The Crypto Travel Rule — Yet Another Restrictive, Backwards Regulation
<p>Remember how cryptocurrency was built for cheap, fast international peer-to-peer transfers? Being able to transfer cryptocurrency across long distances quickly and cheaply is a significant use case for cryptocurrency in general, and there are projects such as Ripple, Stellar, Litecoin, Algo, Nano and many others that were built for this exact use case.</p>
<p>An international advisory board has recently proposed a new cryptocurrency regulation that states that international transfers of over $1000 must be accompanied by personally identifiable information in order to combat money laundering. It would be hard to be more out of touch with what cryptocurrency is and how it works, but nevertheless the FATF have somehow managed to out Gary the Gensler.</p>
<p>This regulation is coming into effect in the UK today, September 1st 2023, and is expected to be adopted by other territories as well. Let’s take a step back to try and understand why a regulation like this is unnecessarily restrictive at best.</p>
<p><a href="https://medium.com/coinmonks/the-crypto-travel-rule-yet-another-restrictive-backwards-regulation-39edf9cb050"><strong>Learn More</strong></a></p>