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How Asia is paving the way for cryptocurrency & FATF travel ruling

How Asia is paving the way for cryptocurrency & FATF travel ruling
  • Michael Ou has said that regulators in Asia are paving the way when it comes to compliance with the financial action task force travel rule.
  • The company has developed a solution and it will allow platforms to communicate to the identities of both senders and receivers of each transaction.

Michael Ou, the founder of CoolBitX has said that regulators in Asia are paving the way when it comes to compliance with the financial action task force travel role which is set to be integrated later this year in June.

Called Sygna Bridge, the company has developed a solution to the travel rule and it will allow platforms to communicate to the identities of both senders and receivers of each transaction on the network. Earlier this month on the 7th of May, the platform announced that it had conducted a series of tests on its cross-border transfers that only proved how effective the new project will be. Especially how effective it will be in complying with the task forces guidelines by verifying transactions against the names of well-known criminals.

Michael said that Asia is a continent, is on the path to change the whole industry of crypto and could even be an example to the rest of the world.

Specifically talking about Japan, Michael said that the country is going to play a big role in the regulation of virtual acid service providers. Given that Japan is one of the biggest economies in the world, it has seen a huge influx of financial institutions of the past few years which have made significant investments into the crypto market. The founder further said:

“It is expected that the soon-to-be-published mutual evaluation report for Japan will also focus on compliance of VASPs with the FATF Recommendations. It would be helpful to other countries if the regulators in Japan, a country seen by many as being at the forefront of digital asset adoption, could demonstrate the measures employed to ensure VASPs comply with FATF’s recommendations.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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