Tether to test the emergency control system of notaic to comply with the AML laws

Tether to test the emergency control system of notaic to comply with the AML laws

Tether Holdings Limited, the issuer of the market capitalization of the greatest stable coins, has recently announced the integration of notaing to manage the regulatory and counterparty risk in crypto transactions.

Tether to act against illegal transfers

According to an announcement on Tuesday, Tether will test the Notabene platform to comply with the Crypto Travel Rule-a mandate that was set on June 20, 2021 by the Financial Action Task Force (FATF).

The end-to-end solution of Notabene will enable Tether to combat illegal transmissions by transferring user data for large cryptocurrency transmissions to vasps.

to support cryptocurrency exchanges, providers of digital wallets and financial institutions with the new FATF frame request, #Tether will start testing the notabene platform.⬇️ https://t.co/9gupq15as6

-HALDSEID (@Tther_to) . October 2021

The Reiseregel stipulates that Virtual Asset Service provider (VASPS) must comply with the same laws as regulated financial institutions and compulsory organizations. Vasps must carry out KYC processes (Know your Customer) and exchange associated customer information between counterparties if they transmit a certain amount of digital assets.

tether is "fully committed to transparency"

the step takes place after Tether was checked by supervisory authorities such as the US Commodity and futures trading commission (CFTC) punishes tether and his parent company Bitfinex pay fines of $ 42.5 million due to misleading entitlements about the USDT token.

tether claims to comply with the global regulatory guidelines and to fully commit themselves to transparency.

"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, we are not only committed to complying with new rules. To create services for customers worldwide. " Said Leonardo Real, CCO from Tether.

The critics of Tether do not think the same thing. How crypto potato , Bloomberg published a controversial report entitled "Anyone Lakes Tether’s Billion?" -claims that the stable coin emittent is a fraud because it does not have the assets to cover the USDT token.