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The global anti-money laundering watchdog first issued its virtual asset guidance in 2019. That draft called for crypto exchanges and money transmitters — which it refers to as virtual asset service providers (VASPs) — to meet standards applied to traditional financial companies. Much of this proposed approach focused on a so-called travel rule, which asked VASPs to collect and transmit originator and beneficiary information on parties participating in a transaction.
"Countries should not apply their definition based on the nomenclature or terminology which the entity adopts to describe itself or the technology it employs for its activities...The obligations in the FATF Standards stem from the underlying financial services offered without regard to an entity's operational model, technological tools, ledger design, or any other operating feature," said the guidance.
https://www.theblockcrypto.com/post/122372/fatf-final-crypto-guidance-defi-nft
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