Crypto exchanges will be obliged to gather customer data

[mlawson71]

The Financial Action Task Force (FATF) – the international anti money-laundering body, adopted a new set of rules according which all crypto exchanges will be required to gather and share data about their customers.

The FATF decisions do not translate automatically into the national legislations, but since the organization is backed by more than 200 countries including the U.S. any country that fails to comply will probably be blacklisted.

Crypto exchanges or Virtual Asset Service Providers (VASPS) as they are called in the document, will have 12 months to adopt the news policy.

More specifically the customer information gathered by all VASPS will have to include the name, the crypto wallet number, physical address and national passport number (ID) both for the sender and the recipient of the funds.

Source

[Niteroy]

Data collection and KYC have already become mandatory on many cryptocurrency exchanges and platforms. Even the decentralized IDEX exchange has introduced KYC. If we want to have regulation and control by the state, then we must be prepared for the fact that we will need to provide personal information to exchanges. Perhaps this will increase the spread of cryptocurrencies around the world.