APG Training Series: Session 3 - Frameworks and Preventive Measures

2 June 2022

On 24 May the APG delivered the third workshop in its training series on Virtual Assets (VA) and Virtual Asset Service Providers (VASPs).

The workshop focused on Frameworks and Preventive Measures and was attended by participants from 29 APG members and 6 APG observers.

Participants heard from the APG Secretariat on an overview of the framework options and preventive measures, and from Mr Habuchi Takahide from Japan, who is the Co-Chair of the FATF’s Virtual Assets Contact Group (VACG), on an update of the FATF’s work on VA/VASPS focussing on the travel rule and general findings on implementation of the requirements.

Three members presented on their experience in implementing a framework for VA and VASPs; China (Dr Yun Wu of the People’s Bank of China) on China’s prohibition framework, and Thailand (Mr Alongkorn Thirasat of the Anti-Money Laundering Office Thailand) and Malaysia (Mr Raja Adamullah Raja Shah Malik of Securities Commission Malaysia) on their regulation framework. There were a number of best practices shared by the speakers on the implementation of such frameworks.

The final workshop of the training series will focus on risk-based supervision, international cooperation and enforcement, trends and methods and future outlook. This fourth workshop is expected to be held in the second half of 2022.