Bitcoin News and Finance Travel Rule Implementation Still Far Off Due to Tech Limitations, Australian Regulator Reports Skip to main content

Travel Rule Implementation Still Far Off Due to Tech Limitations, Australian Regulator Reports

australian

The Australian Department of Home Affairs stated that the country lacked the technical capabilities to implement a system that complies with the travel rule proposed for cryptocurrencies. The Department concluded this in an appearance before the Senate in Australia last Friday. However, the Australian Department also stated that, if implemented, the system would be a game-changer for preventing crypto-related crimes.

Australian Department Thinks Tech to Implement a Crypto Travel Rule Is Still Not Present

Last Friday, the Australian Department of Home Affairs acknowledged that it lacked the technical capabilities to implement a travel rule system for crypto transactions. The remarks were made by Daniel Mossop, assistant secretary of Australia’s Department of Home Affairs during a session with the Australian Senate. Mossop stated:

“I think it depends on the way that [the travel rule] is implemented so a technological solution that takes a lot of the legwork out of that would be a game changer. [But] we are not at the point where, globally, there is such a technological solution.”

Bradley Brown, national manager of the Australian Transaction Reports and Analysis Centre, who also appeared in the Senate session, shared the same opinion on the issue. He stressed that to implement the travel rule in the country would need a solid technologic solution behind it.

FATF Crypto Travel Rule

The Financial Action Task Force (FATF) recommended the implementation of a travel rule on cryptocurrency transactions since June 1st, 2019. The implementation of this travel rule would mean that a global system of interchanging information would have to be integrated into wallets and virtual asset service providers like exchanges and wallet operators. However, due to the pseudonymous traits of most cryptocurrencies, this has been difficult to implement.

Most countries are still not compliant with the travel rule completely. According to a report issued by the FATF on June 25, most countries haven’t been able to implement this solution. The report states:

The majority of jurisdictions have not yet implemented the FATF’s requirements, including the “travel rule”. This disincentivizes further investment in the necessary technology solutions and compliance infrastructure… We do not yet have global safeguards to prevent the misuse of VASPs for money laundering or terrorist financing.

Some exchanges have implemented systems that claim to comply with the travel rule automatically. This is the case of Binance, which announced the implementation of Traveler on July 2, a system designed by Ciphertrace, one of the biggest crypto intelligence companies. Traveler would address Binance’s travel rule compliance, according to the software provider Ciphertrace’s claims.

What do you think of FATF’s travel rule applied to crypto? Tell us in the comment section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory