fathom

fathom

Fathom's decentralized protocol, through the consensus of the knowledge community, creates a common credential ecosystem, enabling the community to form around the concept of caring about each other, encouraging members to use these definitions to accurately evaluate those who wish to obtain certificates and join the community. Any individual can learn at will and collaborate with anyone in the world.

FATF plans to strengthen the global regulatory framework for crypto exchanges: Jinse Finance reported that the Financial Action Task Force (FATF) said in its report to the G20 finance ministers and central bank governors on Tuesday that regulators need to cooperate (Travel Rule)” are more effective. As such, the organization will work to develop an international framework for authorities to coordinate and share information on virtual asset service providers (VASPs). The FATF said this would make global regulation of cryptocurrencies and stablecoins more effective. The ultimate goal will be a framework that forms the basis of a global network of crypto industry regulators. The FATF recommendations are being followed by more than 200 countries, with regulators meeting in October to discuss how to create a stronger global regulatory framework for cryptocurrencies. [2020/7/7]

Dynamics | The Bank of Korea’s enhanced monitoring of anonymous transactions in cryptocurrencies may be related to the new FATF regulations: According to news from the financial world on July 5, local media in South Korea reported that Shinhan Bank, the second largest financial group in South Korea, plans to monitor cryptocurrencies Stricter monitoring of user accounts is being implemented with the goal of completely abolishing anonymous cryptocurrency transactions in South Korea. The bank will reportedly take "special measures" and assign specialists to analyze exchange accounts and check transactions. It also said it would work on developing an artificial intelligence system that will use deep learning to analyze and detect illegal transactions accurately and quickly later this month. The industry has recently come under additional pressure due to the recent Financial Action Task Force (FATF) mandate that cryptocurrency exchanges share customer information. South Korea, on the other hand, is likely to strictly abide by the requirements of the Financial Action Task Force (FATF). However, the Shinhan Bank news does not seem to have aroused concern among Korean exchanges. “The Korean government only allows Bithumb to use NH Bank, so we have nothing to do with Shinhan Bank and their news has nothing to do with our business,” said a source at Bithumb, an exchange run by Singapore-based Block Controlled by the Blockchain Exchange Alliance (BXA), it is in some ways the largest exchange in South Korea. [2019/7/5]

Voice | Putin Spokesperson: Russia Should Heed FATF’s Instructions on Digital Currencies First: According to bitcoinexchangeguide, Putin’s spokesman, Dmitry Peskov, special representative for digital and technological development, said the country should not rush to Introduce encryption regulations. Lawmakers should wait for direction from the Financial Action Task Force (FATF) on digital currencies before rolling out the latest version of draft crypto regulations. The FATF, which has been working to address the money laundering and terrorist financing risks that crypto assets can pose, is expected to issue its guidelines soon. [2018/10/20]

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