BROADCASTS.com

Dave Jevans, CEO of CipherTrace, and Si\xe2n Jones, Senior Partner at XReg Consulting, give the lowdown on the Financial Action Task Force\u2019s travel rule and how it applies to businesses in the crypto space. They discuss:\n\ntheir background and journey into crypto\n\nwhat the travel rule is\n\nthe consequences for countries that are not compliant\n\nwhether the regulation will apply to staking providers in the future\n\nthe type of companies and transactions that will be covered under the travel rule\n\nthe type of information that has to be provided\xa0\n\nhow banks comply with the travel rule and whether crypto companies can use the same system\n\nthe different open standards available for sharing information\n\nhow the information will get shared between entities who use different travel rule solution providers\n\nthe \u201csunrise problem\u201d in which different companies implement their compliance systems at different times\n\nthe security of user data being shared between different entities\n\nhow it applies to central bank digital currencies and centralized stablecoins\n\nhow the rule would affect privacy coins\n\nthe inherent contradiction between the cypherpunk philosophy and regulatory compliance\n\nunintended consequences of the travel rule\n\nhow the travel rule may play out in the coming years\n\nA glossary of terms discussed in the episode:\xa0\nFATF: Financial Action Task Force, an intergovernmental organization that develops policies to combat money laundering and terrorist financing\nVASP: virtual asset service providers, who are custodial entities that run fiat-to-crypto or crypto-to-crypto exchanges, or run businesses related to transfer and safekeeping of virtual assets and financial services.\nFinCEN: Financial Crimes Enforcement Network, the United States federal bureau that analyzes information about financial transactions in order to fight money laundering, terrorist financing, and other financial crimes\nFCA: Financial Conduct Authority, the financial regulatory body of the UK\n\xa0\nThank you to our sponsors!\xa0\nCrypto.com: https://www.crypto.com\xa0\nTezos: https://tquorum.com/\n\xa0\nEpisode links:\xa0\nDave Jevans: https://twitter.com/davejevans\nCipherTrace: https://ciphertrace.com/\nSian Jones: https://twitter.com/COINSULT\nXReg Consulting: https://www.xreg.consulting/\nFinancial Action Task Force (FATF): https://www.fatf-gafi.org/\n\xa0\nThe Osaka conference where crypto got serious about FATF\u2019s travel rule: https://www.coindesk.com/inside-the-osaka-conference-where-crypto-got-serious-about-fatfs-travel-rule\n\xa0\nWill Osaka be crypto\u2019s Bretton Woods moment? https://forkast.news/will-osaka-be-cryptos-bretton-woods-moment/\n\xa0\nInterVASP Messaging Standard: https://intervasp.org\nOpenVASP: https://openvasp.org\nOpenVASP white paper: https://openvasp.org/wp-content/uploads/2019/11/OpenVasp_Whitepaper.pdf?cache=1\n\xa0\nFATF report on \u201cso-called stablecoins\u201d: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf\n\xa0\nOKEx\u2019s Korea arm delisted privacy coins: https://www.theblockcrypto.com/post/39724/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule\n\xa0\nSome of the potential FATF compliance solutions:\xa0\nTravel Rule Information Sharing Alliance (TRISA): https://trisa.io/\nCoinbase\u2019s messaging board solution: https://www.theblockcrypto.com/daily/72293/coinbase-exchanges-fatf-travel-rule-solution\nCoolBitX: https://www.theblockcrypto.com/post/56853/coolbitx-raises-16-75m-series-b-to-help-crypto-exchanges-comply-with-fatfs-travel-rule\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices