The FATF has required what the company calls “onerous” reporting and record-keeping of exchanges.
The letter, which Chainalysis sent to the FATF, criticizes the organization’s demands to make cryptocurrency exchanges identify and keep records of senders and recipients involved in cryptocurrency transactions.
These demands had surfaced at the end of February, with the FATF subsequently inviting public feedback on its literature.
According to Chainalysis, such requests would place exchanges, which the FATF calls “Virtual Asset Service Providers (VASPs),” in an almost impossible position.
Should exchanges shut down due to non-compliance, illicit activity would be driven underground to decentralized…
Read Full Story : Cointelegraph.com News