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
gepubliceerd op Nov 8, 2019
by Cointele | gepubliceerd op Coinage
Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO
Canaan, the world's second largest bitcoin miner maker, intends to raise about $100 million in its initial public offering in the U.S. The Hangzhou, China-based manufacturer of the Avalon bitcoin miners updates its IPO application with the U.S. Securities and Exchange Commission on Nov. 13.
Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push
OneConnect Financial Technology, the fintech arm of China's largest insurance company, filed a prospectus on Wednesday for an initial public offering with the U.S. Securities and Exchange Commission.
BaFin Orders Gold-Backed Token Issuer to Cease-and-Desist Order
The German Federal Financial Supervisory Authority has issued a cease and desist order to Karatbit Foundation to immediately stop unauthorized business in Germany.
Cointelegraph Moderates First Crypto Media Gathering at BlockShow Asia 2019
The pace of the crypto market's expansion would have been much slower without the contribution of dedicated media outlets.