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SWIFT-based FATF Rules Poor Fit for Crypto Industry, Says V20 Speaker


A speaker at the V20, a crypto conference held parallel to G20 summits, have suggested that the Financial Action Task Force (FATF) so-called Travel Rule and accompanying guidelines may not be fit for purpose – and may be based on outdated, centralized models.


The Travel Rule is part of a set of FAFT guidelines that will call on governments to oblige virtual asset service providers (VASPs) in their countries to register with regulators, and adopt the kind of KYC (know your customer) and AML (anti-money laundering) protocols that many banks are required to observe.


The Travel Rule necessitates that VASPs share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending bitcoin (BTC) to has a verified identity.


But ahead of the V20 meeting, one of the speakers, Alexandre Kech, CEO of Singapore-based digital asset custodian Onchain Custodian and the Co-Chair of the GDF Custody Working Group, told Cryptonews.com that although the FATF has “progressively become more open to dialogue with the industry” and had indicated it was prepared “to discuss implementation challenges together,” he still had reservations about the guidelines.

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