A group of US crypto exchanges is working on a system to meet the requirements of the Financial Action Task Force (FATF) on money laundering.
Jeff Horowitz, chief compliance officer at Coinbase, says the project aims to assist participants in the crypto sector to comply with the anti-money laundering requirements of the FATF.
The project's white paper will present a framework for increasing transparency in the crypto industry and set the principles of data sharing through a p2p network, as well as a "bulletin board" model on which project participants can publish user addresses. If a member claims an address, they will be able to exchange information out of the reach of hackers.
According to the FATF requirements, crypto exchanges must collect information on the recipients and senders of transactions over $1,000.
So far, BitGo and Coinbase are known to be involved in the project, while according to The Block, Gemini, Kraken and Bittrex are also taking part in it.
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