New FATF guidelines require professional crypto consultation

[jjbanks994]

Is it really true that Ciphertrace will be responsible for helping to set this up? I do not think it is true. They would help maybe but they cannot be the ones doing it all and taking the lead can they? Does not make sense a private company is doing this for such an organization. Maybe I do not understand how it works.

ciphertrace isn't regulating or enforcing anything.

this is what's happening: the FATF travel rule---if governments pass it as law---will require exchanges to obtain KYC about account holders and also KYC about the recipient of external withdrawals. so ciphertrace is creating a software for crypto services so they can confidentially verify that the service sending a transaction has completed the extended KYC demanded by the travel rule.

this model won't necessitate constantly sending KYC data back and forth between services, which is the problem ciphertrace is trying to solve.

Thanks so much for clarifying what exact ties CipherTrace has with the travel rule and implementing regs

[wattcrypto]

I will be interested to see if exchanges choose to implement Ciphertrace's TRISA or choose to delist coins like OkEx did

[figmentofmyass]

I will be interested to see if exchanges choose to implement Ciphertrace's TRISA or choose to delist coins like OkEx did

to clarify, this was only okex korea, their south korean exchange. okex reps have confirmed their other platforms will continue to list privacy coins, so it's perplexing why they are citing the FATF travel rule as the reason.

this could be a sign that south korea is on the verge of implementing the travel rule. if other korean exchanges follow suit, it'll be a clear sign.

[malevolent]

to clarify, this was only okex korea, their south korean exchange. okex reps have confirmed their other platforms will continue to list privacy coins, so it's perplexing why they are citing the FATF travel rule as the reason.

this could be a sign that south korea is on the verge of implementing the travel rule. if other korean exchanges follow suit, it'll be a clear sign.

Must be some internal South Korean regulation then, or other way of exerting pressure.  If other South Korean exchanges follow, it won't be the end of the world, but if other major exchanges around the world start adopting this rule to the letter, I'd start worrying.