In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.
"The new regulations coming from FATF will ultimately change the way crypto companies operate, requiring them to track not only their own customers' transactions, but also where their customers are sending money to," Dave Jevans, CEO of CipherTrace, told Cointelegraph.
One of the main goals of the CipherTrace conference was to gather regulators, banks, crypto companies and programmers together to make sense of the new guidelines, and then build a solution that would allow organizations to easily comply with the FATF rules.
Companies must act nowPrior to working on a compliance solution at the hackathon, a number of panels highlighted the themes and main challenges surrounding the FATF regulations.
The G-20 stated that it already uses the recommendations for anti-money laundering regulation of cryptocurrencies, so crypto companies that fail to comply with the new regulations are likely to face penalties.
While most crypto companies are not yet compliant with the FATF regulations, Jevans, the CEO of CipherTrace, stressed the importance of getting everyone on the same page.
The regulations are clear - now what?As the FATF regulations were brought to light, a number of challenges around ensuring compliance followed.
CipherTrace announced the release of TRISA in September as an open-source, peer-to-peer design for cryptocurrency companies and blockchain projects to comply with the FATF regulations.
All the ingredients for a compliance recipeOverall, the CipherTrace conference and hackathon gathered a unique mix of individuals to discuss the future of cryptocurrency regulations.
The discussions throughout the event demonstrated that action must be taken now to ensure that crypto companies are compliant with the FATF regulations by June 2020."We gathered many tribes that do not typically interact, enabling experts from government, exchanges and privacy groups to understand each other's diverse perspectives," Jefferies told Cointelegraph after the conference.
CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance
Published on Nov 8, 2019
by Cointele | Published on Coinage
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