Former members of the Financial Action Task Force have joined the Shyft Network's advisory team.
In a press release shared with Cointelegraph on Oct. 28, public blockchain protocol Shyft Network announced that it was adding the former head of the Canadian delegation to the FATF, Josee Nadeau, and former FATF executive secretary Rick McDonell as members of its board of advisors.
The FATF is one of the most important financial regulatory organizations worldwide.
While it cannot enforce recommendations, adherence to its guidelines is important for financial inclusion in major economies and markets.
In late June, the FATF issued new guidelines on how digital assets should be regulated.
In what has now become known as the travel rule, the FATF guidelines require regulators and Virtual Asset Service Providers to collect and share personal data regarding transactions.
One of Shyft's goals is to implement an industry-wide solution to the FATF travel rule presented to VASPs by using Shyft's identity passporting, database bridging and data attestation infrastructure.
With their experience in the FATF and other major regulatory organizations, Shyft expects Nadeau and McDonell to provide valuable advice in regard to this goal.
The FATF has given local authorities and VASPs exactly one year to form a regulatory framework that complies with the travel rule.
"No one in the industry is currently compliant with the travel rule, an issue that us and other exchanges are discussing solutions to. The issue here is that a solution would require consensus in the industry and require the use of new and untested solutions to handle the speed and volume of data."
Former FATF Members Join Board of Advisors at Blockchain Company
Published on Oct 29, 2019
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.