Popular Dutch bank ING has reported it has developed a solution for tracking crypto transactions compatible with the standards of the Financial Action Task Force (FATF), CoinDesk has reported.
The solution is the result of recommendations shared by the FATF back in October 2018, which recommended including virtual asset service providers (VASPs) within the scope of its anti-money laundering regulations.
The protocol, dubbed Travel Rule Protocol (TRP) and backed by major players such as Standard Chartered Bank, Fidelity Digital Assets and BitGo, will help exchanges and companies dealing with cryptos to comply with this requirement.
It must be noted this is the first time a bank has taken part in the development of such a protocol for the crypto industry.
Hervé Francois, Blockchain Initiative Lead on Digital Assets at ING, said:
"ING, as an innovation leader on blockchain/DLT, sees increasing opportunities with regard to Digital Assets on both asset-backed and native security tokens. With a regulatory first approach, we are actively involved in different working groups to support standardization of this emerging ecosystem and ultimately pioneer mass adoption."
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