23 Min.
FATF Compliant Crypto Transfers Crypto Finance: Knowledge Session
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- Technologie
Most retail users would agree that it's a good thing that financial institutions that handle their money have some degree of regulatory supervision. Many holders of crypto assets hold in high regards their right to financial privacy and reject any attempts at supervision.
What happens if financial institutions handle crypto assets on behalf of clients? They have to be held to high standards and need to fulfil their AML obligations.
The announcement of an automated and compliant transfer between Crypto Broker AG and Mt Pelerin (https://www.cryptofinance.ch/en/first-automated-compliant-digital-asset-transaction/), itself a big but straightforward and expected step following the recommendations of the Financial Action Task Force (FATF), raised some privacy concerns in the purer crypto-centric community.
We brought in 21 Analytics founder Lucas Betschart to discuss what happened during this transaction, what type of information are and have to be exchanged, and with whom they are shared. We further discuss what impact this has on crypto asset holders who choose to not store their coins with a third party but be their own bank (spoiler: none).
Most retail users would agree that it's a good thing that financial institutions that handle their money have some degree of regulatory supervision. Many holders of crypto assets hold in high regards their right to financial privacy and reject any attempts at supervision.
What happens if financial institutions handle crypto assets on behalf of clients? They have to be held to high standards and need to fulfil their AML obligations.
The announcement of an automated and compliant transfer between Crypto Broker AG and Mt Pelerin (https://www.cryptofinance.ch/en/first-automated-compliant-digital-asset-transaction/), itself a big but straightforward and expected step following the recommendations of the Financial Action Task Force (FATF), raised some privacy concerns in the purer crypto-centric community.
We brought in 21 Analytics founder Lucas Betschart to discuss what happened during this transaction, what type of information are and have to be exchanged, and with whom they are shared. We further discuss what impact this has on crypto asset holders who choose to not store their coins with a third party but be their own bank (spoiler: none).
23 Min.