<h2><strong>One-Time Members of FATF Get Into the Blockchain Technology</strong></h2>
One-time members of the Financial Action Task Force (FATF) have now turned to the Shyft Network's advisory board.
In a press release, took place on Oct 28, <a href="https://developer.ibm.com/solutions/blockchain-app-development/?cm_mmc=Search_Google-_-Developer_IBM+Developer-_-WW_AS-_-%2Bblockchain%20%2Btechnology_b&amp;cm_mmca1=000019RS&amp;cm_mmca2=10004807&amp;cm_mmca7=9061660&amp;cm_mmca8=aud-396679157191:kwd-299955758398&amp;cm_mmca9=CjwKCAjwxt_tBRAXEiwAENY8hYXxYgQZrv7rL4DMdoUhQPimTPa-oXR9dukTGdCywmpHfyp6wA08xxoCMxUQAvD_BwE&amp;cm_mmca10=386241989994&amp;cm_mmca11=b&amp;gclid=CjwKCAjwxt_tBRAXEiwAENY8hYXxYgQZrv7rL4DMdoUhQPimTPa-oXR9dukTGdCywmpHfyp6wA08xxoCMxUQAvD_BwE&amp;gclsrc=aw.ds">public blockchain protocol</a>, Shyft Network declared the joining of the two former members of FATF. As per the release, Josee Nadeau, former head of the Canadian delegation to the FATF, joined the Shyft's advisory team by latest. Also, the former executive secretary at FATF, Rick McDonell followed the same route.
The FATF is considered as one of the significant financial regulatory organizations all over the world. While the organization cannot administer the recommendations, the commitment to its guidelines is significant for the financial inclusion in leading economies and markets.
This year in June, the FATF released some fresh guidelines on digital assets regulation. These guidelines are of similar benchmarks to that of usually backed by the banking industry for the crypto industry.
Furthermore, in travel rule, the FATF guidance requires regulator and Virtual Asset Service Providers (VASPs). This requirement aims to collect, hold and transfer data regarding the originator and facilitator's identity that involved in any transaction.
One of the Shyft's aims is to execute an industry-wide solution to the FATF travel rule introduced to VASPs by using Shyft's identity passporting, database bridging, and data attestation infrastructure. With the vast experience in FATF and various organizations, Shyft hopes that Nadeau and McDonell would provide significant advice with regard to this intention.
<h2>Deadline Of One Year for Shaping Regulatory Framework</h2>
Moreover, The FATF has given a one-year deadline to local authorities and <a href="https://www.cryptoknowmics.com/crypto/thailand-to-amend-the-countrys-laws-to-include-cryptocurrency-under-anti-money-laundering-rule/">VASPs</a> to form the regulatory framework. And the deadline has been given in order to develop such a framework that acts in accordance with the travel rule.
John Roth, the compliance and ethics officer at a crypto exchange, Bittrex made a statement. He said, though FATF has given a deadline to VASPs, a competent solution may take time due to the diversity of the industry and prominent expense of a new mode of gathering significant data.
He stated further:
“No one in the industry is currently compliant with the travel rule, an issue that we 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.”

One-Time Members of FATF Get Into the Blockchain Technology

Top Picks