Since the Financial Action Task Force, or FATF, introduced its controversial “travel rule” for businesses in the crypto space, the debate over the suitability of established regulatory frameworks for cryptocurrencies has been unrelenting.
Some experts, however, believe that the industry’s experience with the FATF guidelines is only the tip of the iceberg, and points to more significant challenges down the line.
During the concluding panel of the V20 conference on Nov. 18, Siân Jones said that the collision between new, decentralized models of finance and older models of regulation has implications that both regulators and the community are not yet really tackling head-on.
XReg Consulting, where Jones is a founding and senior partner, is a group of former regulators who have practical experience in developing public policy and regulation for blockchain and crypto assets. During the panel, Jones said that the FATF’s overall framework for preventing money laundering, and its travel rule in particular, emerged out of a different