The Financial Action Task Force (FATF), an international organization fighting financial crimes, called on governments in June this year to take stronger measures against financial crimes involving virtual assets (i.e., crypto-assets). In its statement, the organization noted that although there have been positive developments in crypto-asset regulation, many countries are still lagging in mitigating risks.
As of April 2025, only 40 out of 138 assessed countries were found to be “largely compliant” with FATF’s crypto-asset standards. While this is a slight increase compared to 2024, it still highlights serious global gaps in this area.
The FATF warned: “Due to the borderless nature of virtual assets, regulatory gaps in one country could pose a threat to the global financial system.”
Blockchain analytics firm Chainalysis reports that illegal crypto wallets may have received up to $51 billion in 2024. Most illicit activities are now being conducted through stablecoins — cryptocurrencies pegged to the US dollar or other fiat currencies, which makes them easier to use for illegal purposes.
FATF specifically warned about the use of stablecoins by North Korea, terrorist financiers, and drug traffickers. According to the US FBI, $1.5 billion worth of virtual assets were stolen from the ByBit crypto exchange in February 2025 — one of the largest crypto thefts in history. North Korea is suspected to have been involved.
The European Union’s securities regulator also noted that as links between crypto-assets and traditional financial markets deepen, the expanding crypto sector could pose risks to financial stability. Read 'Zamin' on Telegram!
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