Crypto exchange BitMEX has published a framework of principles for how best to store additional batches of transactional provenance data, a requirement exchanges face as part of new anti-money laundering (AML) rules.
In order to fall in line with the rest of the financial system, virtual asset service providers (VASPs) have been asked to obtain, hold and exchange information about the originators and beneficiaries of transactions, known colloquially as the “Travel Rule.” Global anti-money laundering watchdog, the Financial Action Task Force (FATF) expects the crypto industry to implement the new rule by June 2021.
The response from the crypto industry has been enthusiastic, including a widely agreed-upon standard for the format of…