Cryptocurrency custody and settlement technology firm Qredo has thrown its hat into the ring of compliance solutions aimed at bringing digital assets in line with anti-money laundering (AML) guidance set out by the Financial Action Task Force (FATF).
The FATF included firms that handle crypto transactions, known as virtual asset service providers (VASPs), within its ambit back in mid-2019. The guidance requires exchanges, trading desks and custodians to transfer personally identifiable information along with crypto transactions over a certain threshold, known as the “Travel Rule.”
The Qredo approach is also useful in the way that it plugs into a range of blockchain analytics tools that many firms will already be familiar with, said Ben Whitby, the firm’s head of compliance. This includes the likes of Chainalysis, Elliptic, TRM Labs, ComplyAdvantage, Coinfirm, VASPNet and Crystal Blockchain.
Whitby said most of the crypto firms Qredo spoke with had spent a good deal of time and money...
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