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This is a TRIAL job. Please create 3 articles plus images to post on LinkedIn to appeal to CEO, CFO, CIO and Entrepreneurs. The content should be shareable and relevant.
Guidelines for Travel Rule Solutions
The Cryptocurrency ecosystem is facing its biggest challenge yet. Since FATF announced its guidance that transactions involving cryptocurrencies needs to adhere to the Travel Rule, like other financial transactions, exchanges (aka Virtual Asset Service Providers=VASPs) are scrambling to respond. But how do they find a solution that satisfies regulators and is still compatible with the open, permissionless principles on which blockchain technology was founded?
Unlike previous compliance challenges where each provider could solve them on their own, this will require careful coordination and governance from the industry as a whole to ensure that things go in the right direction.
Set the stage –
FATF’s guidance set the ball in motion. (Although it started with their consent decree with Ripple in 2015).
Since then, FINMA has issued guidelines for Swiss exchanges limiting digital asset transactions to only those customers whose identity can be verified.
The Dutch Central bank is requiring crytpo trading companies to register in order to operate there
South Korean exchanges have begun de-listing Privacy Coins.
Solutions have to work with both custodial and non-custodial wallets, and all types of coins, including privacy coins.
Otherwise you violate the open, permissionless idea of blockchains. That will lead to a world where there are VASP only ecosystem, and other ecosystems for non custodial wallets. Not consistent with the vision of expanding access to money for the world’s population in a global open marketplace.
Privacy coins should still be able to be exchanged, as long as the individual transaction details are captured, offchain.
Some proposed solutions are taking a completely VASP-centric approach, focused only on what VASPs need to work with each other. They are not recognizing how this could result in problematic fragmentation of both providers and coins.
It is critical that we not simply “recreate SWIFT” on top of crypto networks.
Solutions shouldn’t create centralized, closed systems.
There should be no central list that determines who is and who isn’t a VASP as that definition will change based on the jurisdiction of the company and the customer.
No one should own or charge for the communications channel, similar to HTTP and TCP/IP the communications should be an open sourced standardized protocol that is available to everyone to use and contribute to enhance over time
Avoid vendor lock-in, which doesn’t promote competition
Don’t want create chokepoints, limited by one provider’s ability to scale or manage
A closed system would essentially create another SWIFT, which no one wants
Create a peer-to-peer system that’s open source/open standards.
Create a model where you do not need to trust your counterparty before the transaction even begins.
Solutions need Flexibility
Jurisdictions will have different requirements and a solution must be flexible to that
Sanctions are most assuredly coming next and the solution that is built today should be ready for tomorrow