FATF Former Members Are Now Part of Board of Advisors
Ex-members of the Financial Action Task Force (FATF) have joined the advisory team of Shyft Network. The public blockchain, Shyft Network, announced in a press release that the former head of the Canadian delegation to the FATF, Josee Nadeau, and the former FATF executive secretary Rick McDonell would be a part of its board of advisors.
Aside from that, the FATF is essential to the financial regulatory organizations worldwide. It might not have the power to enforce recommendations; adherence to its guidelines is vital for financial inclusion in major economies and markets.
Back in June, the FATF issued fresh guidelines on regulating digital assets. And this would impose similar standards on the cryptocurrency sector that the banking industry normally shoulders.
Moreover, it has now become known as the travel rule, the FATF guidelines orders regulators and Virtual Asset Service Providers (VASPs) to collect and share personal data regarding transactions. And being shut out of lucrative international markets is the punishment for businesses who fail to comply.
In addition to that, Shyft aims to impose an industry-wide solution to the FATF rule. They will present it to VASPs through Shyft’s identity passports, database bridging, and data attestation infrastructure. Shyft expects Nadeau and McDonell to give valuable advice about this plan. This is because they have experience in the FATF and other major regulatory organizations.
Recently, the BTC/USD pair at Coinbase displayed a much different data compared to its CME price action. It received some weeks of rejection from the 200-day MA. But after that, the digital asset closed two straight daily candles over the indicator.
Recently, the 50-day MA also crossed below the 200-day MA. And this is a common significant indication of possible future bearish price action. The new pump of Bitcoin appears to have had an opposite reaction. It is pumping instead of dumping.
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