Regulation is here, and it's growing, and despite what many think, compliance with these regulations protects against malicious intent, argues josephweinberg, co-founder of shyftnetwork.
We have all been there. You see something, hear something, or feel something, and want to share that feeling or observation with someone else. Do you pick up the phone? Send over a text? Record a voice note?
So why wouldn't we expect the same level of seamless communication and collaboration across an industry built around that very idea — total interconnectivity and a global reach? Crypto was built to democratize access to finance, community and technology.
Beyond crafting acronyms, the FATF acts as a global watchdog agency for preventing money laundering in financial transactions. The FATF is responsible for the Travel Rule, a financial regulation that requires banks, crypto exchanges and other crypto players, as of 2020, to share data on participants in financial exchanges exceeding 1,000 USD/EUR. Some countries have even reduced the threshold to zero.
VASP A sends an “information request” to VASP B. To return to the Sunrise analogy again, VASP A wants to talk to VASP B about their experience watching the sunrise. VASP A posts a request for this information from VASP B, who doesn’t respond because the sun has not yet come up where they are. It could be tomorrow, it could be a year, but for now, there is a misalignment that is leading to potential non-compliance for VASP A, which will still be held accountable to its specific regulators.
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