ExchangesRegulationsTether

Shyft Network, Tether, Bitfinex, and Huobi Create Task Force to Meet Regulatory Requirements

Shyft Network, with the participation of Tether, Bitfinex and Huobi, has created a task force to develop the Veriscope platform, which aims to make it easier for cryptocurrency firms to comply with regulatory requirements.

Shyft Network co-founder Joseph Weinberg said the Veriscope platform was launched back in July. It is a blockchain-based solution that will help Virtual Asset Service Providers (VASP) comply with regulatory requirements. 

In June 2019, the Financial Action Task Force on Money Laundering (FATF) presented new standards for the international regulation of the cryptocurrency industry. According to these rules, VASPs are required to request the data of senders and recipients of transactions if the transaction amount exceeds $ 1,000.

Weinberg noted that the task force will work together to work out existing regulatory requirements and implement solutions to ensure compliance. At the same time, it is necessary to ensure the proper level of decentralization and user privacy. 

The initiative will be spearheaded by former FATF Executive Secretary Rick McDonell and former FATF Canada Country Manager Josee Nadeau. The project will also bring together heads of large international cryptocurrency firms and virtual asset service providers. The names of the firms and the names of their leaders were not disclosed.

“Any VASP system must provide easy access for everyone, be it an individual user or an organization. That’s why we created Veriscope, the first self-driving model for VASP and those who use their services. This model will ensure that firms are fully independent in how they develop their own businesses, as well as in compliance with regulatory recommendations, ”said Chris Forrester, CTO and co-founder of Shyft Network.

As a reminder, in July cryptocurrency exchanges Coinbase, Gemini, Kraken and Bittrex were also going to launch a user data exchange system to comply with the FATF requirements. In addition, earlier the custodian service BitGo announced plans to introduce a tool for exchanging data between VASPs and their clients in order to prevent money laundering.

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