October 8, 2021

Abu Dhabi, Singapore Conducts Testing of Crypto Transactions Based on Travel Rules

 Travel solutions provider, Notabene this week successfully executed a travel law testing transaction, involving four Abu Dhabi Global Market (ADGM) licensed firms with three crypto companies in Singapore.

The testing performed involves several aspects such as: cancellation of a transfer if the information is not the same as internal records, application of lost travel law information, and dealing with transactions with companies that do not own travel law products.

In July the organizer of the global anti-money laundering (AML) and terrorism financing (CTF) standards, the Financial Action Task Force (FATF) has asked several countries to impose requirements on virtual asset service providers (VASPs) as soon as possible.

The travel terms introduced require crypto companies to share certain customer information, including transactions performed.

Only a few countries were involved in this testing: the United States (US), Switzerland, and Singapore. There is still no sign of this adoption will be done for the global level.

Among the countries that have implemented tourism regulations include the United States (US), Switzerland, and Singapore. Applicability for the rest of the world is not yet apparent.

Not only that, several technological solutions such as Notabene products have been developed and tested as those countries increase the adoption of FATF standards.

The ADGM firms involved include: Matrix, Aarna Capital, DEX, and MidChains. Meanwhile, the three Singapore crypto companies include: Amber Group, Liquid, and Zipmex.