Publication date 10-11-2021, 12:53
This summer, the Financial Action Task Force on money laundering (FATF) pointed out that a majority of countries have not yet implemented the FATF Crypto Guidance (read more here). The FATF Crypto Guidance includes the so-called Travel Rule: the obligation for regulated companies to share identifiable customer data when moving cryptocurrency. The cryptocurrency sector is questioning the usefulness and necessity of the rule, but at the same time they are starting a search for the right technical solution. A group of major US exchanges and custodians, working together in the U.S. Travel Rule Working Group, claims to have found a common technical solution. The white paper was made public earlier and a first version of a proposed solution has now been built.