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Can Crypto Firms Catch Up on Compliance Gaps as Regulations Evolve?

  • Regulators are enforcing the FATF Travel Rule compliance in APAC as crypto adoption rises.
  • Many governments have passed legislation to implement the Travel Rule for VASPs.
  • 75% of jurisdictions in APAC are non-compliant or partially compliant, leaving room for fraud.
  • Identity fraud is a significant concern in crypto, requiring ongoing user monitoring.
  • Weak risk assessments, delayed Travel Rule rollout, and lack of interoperability are key compliance issues.
  • More countries like India and Indonesia are expected to enforce the Travel Rule more strictly.
  • Poor compliance exposes firms to regulatory risks and undermines industry trust.
  • VASPs need robust risk mitigation strategies to close compliance gaps.
  • Compliance is crucial for accelerating crypto adoption while the industry remains cautious about overregulation.
  • Sumsub's guide offers insights on Travel Rule implementation, fraud prevention, and regulatory best practices.

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