Crypto Terms:
Letter F
What is FATF Travel Rule?
Meaning:
FATF Travel Rule -
regulatory guidance regarding sharing information for large-scale crypto transactions.
Let's find out FATF Travel Rule meaning, definition in crypto, what is FATF Travel Rule, and all other detailed facts.
The Financial Action Task Force (FATF) travel rule is a 2019 update to Recommendation 16 of the regulatory guidance known as the FATF Standards. This particular update touches on battling crypto money laundering (AML) and terrorism funding (CFT).
Based on the FATF, countries must ensure that the domestically operating virtual asset service providers (VASPs) implement measures making it easier to share personal information with the transaction counterparty VASPs while transmitting a transaction that exceeds $1000. VASPs, in this case, refer to cryptocurrency exchanges and custodial platforms.
Such regulatory measures allow governments to collect data from users conducting transactions valued at more than $1000. The information includes the name, account number, and the number of accounts participating in the transactions. Data such as proof of address, identity, or date and place of birth may also be required.
Financial institutions, including VASPs, must share this information with each other, particularly regarding the transactions covered by the regulatory threshold. Financial institutions have to take responsibility for ensuring data accuracy and upkeep. According to the regulation, any financial institution or cryptocurrency business may fall under the VASP category.
Paris Saint-German Fan Token (PSG)<\/strong><\/a>, can also be found on the <a href=https://www.bitdegree.org/"//crypto//best-cryptocurrency-exchange/">leading crypto exchanges<\/strong><\/a>. However, there are some that can’t be listed because they are not verified or tangible enough.<\/p>\n<p>Besides, do keep in mind that the utility of each fan token is restricted to the specific sports team the token is created for. Moreover, like many other cryptocurrencies, <strong>fan token values can either increase or decrease<\/strong> as a result of supply and demand.<\/p>\n<p>A few football enthusiasts that are familiar with these tokens have indicated that prices are <strong>influenced by the team’s performance or movements<\/strong>. This may be shown in new player signings, management changes, and league results.<\/p>\n<p>For instance, the PSG token had a +300% price increase a couple of days after one of the best football players in the world, Lionel Messi, transferred from the Spanish team, Barcelona, to the French club, PSG. The PSG token's price plummeted once the transfer was completed, but it spiked again a few days after.<\/p>","definition":"a digital asset issued by a certain sports team that allows its users to participate in governing activities as well as get special discounts and prizes.","status":"published","meta_title":"What is Fan Token? Definition & Meaning | Crypto Wiki","meta_description":"Fan Token meaning: Fan Token - a digital asset issued by a certain sports team that allows its users to participate in governing activities as well as get special discounts and prizes.","meta_keywords":null}"
:model="{"id":333,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Financial_Action_Task_Force","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-04T03:38:47.000000Z","slug":"what-is-fatf-travel-rule","title":"What is FATF Travel Rule?","section":"F","keyword":"FATF Travel Rule","content":"<p>The <strong>Financial Action Task Force (FATF) travel rule<\/strong> is a 2019 update to Recommendation 16 of the regulatory guidance known as the <strong>FATF Standards<\/strong>. This particular update touches on <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-anti-money-laundering-aml/">battling crypto money laundering (AML)<\/a> <\/strong>and<strong> terrorism funding (CFT)<\/strong>.<\/p>\n<p>Based on the FATF, countries must ensure that the domestically operating <strong>virtual asset service providers (VASPs)<\/strong> implement measures making it easier to share personal information with the transaction counterparty VASPs while transmitting a transaction that exceeds $1000. VASPs, in this case, refer to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-exchange/">cryptocurrency exchanges<\/strong><\/a> and <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-custodial/">custodial platforms<\/strong>.<\/p>\n<p>Such regulatory measures allow governments to collect data from users conducting transactions valued at more than $1000. The information includes the name, account number, and the number of accounts participating in the transactions. Data such as proof of address, identity, or date and place of birth may also be required.<\/p>\n<p><strong>Financial institutions<\/strong>, including VASPs, <strong>must share this information with each other, particularly regarding the transactions covered by the regulatory threshold<\/strong>. Financial institutions have to take responsibility for ensuring data accuracy and upkeep. According to the regulation, any financial institution or cryptocurrency business may fall under the VASP category.<\/p>","definition":"regulatory guidance regarding sharing information for large-scale crypto transactions.","status":"published","meta_title":"What is FATF Travel Rule? Definition & Meaning | Crypto Wiki","meta_description":"FATF Travel Rule meaning: FATF Travel Rule - regulatory guidance regarding sharing information for large-scale crypto transactions.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="F"
current-section="what-is-fatf-travel-rule">
