The Tezos Foundation has joined the OpenVASP Association as a member. OpenVASP is an open protocol to implement FATF’s travel rule for virtual assets. Other members include Signum Bank, SEBA Bank, Lykke & Bitcoin Suisse.
In a LinkedIn post created on the 6th August 2020 the OpenVASP Association announced:
The FATF travel rule is thought to be key for blockchains that are looking to maintain compliance concerning digital assets within regulatory frameworks. This area is especially crucial for digital tokens traded upon blockchains and for digital asset service providers such as exchanges and custodians.
The OpenVASP whitepaper created originally by Bitcoin Suisse and published in November 2019, states: “In June 2019, the Financial Action Task Force (FATF) issued updated guidance on “Virtual Assets and Virtual Asset Service Providers” providing additional clarifications on how its recommendations should be understood in the context of virtual asset transactions.”
The Tezos Foundation has been making many recent moves to comply with regulatory frameworks and appears to be developing partnerships that could help smooth the launch of tokenized digital assets and the challenges this market provides. It is presently unclear how De-Fi financial products living on other platforms can comply with such regulatory frameworks, such as the FATF virtual asset travel rule.
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