Tether Trials solution to comply with the FATF freestails-
Tether Trials solution to comply with the FATF freestails-
Tether, the operator of one of the leading stable coins on the cryptomarkt, has announced that he will start testing a system that enables the company to comply with the travel sail of the Financial Action Task Force (FATF). The system made available by notaic to a company that offers solutions to comply with ID and travel rules will enable Tether to automatically communicate travel sign data between virtual asset service providers (vasps).
Tether Eyes Compliance solution
tether, the company behind the edition of the largest stable coin after market capitalization on the cryptocurrency market, usdt experiment a solution to him to comply with the travel sail proposed by the Financial Action Task Force. The tested solution of notabene, a software company that offers compliance solutions, enables this information to be passed on between vasps.
The actions of Tether aim to thwart bad actors with usdt that come from illegal sources or in illegal springs go. This solution aims at Tether ( usdt Carry out the stablecoin.
Leonardo Real. CCO from Tether, explained:
It is important that we work with other large vasps to build this industry from scratch. As pioneers of blockchain technology and market leader in terms of transparency
rice rules of the Fatf
The traveling of the FATF, which should be implemented by Vasps, since it is now enforced for traditional financial institutions, stipulates that the information from both parties who carry out a transaction must be shared by the institutions that make them easier to help activities in the event of money laundering or terrorist financing. However, the implementation of this rule in the world of cryptocurrencies was difficult due to the pseudonymous nature of transactions.
For this reason,Sometimes blockchain analyzes and other systems use approaches to comply with the travel sails in the cryptocelt to successfully provide this data. Tether is not the only company that tries to increase vigilance in transactions with its products. In July also Binance implemented a similar system Ciphertrace is provided to meet the requirements of the travel rules and is one of the first stock exchanges that do this.
After the system has been successfully tested, Tether intends to integrate this solution in order to have a better overview of transactions, which with Usdt . At the time of writing, Tether was transparency page notes that today around 70,687,988,377 Tether are in circulation.
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