In 2019, the era of the “free for all” cryptocurrency exchange market may be over. The recently released Financial Action Task Force (FATF) paper reveals a position demanding strict know-your-customer procedures for even relatively small digital asset sales.
“In cases where a [Virtual Asset Service Provider] VASP carries out an occasional transaction, however, the designated threshold above which VASPs are required to conduct CDD is USD/EUR 1,000…” the paper suggests.
In the past, exchanges had various tiers for verification, with the possibility for totally anonymous exchanges between two coins. No...