In October 2019, Mongolia was placed on the list (by the
International Organization for Financial Action Task Force
(FATF)) of countries having strategic deficiencies in their
regimes to combat money laundering, terrorist financing, and the
financing of the proliferation of weapons of mass destruction. 1
year later in October 2020, it was successfully removed from the
list.
In the process of delisting, number 15 of the 40 technical and
professional recommendations issued by the FATF addressed the issue
of "monitoring, regulating and registering virtual asset
service providers, and providing a legal framework for this type of
relations."1 In this context, countries are
undertaken to assess the risks of money laundering, financing of
terrorism and proliferation of weapons of mass destruction in
connection with new technology-based products and services, more
specifically virtual assets, and to establish a legal framework.
Accordingly, the Parliament of Mongolia has
