Us cryptocurrency exchanges will launch a user data exchange solution to meet the requirements of the financial action task Force (FATF). This is reported by The Block.
Coinbase initiated the creation of the working group. It will include the largest regulated exchanges from the US, including Gemini, Kraken and Bittrex. The solution is designed to increase the level of compliance with the so-called "road rule" (Travel Rule).
The launch of the project was announced by Coinbase's Director of regulatory compliance, Jeff Horowitz, during an online conference, promising to publish the whitepaper within a few weeks. Representatives of Gemini and Bittrex confirmed their participation in the development of the initiative.
Horowitz noted that the data exchange system will be built on the P2P model and will work through a centralized panel. On it, participants will be able to request information about any wallet to establish the identity of the owner. In the future, the working group will consider connecting new participants to the system outside the United States.
In may, participants in the crypto industry presented a data exchange standard acceptable to FATF.
Last week, it became known that the us Tax administration will use analytical SOFTWARE to track transactions from Coinbase. Shortly before that, COINBASE provided its software TO the us Secret service, which reports to the Department of homeland security.
