Travel Rule - One Of The Most Significant Regulations In Crypto
In this episode of Unchained Podcast with its host Laura Shin, Dave Jevans, CEO of CipherTrace, and Siân Jones, Senior Partner at XReg Consulting, explain Financial Action Task Force's travel rule and how it applies to businesses in the crypto space.
During these 70 minutes, they discuss:
- Their journey into crypto.
- What the travel rule is.
- The consequences for countries that are not compliant with the travel rule.
- Whether the regulation will apply to staking providers in the future.
- What companies and transactions that will be covered under the rule.
- What type of information that has to be provided to the regulators.
- How banks comply with the travel rule.
- Different open standards for sharing information.
- The “sunrise problem.”
- The security of user data being shared.
- How it applies to central bank digital currencies and centralized stablecoins.
- How the rule might affect privacy coins.
- The inherent contradiction between the cypherpunk philosophy and regulatory compliance.
- Unintended consequences of the travel rule.
- How the travel rule may play out in the coming years.
The episode was first published on August 4, 2020.