The project, announced by Coinbase’s chief compliance officer Jeff Horowitz at the Global Digital Finance event on July 15, aims to assist the crypto industry through compliance with FATF’s money laundering rules. BitGo and Coinbase are also members of the working group created on this subject.

Speaking at the event, Horowitz said, as reported by The Block, that white paper will be based on improving the transparency of the stock market and how data sent from person to person can be shared on a bulletin board.

According to the application; The participants will share the addresses on the board, and if another member requests an address, the two institutions will have the opportunity to share P2P information with each other to keep their address information away from hackers.

The Travel Rule, which is part of FATF’s guidance to global regulators on “virtual asset services providers (VASP)” in June 2019, requires that crypto exchanges collect identifying data on the sender and receiver of a transaction and transmit this information through transactions.

The rule was created in order to prevent terrorist activities and money laundering by enabling the user ID to “travel” between the receiver and the sender in transactions involving more than $ 1000.

It was learned that Gemini, Kraken and Bittrex exchanges will also participate in the working group on the subject. In addition, a uniform model messaging standard was introduced to help crypto firms comply with FATF rules and data to be exchanged between VASPs.

After the general meeting held in June, FATF published a report reflecting the development of countries and the private sector on the subject.

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