Companies Competing to Create Crypto's FATF Solution

[rmilly]

The Financial Action Task Force recently recommended a set of compliance guidelines for crypto exchanges. One in particular looked at the 'travel rule' requiring exchanges to verify and keep records of users identities when sending between exchanges. This article shares some of the companies dealing with the response to this recommendation.

I found the company CipherTrace's TRISA one of the better solutions because it has no associated costs, looks to obtain as much privacy as possible and will likely define the standard across all exchanges.

Will be interesting to see what the best solution will be regarding compliance and regulations.


https://www.financemagnates.com/cryptocurrency/news/the-companies-competing-to-create-cryptos-fatf-solution/

[ccryptopark]

I didn't realize there were multiple companies competing to fix this recommendation. I had heard about TRISA before but the others not so much. I know these aren't laws yet but instead recommendations so it'll be interesting to see what exchanges choose to do

[avikz]

I didn't realize there were multiple companies competing to fix this recommendation. I had heard about TRISA before but the others not so much. I know these aren't laws yet but instead recommendations so it'll be interesting to see what exchanges choose to do

That's why the article clearly wrote,

The first solution, rather than the best solution, may become the industry standard

Ciphertrace is the pioneer company in the market of blockchain analytics and global compliance. However, it is highly unlikely to see a lot of different solutions being adopted by the crypto businesses worldwide to comply with the FATF guidelines. Moving into an unified solution will be less confusing and more market friendly!

[Mandoy]

There are really many companies that offers solutions to FATFs guidelines. Well at least the crypto world is not just sleeping amidst the new regulations set by the FATF. The FATF guidelines will protect investors and users from scammers while they protect the country's security from criminals, money launderers, terrorist and other syndicates that uses cryptocurrency in their transactions. But even though its advantageous this guidelines signals the end of cryptocurrency privacy.

[rosezionjohn]

It's just how it is. If there is a problem that needs to be solved, some company will try to fulfill that need.

In this case, the FATF compliance is the problem by most exchanges and companies like Ciphertrace is looking to take the lead in providing solution for these exchanges.

Binance had already started the move to comply by collaborating with a company called Coinfirm https://cointelegraph.com/news/binance-integrates-coinfirms-aml-platform-to-comply-with-fatf-rules

It will be interesting to see how these companies compete and say "we have the better compliance procedure"