Crypto Leaders Introduce Open Compliance Protocol for FATF BlockShow Asia 2019
During a panel at BlockShow Asia 2019, several cryptocurrency leaders declared the establishment of a protocol. Open Compliance Protocol intends to carry out privacy during complying with Financial Action Task Force regulation.
The FATF’s travel rule needs digital asset service providers such as cryptocurrency exchanges to gather and share personal information while transactions. The creator of introduced protocol claims it allows VASPs to convey this data in a very secure manner. Yesterday, the consortium issued a whitepaper for the protocol which is called OpenVASP.
The whitepaper explains a protocol that would let VASPs across various jurisdictions transact amongst themselves without knowing each other and without the requirement to get registered with any central entity. The proposal accounts for managed payment messages, end-to-end encryption, privacy and smart contract layer for identity management.
The Head of the Crypto Valley Association’s AML task force, Christine Gschwend stated:
“OpenVASP is a roadmap to FATF compliance that enables VASPs to protect private and business-sensitive data. We hope the community will consider it as a blueprint. Building partners are welcome.”
Golden days for Crypto Collectibles; Fintech Expert | News From BlockShow Asia 2019
Dusan Stojanovic, True Global Ventures 3D Founder said in a BlockShow Asia 2019 in Singapore, this is the “right time” to invest in crypto collectibles.
However, Some of the investors consider Bitcoin as a “Safe Haven” asset and it will have high demand in an uncertain economic world. But, Stojanovic observes the same thing in crypto-collectibles, particularly in the gaming area. He proclaimed that such collectibles could work as recession-resistant assets.
Crypto collectibles are a category of digital asset that is supported by non-fungible tokens. And each of the tokens is unique there is no similarity between the two tokens. Stojanovic sees the high level of opportunity for collectibles in coming time.
“I am bullish about gaming and non-fungible tokens,” he said. “CryptoKitties was the start. I think the timing is right now, way before five years [from now.”
Furthermore, Stojanovic stated that football clubs are “jumping into” the blockchain gaming world right now. The previous month, Germany’s FC Bayern Munich partnered with StryKing Entertainment to create digital collectibles of its players. The Sacramento Kings also made an announcement recently of making a partnership with the creator of Ethereum-powered Kaiju toys, CryptoKaiju, to develop unique collectibles that are blockchain-based.