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Seychelles-Based Bitcoin Transfers Continue to Gain Dominance, Analysts Find

Published 07/14/2020, 11:37 AM
Updated 07/14/2020, 01:20 PM
Seychelles-Based Bitcoin Transfers Continue to Gain Dominance, Analysts Find
BTC/USD
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A new report released on Tuesday by Crystal Blockchain attempts to categorize cross-border transactions of Bitcoin (BTC) based on their “country of origin,” which may have important implications for the Financial Action Task Force's Travel Rule.

The analysts used direct exchange-to-exchange transactions and their country of incorporation to categorize Bitcoin transfers by their provenance. Despite the fact that Bitcoin is fundamentally borderless by nature, and that a country of incorporation does not fully indicate the origin of its funds, this classification is required for complying with the Travel Rule.

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