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It’s been one year since @FATFNews told crypto businesses to adopt the #TravelRule.
How has the industry done and which countries still need to do more?
https://www.coindesk.com/fatf-meets-wednesday-to-discuss-travel-rule-for-digital-assets
How has the industry done and which countries still need to do more?
https://www.coindesk.com/fatf-meets-wednesday-to-discuss-travel-rule-for-digital-assets
Today’s @FATFNews plenary session will measure progress on key goals.Still, it’s more a milestone than a deadline.
FATF policy wonk Sian Jones of @XReg_Consulting: “I think this has been overstated. It is a milestone, but it’s not a hard deadline.” https://www.coindesk.com/fatf-meets-wednesday-to-discuss-travel-rule-for-digital-assets
The EU remains a “patchwork” with #GDPR and other privacy regulations, and some countries are falling behind on timelines, says @coolbitx GM Elsa Madrolle: https://www.coindesk.com/fatf-meets-wednesday-to-discuss-travel-rule-for-digital-assets
That said, there’s been a raft of technical solutions offered up by various firms – both from the worlds of crypto and traditional finance...
. @ING_news and @StanChart are the first big banks to build crypto solutions for the @FATFNews #TravelRule. Fidelity @DigitalAssets and @BitGo are also involved in the project.
Another step in the quiet creep of mainstream institutions: https://www.coindesk.com/in-banking-first-ing-develops-fatf-friendly-protocol-for-tracking-crypto-transfers
Another step in the quiet creep of mainstream institutions: https://www.coindesk.com/in-banking-first-ing-develops-fatf-friendly-protocol-for-tracking-crypto-transfers
An important next step is reaching non-custodial wallets and unidentified VASPs in places like Africa and Latin America. That’s why @PelleB and others are rolling out a new “trust framework” for crypto exchanges: https://www.coindesk.com/crypto-identity-startup-notabene-launches-trust-framework-for-fatf-travel-rule
All this follows a messaging standard that was proposed by a leading #TravelRule consortium, @interVASPorg… https://www.coindesk.com/crypto-firms-establish-messaging-standard-to-deal-with-fatf-travel-rule
...and a veritable arms race for making the #TravelRule requirements actually work, technically. https://www.coindesk.com/inside-the-standards-race-for-implementing-fatfs-travel-rule
As the abridged version of the @FATFNews report becomes public in the coming weeks, @CoinDesk will cover how the crypto industry fully reckons with strapping identity onto a technology that’s pseudonymous by design.Watch this space.
