Japan's bitFlyer has implemented FATFNews' 'travel rule' for crypto transfers. The restrictions target 21 countries and only allow crypto transfers to select platforms in the form of $BTC, $ETH or other compliant tokens. By iamsandali.
The measures that went into effect Tuesday afternoon local time include restrictions on transfers from the exchange to platforms that don't comply with Travel Rule Universal Solution Technology , ato ensure firms comply with FATF's requirements.
The exchange has set notification requirements for receiving and sending crypto to TRUST-compliant platforms in a list of 21 countries, which includes Japan, Israel, Gibraltar, Hong Kong, the Bahamas and Switzerland. BitFlyer further restricts transfers to complaint platforms in these countries to TRUST-compatible crypto assets such as bitcoin , ether and several ERC-20 tokens.
Transfers to and from countries not on this list, as well as transfers to private wallets, can be made in any crypto asset available on the bitFlyer platform, the company said. In accordance with these measures, domestic crypto transfers to and from bitFlyer can be made only to Coincheck, the other TRUST-compatible platform in Japan – and only via bitcoin., which mandates the sharing of crypto transaction information between platforms after the watchdog urged advanced economies grouped in G-7 to take the lead in combating money laundering through digital assets.
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