Tether tests Notabene’s services
10-27-2021According to Tether’s Operations Limited statement on Tuesday, the company will test Notabene’s services. Notabene is a revolutionary real-time monitoring platform for bitcoin transactions, making the blockchain more visible and allowing authorities to better watch cash movement.
The firm's KYC (Know Your Customer) infrastructure stack is designed tooversee jurisdictions with minimal or no financial services regulation.
Notabene claims to provide a low-risk environment for testing complex crypto use cases. The company's technology will help protect users in transactions made by Virtual and Real-World Payment Providers (VASPs).
The "Travel Rule" instructs VASPs to share specified customer information between counterparties for transactions over a particular value. The Financial Action Task Force (FATF), a global organization that establishes anti-money laundering standards, has concluded that VASPs must follow the same criteria as licensed financial institutions.
Since these measures are meant to help the nations and service providers to prevent from money laundering, financing terrorist acts and complying with the sanctions laws. According to that, Tether Chief Compliance Officer, Leonardo Real, explained the importance of working with VASPs, stating
“As pioneers of blockchain technology and leaders in transparency, we are dedicated to not only keeping up with new rules but helping shape them. Because the Travel Rule traditionally applies to financial institutions, we see this as an opportune moment to foster cooperation across traditional and digital channels in order to create better services for customers globally. We are proud to lead the charge.”
The US Securities and Exchange Commission will oversee the stablecoin regulations and enforcement in the United States. The stablecoin market has grown dramatically in 2021, with Tether's market capitalization jumping by 229% from year to date, to $69.6 billion.
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