“In the relentless cat-and-mouse game between regulators and cryptocurrency developers, the cats are about to add some serious firepower – this time in the form of a global alliance.
But if you think the intergovernmental Financial Action Task Force’s forthcoming know-your-customer (KYC) compliance standards spell the end for the mice, think again. If anything, the FATF’s move, expected to be released next month, will drive developers to accelerate work on non-custodial exchanges and other tools that will make it easier for end-users to transact directly outside of regulated intermediaries.
As CoinDesk managing editor Marc Hochstein explained last week , the new rules are likely to require exchanges and other custodial entities that take custody of their customers’ cryptocurrency to obtain identifying information about both parties before allowing a transaction over their platforms.”
read the full cat-and-mouse game by author Michael J. Casey here.
