The FATF ‘Travel Rule’ that cryptocurrency proponents have described as “absurd” will result in a mass shift to compliance among Bitcoin exchanges, new data claims.
FATF Rules Move Closer To Law
In a report issued on September 9, Crystal Analytics, the dedicated offshoot of mining giant Bitfury, forecast possible consequences of cryptocurrency rules likely to become law across the globe by June 2020.
The changes concern member states of intergovernmental body the Financial Action Task Force (FATF). In June, the organization said entities such as cryptocurrency exchanges must take steps to identify parties involved in trades.
In an effort to clamp down on illegal activity, the FATF’s suggestions gained support from states including the G20, which pledged to implement them.
At the same time, huge criticism came from the crypto industry itself. The FATF, it argued, was trying to treat crypto transactions like banking transactions – a policy which would ultimately fail.
The original demands include identifying senders and…