Singapore and South Korea are most prepared to implement FATF principles
CoolBitX founder Michael Ou says Asian countries are leading the way in introducing a “travel rule” for the FATF, which should be introduced no later than June 2020.
CoolBitX itself has developed a solution to implement the travel rule called Sygna Bridge. It allows exchanges to communicate with each other the personal data of senders and recipients of each transaction.
A few days ago, the company announced the successful testing of Sygna Bridge and its compliance with FATF guidelines. The system also showed that it can verify transactions and identify their affiliation with known terrorists and drug dealers.
“Asia is on the way to changing the crypto industry and could be an example for the rest of the world,” said Ou.
According to Ow, Singapore and South Korea were the most prepared to implement the FATF travel rule. He noted that the relevant amendments were introduced to the Singapore Payment Services Law and the South Korean Financial Transaction Reporting Law.
In 2019, the FATF asked global regulators to use anti-money laundering (AML) guidelines in their legislation, including a travel rule requiring crypto-exchanges to disclose users' personal information. The FATF also made it clear that countries that do not introduce these rules by June 2020 will be blacklisted.
At the end of March, the FATF published a report stating that, among other countries, “the United States is largely compliant” with the requirements of this organization.
Ripple MoneyGram Partner Announces Partnership with Federal Bank
Ripple MoneyGram partner continues to expand its presence in India, forming a strategic partnership with Federal Bank, the country's largest commercial bank. From now on, bank customers can receive money transfers directly to their accounts, which eliminates the need to leave their homes.
Combining Ripple MoneyGram's partner with Federal Bank will help accelerate digitalization in India, which is the largest recipient of remittances in the world. The volume of such reached 82 billion dollars last year. Federal Bank serves millions of customers through 1251 branches located throughout India.
Altzcoin Tezos since the beginning of 2020 soared in price by 85%
Since the beginning of January, the Tezos cryptocurrency (XTZ) has risen by about 85%, the altcoin's capitalization has reached $ 1.8 billion.
The coin is confidently held in the top ten largest digital assets, today it is trading at $ 2.52. The Tezos project loudly announced itself last year, however, since January, its popularity in the cryptosphere began to grow at a more rapid pace.
According to analyst Mati Greenspan, at the moment, the Tezos ecosystem is perceived by many developers as one of the most promising in the cryptosphere.
A pyramid like MMM has caused a rise in the cost of gas in the Ethereum network
According to the observations of The Block analyst Matteo Leibovitsa, the Ethereum network has been significantly loaded for a long time, partly due to the growing popularity of the Ponzi scheme like the notorious MMM.
The MMM BSC website features an image of Sergey Mavrodi, the famous creator of the financial pyramids and altcoin “Mavro”.
According to available information, the stablexcoin Paxos Standard (PAX) is involved in the MMM BSC. The site also says that participants in a "not high-risk" project can earn up to 30% of profits per month.
“This is a community where ordinary people selflessly help each other. This is a global mutual assistance fund. This model allows each participant to get rid of slave money extraction! ”, - say the creators of the project.
Leibovitz noted that the scheme involves the creation of several addresses by the user, as well as multiple transactions and interactions with smart contracts. At the same time, the number of MMM BSC users is growing steadily.
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