegalortechnicalcategoryandclarifiedthattheuseofthistermbytheFATFisnotintendedtoendorseanystabilityclaims,thetermgenerallyreferstoatypeofvirtualassetthathasastabilisationmechanismandcanbeusedasameansofpaymentand/orstoreofvalue.

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Often,stablecoinseeksorpurportstomaintainpricestabilitybylinkingitsvaluetooneormorereferenceassets,suchasfiatcurrenciesorvirtualassets,andmaybebackedbysuchassets.Regardlessofhowstablecoinsareconsideredatnationallevel,providersofservicestostablecoinswhofittheFATFdefinitionofVASPorFIshouldbesubjecttothecorrespondingobligationsinaccordancewiththeFATFStandards.

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Asset-BackedStablecoins

13.Asset-backedstablecoinsarebackedbyfinancialassetssuchasfiatcurrenciesorgovernmentbonds.Issuersofasset-backedstablecoinsoftenpurportandcommittohavetheabilitytoredeemstablecoinsforthebackingassetona1:1basisforusersatalltimes,whichcouldcontributetopricestability.Asset-backedstablecoinsingeneralhavecentralisedgovernancestructures,oftenmanagedbytheissuer.

VA-BackedStablecoins

14.VA-backedstablecoinsareissuedusingvirtualassets(VAs)andtokenisedfinancialinstrumentsascollateral.Duetoconcernsoverthepricevolatilityofthecollateralassets,sucharrangementstypicallyrequireandmaintainanovercollateralisedposition.Issuance,redemption,collateralmanagementandliquidationareoftenconductedthroughautonomoussmartcontracts,andinsomecases,usersmaybeabletoissuestablecoinsdirectlywithoutrelyingoncentralisedgoverningentities.

AlgorithmicStablecoins

15.Algorithmicstablecoinsaretypicallydesignedtomaintainpricestabilitybyadjustingsupplythroughsmartcontractsoralgorithmssuchassyntheticallycollateraliseddollar-typestablecoins

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withoutanybackedassets.Algorithmsmanagingtheeconomicsofthestablecoinincreasesupplywhenpricesriseanddecreasesupplywhenpricesfalltomaintainstability.Issuanceandmanagementareoftenconductedthroughautonomoussmartcontracts,andgovernancecanbemoredecentralisedthanwithasset-backedstablecoins.Generally,thesestablecoinsdonotofferredemptionintofiatcurrency,andinsteadaimtostabilisepricesthroughmechanismssuchasstablecoinswapsorburns.

6FinancialStabilityBoard,

High-levelRecommendationsfortheRegulation,Supervisionand

OversightofGlobalStablecoinArrangements:Finalreport.

7FATF(2021)UpdatedGuidanceforaRisk-BasedApproachtoVirtualAssetsandVirtualAssetServiceProviders

8Thesestablecoinsincorporatemechanismsthatoffsetpricevolatilitybycombiningvirtualassetswithderivatives.

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

ParticipantsintheStablecoinEcosystem

16.Therearevariousparticipantsinthestablecoinecosystem.Relevantparticipantsandtheirrolescandifferdependingontheorganisationandnatureofstablecoinsandtheirarrangements.

•StablecoinIssuers:Stablecoinissuersareresponsibleforissuingandredeemingstablecoinsandensuringtheirpurportedstabilityintheinterim.Theyoftenmintstablecoinsinexchangeforfiatcurrenciesorotherassetswhilecollectingfeesforissuanceandredemption.Inmanycases,theissueralsodeploysandmaintainsthesmartcontractsnecessaryforallon-chaintransactionsintheirstablecoin.Moreover,theissuercanassignpartofitsfunctions,suchasredemption,tointermediaryVASPs.

•ReserveCustodians:Reservecustodiansstoreandmanagethereserveassetsbackingthestablecoinsonbehalfoftheissuer.

•Intermediaries:VASPsincludingVAexchangesandfinancialinstitutionsthatprovidebuying,selling,safekeeping,tradingorconversionservicesforstablecoins.Someexchangesmaybuystablecoinsfromtheissueranddistributethemintotheretailmarket.Decentralisedfinance(DeFi)mayalsoprovideservicestousers,suchasremittance,payment,exchange,andlendinginvolvingstablecoins.

•PaymentServiceProviders/CardNetworks:Paymentserviceprovidersandcardnetworkscanenabletheuseofstablecoinsforpaymentsforgoodsandservicesbyofferingstablecoinpaymentinfrastructuretomerchants.Theycanalsofacilitateremittancestoindividuals.

•UnhostedWallets:Virtualassetwalletsthatarenothostedormanagedbyathird-partyserviceproviderandwheretheusermaintainsexclusivecontrolovertheaccesskeys.Certainunhostedwalletserviceprovidersalsoofferstablecoinswapfunctions.

•BlockchainAnalyticsToolProviders:Blockchainanalyticstoolprovidersgenerateanalysisbasedoninformationobtainedfromexaminationofblockchainsandentitieswithcustomerinterfaces,suchaswalletserviceproviders,andthisdatamaybeutilisedbystablecoinissuersandintermediariestosupportmeasurestomitigateillicitfinanceriskincludingrestrictivemeasuresrequirements.Theyusedifferenttaxonomies,whichmaketheoutcomesoftheiranalysisdifficulttocompare.

StablecoinLifecyleandFeatures

17.AstablecoinissuertypicallyissuesstablecoinsandtheyarecirculatedamongstusersandVASPsandthenredeemedforfiatcurrency.Whilethemechanismsforissuanceandredemptionvarydependingonthetypeofstablecoin,thissectionprovidesthegeneralprocessesinthislifecycleforcentrallyissuedasset-backedstablecoins.

18.StablecoinissuerstypicallyissuestablecoinsbyreceivingfiatcurrenciesorVAsfromcontractingpartiesandmintingstablecoinscorrespondingtothevaluereceived.Issuingastablecoincreatestwotypesofmarkets:

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

•Primary:Primarycustomerspurchaseorredeemstablecoinsdirectlyfromtheissuerandthencouldputthestablecoinintobroadercirculationinthesecondarymarket.Thesecustomers,typicallyVASPsorinstitutionalclients,undergocustomerduediligenceandonboardingprocedures.Theycanalsoberetailcustomers.

•Secondary:SecondarycustomerstablecoinholdersmayuseahostedwalletinvolvingaVASPorfinancialinstitutionsubjecttoAML/CFTobligations,oruseunhostedwalletstoholdandtransferthestablecoinspeer-to-peer,withouttheinvolvementofanAML/CFTobligedentity.Accordingly,secondarycustomersusingunhostedwalletsmaynotbesubjecttoAML/CFTobligations.

19.Stablecoinissuersoftenmaintainadegreeofcontrolovertheirstablecoinsinbothprimaryandsecondarymarkettransactionsusingsmartcontracts.Issuerscanprogramsmartcontractstopreventcertainwalletaddressesfromtransactingintheirstablecoin(e.g.,black-listing)ortoremovestablecoinsfromcirculationinthesecondarymarkets(i.e.,freezingorburning).Issuerscanalsoviewallon-chaintransactionsintheirstablecoingiventhenatureofpublicblockchains.

20.Typically,redemptionfromtheissuerisavailableonlytoprimarycustomers,subjecttotheissuer’srules.Insomecases,redemptionmaybefacilitatedthroughissuer-designatedintermediariesinaccordancewithapplicablelegalframeworks.Primaryandsecondarystablecoinholdersmayexchangestablecoinsforfiatcurrencyorothervirtualassetsthroughcentralisedintermediaries(VASPs),decentralisedexchanges(DEXs),orviapeer-to-peertransactions.

GovernanceStructure

21.Generally,stablecoinarrangementshaveagoverningstructurethatisresponsiblefortheoperationofthestablecoinservices.Acentralisedgovernancebodysuchasissuersandintermediariesmayperformthecorefunctionsofthestablecoinarrangement(suchasAML/CFT/CPFandmanagingstabilisationmechanisms).Inmanyexistingarrangements,theissuertakesonthekeyroleofgoverningthestablecoinarrangement,althoughsomefunctionscouldbemanagedbyintermediariesortechnologyproviders.Stablecoinarrangementscanalsobestructuredinadecentralisedmannerasdiscussedinprevioussections,whichcanmakeresponsibilityambiguous.

FATFRequirementsforVASPsandApplicabilitytoStablecoins

22.FATFRecommendation15oftheFATFStandardsrequiresalljurisdictionsto:

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a.identify,assessandunderstandtheML/TF/PFrisksemergingfromVAsandVASPs.

b.ensurethatVASPsarerequiredtobelicensedorregisteredinthejurisdictionwheretheyarecreated.

c.applysanctionstonaturalorlegalpersonsthatcarryoutVASPactivitieswithouttherequisitelicenseorregistration.

9SeetheInterpretativeNoteofRecommendation15,FATFRecommendations

www.fatf-

/content/dam/fatf-

gafi/recommendations/FATF%20Recommendations%202012.pdf

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TARGETEDREPORTONSTABLECOINSANDUNHOSTEDWALLETS–PEER-TO-PEERTRANSACTIONS

d.ensurethatVASPsaresubjecttosupervision.

e.applyproportionateanddissuasivesanctionstoVASPsthatfailtocomplywithAML/CFT/CPFrequirements.

f.ensurethattargetedfinancialsanctionsobligationsapplytoVASPs.

23.VAsaredefinedbytheFATFasadigitalrepresentationofvaluethatcanbedigitallytraded,ortransferred,andcanbeusedforpaymentorinvestmentpurposes.Virtualassetsdonotincludedigitalrepresentationsoffiatcurrencies,securitiesandotherfinancialassetsthatarealreadycoveredelsewhereintheFATFRecommendations.Giventheircharacteristics,theFATFconsidersstablecoinsasvirtualassets.

24.PersonsandentitiesinvolvedinstablecoinarrangementswouldbeclassifiedasVASPsorFIsinthecircumstancesdetailedbelow

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:

•StablecoinIssuers:UndertheFATFStandards,thesoleactofissuingaVAonitsownisnotacoveredserviceunderthedefinitionofVASP.However,stablecoinissuers

11

whoasabusinessconductoneofthefollowingactivitiesfallwithintheFATFdefinitionofVASP

12

orFI

13

:1)engageinexchangeortransferactivities,suchasexchangingcustomer’sfiatcurrencies/VAsfortheirstablecoinsduringtheissuanceorredemptionprocessor;2)participateinandprovidefinancialservicesrelatedtoanissuer’sofferand/orsaleofavirtualasset.

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•Intermediaries:Intermediariesinvolvedinexchangingstablecoinsforfiatcurrencyorvirtualassets,transferringstablecoinsorprovidingsafekeepingand/oradministrationservicesforstablecoinsfallundertheFATFdefinitionofVASP.Suchintermediariescanincludeexchanges,tradingplatforms,custodialwalletproviders,certaintypesofunhostedwalletserviceproviders,andover-the-counterbrokers.Unhostedwalletsthatengagein,oractivelyfacilitateasa

10Seethe2021FATFUpdatedGuidanceforaRisk-BasedApproachtoVirtualAssetsandVirtualAssetServiceProviders;theFATFReporttotheG20FinanceMinistersandCentralBankGovernorsonSo-calledStablecoins;FATF,Moneylaunderingrisksfrom“stablecoins”andotheremergingassets,October2019.

11Thedefinitionincludesnaturalandlegalpersons.

12AccordingtotheFATF2021updatedguidance,thesoleactofissuingaVA,entirelyonitsown,isnotacoveredserviceunderlimb(v)oftheVASPdefinition.However,anypersonswhichconducttheexchangeandtransferoftheissuedVAsasabusinessfororonbehalfofanotherpersonwouldbeacoveredservice,aswouldtheparticipationinandtheprovisionoffinancialservicesrelatedtoanyICOassociatedwiththeissuance.

13AccordingtotheFATFReporttotheG20FinanceMinistersandCentralBankGovernorsonSo-calledStablecoins,theFATFconsidersthatthesedevelopersandgovernancebodieswillbe,ingeneral,financialinstitutions(e.g.,asabusinessinvolvedinthe‘issuingandmanagingmeansofpayment’)oraVASP(e.g.,asabusinessinvolvedinthe‘participationinandprovisionoffinancialservicesrelatedtoanissuer’sofferand/orsaleofavirtualasset’)undertherevisedFATFStandards.

14AccordingtotheFATF2021updatedguidance,thesoleactofissuingaVAonitsownisnotacoveredserviceunderlimb(v)oftheVASPdefinition.However,theFATFStandardsapplytoactivitiesrelatedtoICOs(see:page30,2021FATFUpdatedGuidanceforaRisk-BasedApproachtoVirtualAsse