‘Evil VASP’ Simulation Preps Crypto Exchanges for FATF Travel Rule

Tether, the operator of one of the leading stablecoins in the crypto market has announced it will commence trials of a system that will allow the company to comply with the Financial Action Task Force (FATF) travel rule. The system, that is provided by Notabene, a company that offers ID and travel rule compliance solutions, will allow Tether to automatically communicate travel rule data between Virtual Asset Service Providers (VASPs). Tether Eyes Compliance Solution Tether, the company behind the issuance of the biggest stablecoin by market cap in the cryptocurrency market, USDT,....

A great number of cryptocurrency businesses are preparing for the upcoming Financial Action Task Force (FATF) rules toward cryptocurrencies, specifically the Travel Rule. This month 25 Virtual Asset Service Providers (VASPs) published a paper that outlines how American-based VASPs aim to comply with the FATF Travel Rule. Digital currency companies, otherwise known as Virtual Asset Service Providers (VASPs) in the eyes of global regulators are concerned about regulation and compliance this year. In fact, in the recent report written by the Digital Currency Group (DCG), the survey’s....

“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example," said the organization. The Financial Action Task Force (FATF) reported that 11 out of 98 responding jurisdictions have started enforcing its standards on Combating the Financing of Terrorism, or CFT, and Anti-Money Laundering, or AML.In an update released Thursday on the “Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers,” the FATF reported the “vast majority” of jurisdictions assessed by the organization’s....

Japan has been a member of the FATF since 1990. Japan has made another step toward adopting cryptocurrency Anti-Money Laundering regulations developed by the Financial Action Task Force, Cointelegraph Japan reports.The Japanese Financial Services Agency announced Wednesday that it will adopt the FATF’s travel rule — a set of regulations requiring virtual asset service providers to share transaction data for senders and recipients — by April 2022. “It is required to introduce and implement the travel rule regulations in each country,” the FSA noted.The FSA requested the Japanese Virtual....

A new report claims that about 70% of respondents are either practicing the travel rule or planning to complete their compliance in Q1/Q2 2022. The cryptocurrency industry is eager to comply with the Financial Action Task Force's (FATF) so-called Travel Rule, and appears willing to work with regulators in order to expedite the process, a new survey found.As per a survey conducted by Notabene, a crypto compliance firm based in New York, most of the crypto industry will be Travel Rule-compliant by Q2 2022. Currently, the report claims that about 70% of respondents are either practicing the....