Serhii Mokhniev, regulatory affairs counsel at CEX.IO, a London-based bitcoin exchange and Blockchain & virtual currencies Working Group member, has published an article in Coindesk expressing concerns at the Financial Action Task Force’s (FATF) upcoming Recommendations. The FATF is expected to adopt a proposal that will impose the standards of wire transfers on blockchain transactions. Despite industry concerns, the FATF appears set on applying the “travel rule,” which means information on payer and payee must be included in any on-chain transaction. A requirement that is difficult to enforce in practice and may have unintended adverse consequences. Serhii calls for a more nuanced approach, which takes into consideration the technical aspects of virtual asset transfers on a blockchain. 

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