The FATF is exercising similar influence over the protocols underpinning decentralized crypto-networks. Yet this intergovernmental organization is not developing its own protocols for enabling the exchange of customer information amongst VASPs. Nor is it leaving protocol development up to its 39 member states.
Rather, the FATF is promoting market competition both among crypto startups, as well as big banks, to come up with protocols ensuring information interoperability amongst VASPs. The FATF's indirect power is as a "market maker,' facilitator and coordinator.
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