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Crypto & the FATF Travel Rule: FinCEN Suggests Challenges in Governance, Not Technology
The Financial Action Task Force (FATF) Travel Rule has been in the center of attention lately, which concerns crypto transactions above a certain amount must be accompanied by identifying information.The rule is an update to the existing FATF Recommendation 16, regarding cross-border and domestic wire transfers, and is intended to address the anti-money laundering (AML) and counter-terrorist financing (CFT) challenges as crypto adoption increases. The FATF Travel Rule could mean implications for virtual asset service providers (VASPs), including cryptocurrency exchanges, wallet providers, and custodians.
Beware Of Impostors: China Has Not Issued or Released A Date For Its Digital Currency
Owing to this, a statement released by the People's Bank of China on October 13, warned the general public to beware of such fake platforms and organizations as they are not related to the Bank of China.