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$2.4 Billion in Crypto Stolen This Year: FATF Calls for Stricter Global Crypto Regulations
The Financial Action Task Force (FATF) has released an updated set of guidelines, emphasizing the urgent need for stricter regulations on virtual assets to combat illegal finance risks worldwide. The agency’s latest report highlights the significant challenges in mitigating the risks associated with offshore virtual asset service providers (VASPs).
According to the FATF’s assessment, a staggering $2.47 billion has been stolen from cryptocurrency transactions so far this year alone. This shocking figure underscores the gravity of the situation and the need for prompt action.
The FATF report highlights that, as of 2025, only 40 out of 138 jurisdictions assessed have fully implemented the agency’s crypto standards. This lack of compliance poses a significant risk to global financial stability, with regulatory failures in one jurisdiction having far-reaching consequences globally.
In response to the surge in illicit activities and hacks, FATF has issued a call for stricter regulations on cryptocurrency transactions. The agency emphasizes that virtual assets are inherently borderless, making it crucial for jurisdictions to work together to ensure transparency around cross-border payments.
To achieve this goal, FATF is providing guidance on licensing and registration requirements for VASPs. This move aims to ensure that all crypto service providers comply with AML (Anti-Money Laundering) and CFT (Counter Terrorism Financing) regulations.
As a result, the agency has also published Best Practices on Travel Rule Supervision, offering concrete examples of regulatory frameworks that jurisdictions may adopt when developing their own supervisory systems. This move is designed to ensure consistency across borders and prevent the misuse of cryptocurrency for illicit activities.
In light of these findings, it becomes clear that the global crypto community needs stronger rules to ensure safety and transparency in transactions. The FATF’s call for stricter regulations serves as a wake-up call for countries to take immediate action to protect investors and maintain financial stability.
Sources:
Source: coinpedia.org
