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Many crypto companies do not accept the Crypto Travel Rule
01.07.2022
The FATF is alarmed that most jurisdictions lack the commitment to enact the Crypto Travel Rule, under which a crypto company is required to conduct customer identification.
According to bits.media, having studied the FATF report, one can see that in the early spring of this year, this rule was adopted by no more than 20% of jurisdictions. In this regard, jurisdictions should promptly implement the Crypto Travel Rule into their policies and monitor its implementation by users.
The International Organization for the Development of Financial Action to Combat Money Laundering also notes that such a problem is typical for different countries, so it asks the states that are part of it to quickly change the legislation. The risk for the cryptocurrency market is quite high. Most of all, this concerns non-hosted wallets, decentralized finance services, non-fungible tokens.
The FATF also urges not to forget the following: cryptocurrency service providers and other financial institutions must send each other information about the sender and recipient of transactions. This is regulated by the Crypto Travel Rule in order to avoid the misuse of services related to cryptocurrency, in particular, the commission of terrorist and criminal acts.
In mid-spring of this year, the International Organization for the Development of Financial Action to Combat Money Laundering noted that it was alarmed by the non-compliance of crypto companies in most countries with AML.
According to bits.media, having studied the FATF report, one can see that in the early spring of this year, this rule was adopted by no more than 20% of jurisdictions. In this regard, jurisdictions should promptly implement the Crypto Travel Rule into their policies and monitor its implementation by users.
The International Organization for the Development of Financial Action to Combat Money Laundering also notes that such a problem is typical for different countries, so it asks the states that are part of it to quickly change the legislation. The risk for the cryptocurrency market is quite high. Most of all, this concerns non-hosted wallets, decentralized finance services, non-fungible tokens.
The FATF also urges not to forget the following: cryptocurrency service providers and other financial institutions must send each other information about the sender and recipient of transactions. This is regulated by the Crypto Travel Rule in order to avoid the misuse of services related to cryptocurrency, in particular, the commission of terrorist and criminal acts.
In mid-spring of this year, the International Organization for the Development of Financial Action to Combat Money Laundering noted that it was alarmed by the non-compliance of crypto companies in most countries with AML.
