稳定币与非托管钱包专项报告——点对点交易

Targeted Report on Stablecoins and Peer-to-Peer Transactions The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotespolicies to protect the global financial system against money laundering, terrorist financing and the financing of For more information about the FATF, please visitwww.fatf-gafi.org This document and/or any map included herein are without prejudice to the status of or sovereignty over anyterritory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Citing reference: FATF (2026),Targeted Report on Stablecoins and Unhosted Wallets–Peer-to-Peer Transactions,FATF, France,www.fatf-gafi.org/content/fatf-gafi/en/publications/virtualassets/targeted-report-stablecoins-unhosted-wallets Table of Contents Abbreviations and Acronyms............................................................................................................................ 2 Objectives and Structure...................................................................................................................................... 4Previous FATF Work on Stablecoins.................................................................................................................. 4Scope ................................................................................................................................................................... 5Methodology ....................................................................................................................................................... 5 Background.......................................................................................................................................................... 6 Background on Stablecoin Ecosystem and Definitions....................................................................................... 6FATF Requirements for VASPs and Applicability to Stablecoins...................................................................... 8 Part One: Analysis on Current situation, Threats and Vulnerabilities.................................................... 11 Current Situation ............................................................................................................................................... 11Threat Actors Use of Stablecoins ...................................................................................................................... 12Vulnerabilities ................................................................................................................................................... 18 Part Two: Good Practices to Mitigate Misuse of Stablecoins, Including for P2P Transactions.......... 22 Effective Implementation of FATF Standards .................................................................................................. 22Stablecoin Issuers Applying Controls ............................................................................................................... 24Using Advanced Tools for Detecting and Monitoring Suspicious Transactions............................................... 27Effective Supervision of Stablecoin issuers and other entities involved in stablecoin arrangements................ 29Robust Public-Private Sector Collaboration...................................................................................................... 31Following Investigative Leads .......................................................................................................................... 32 Conclusion........................................................................................................................................................... 34 Annex A: List of Risk Indicators...................................................................................................................... 37 Abbreviations and Acronyms AECsAnonymity Enhanced CryptocurrenciesAML/CFT/CPFAnti-MoneyLaundering/CounteringtheFinancingTerrorism/Counter Proliferation FinancingCBDCsCentral Bank Digital CurrenciesCDDCustomer Due DiligenceDeFiDecentralised FinanceDEXDecentralised ExchangeDLTDistributed Ledger TechnologyDPRKDemocratic People's Republic of KoreaDTOsDrug trafficking organisationsEDDEnhanced Due DiligenceFIsFinancial InstitutionsKYCKnow Your CustomerML/TF/PFMoney Laundering/Terrorist Financing/ProliferationFinancingOTCOver the CounterP2PPeer to PeerPPPsPublic–Private PartnershipsSAR/STRSuspicious Activity/Transaction ReportTFSTargeted Financial SanctionsTRWTravel Rule-covered WalletVAs/VASPsVirtual Assets/Virtual Asset Service Providers Executive Summary 1.Stablecoins have grown rapidly in scale, adoption, and functional integration within boththe virtual asset ecosystem and, increasingly, the traditional financial system. As of mid-2025,over 250 stablecoins were in circulation, with total market capitalisation exceeding USD 30