The crypto ecosystem is perhaps the most critical and potential in its history
he's approaching one of his devastating moments. And very few people know that.
looks like. At least he is the founding partner of Shyft Network and has been on the market for a long time.
Joseph Weinberg believes that this is the case.
He advises the OECD on Blockchain
Weinberg is a new one likely to emerge from the Financial Action Task Force (FATF)
that the application can radically change the way the crypto industry works
New standard, banks share customer information
any virtual, virtual currency exchange
Asset Service Provider (VASP) recommends the FATF recommendation.
To require. FATF is expected to approve the proposal by the end of June.
FATH advice, wallet provider companies and crypto
money exchanges to share data about their customers with each other
It may require; addition of personal data to transactions in general Blockchains
Required. Weinberg, if all this happens, all your data
It will have serious consequences except for data privacy.
The FATF recommendation is incompatible with the regulations and the
Data privacy laws, such as GDP in the EU,
owns its own data. But according to Weinberg, the new
At the same time the users of the exchanges that meet the recommendations of FATF
Weinberg, if the recommendations of the FATF come into force.
said that the only area to remain compatible is banking. Because the new proposal
if approved, to continue working without significant interruption
Weinberg: 9 This will push Bitcoin into the dark ages ‘
with FATF, international money laundering and terrorist financing.
an organization that works for the struggle. Thirty-six members of the United States, China, India
and the world's largest economies, including the European Commission.
Some of the industry representatives are delaying the new application.
it was efforts. Last month, including compliance officers in Elliptic and Diginex
hundreds of industry representatives, including appeals to the FATF in Vienna
However, Weinberg, the support of the great players of these efforts
as well as the community has received support. Worse still, this is the industry
FATF's cryptocurrency suggestion is not applicable
The Electronic Monetary Union, which supports fintech in Europe
(EMA), the new standard of Blockchain technology
Apparently, even FATF initiatives have voiced concern over the new implementation. Chainalysis, which provides surveillance techniques to monitor illegal activities in Blockchain, submitted a report in April, arguing that the industry does not have the necessary infrastructure to carry out this new implementation.
It has a clear effect. Payments supported by Goldman Sachs
The platform Circle, recently had to dismiss 30 employees.
Uncertainty and possible restrictions in the US, the company is extremely nervous
Available FATF President US Treasury official Marshall
Billingslea's term of office before the end of 30 June
rumors among the rumors.
Weinberg said the crypto money industry would probably fit in with these new conditions, while there seemed to be little to do when the new bill seemed to be approved.
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