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The Financial Action Task Force (FATF) has raised concerns over the accelerating misuse of stablecoins for illicit activities, despite global progress in crypto regulation. The watchdog’s latest report highlights persistent enforcement gaps and a record-breaking $1.46 billion crypto theft by North Korean actors.
- Only 3.8% of $1.46 billion stolen by North Korean hackers was recovered, highlighting crypto tracing challenges.
- Stablecoins dominate illicit activity, with $30 trillion in annual volume and rising scam sophistication.
- Just 1 jurisdiction is fully compliant with FATF’s virtual asset oversight standards; 21% remain non-compliant.
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Other Tags: DeFi, FATF, Financial Action Task Force (FATF)