Netki Upgrades Digital Identity Service to FATF

Netki's Digital Identity Service Provider has made changes to its functionality to ensure customers comply with FATF standards.

Two new functions have been added to the TransactID service: the ability to split a user's certificate of identity into smaller pieces of personal information (PII) and the right of senders and recipients of funds to request PII from each other.

“There used to be one major atomic transaction in which the parties exchanged all the information. Now the protocol allows for a kind of conversation involving the request and exchange of separate parts of the identification information with each other, ” Netin CEO Justin Newton quotes CoinDesk .

The company upgraded TransactID in response to recommendations issued by the Financial Action Task Force on Money Laundering (FATF) in June to regulate the crypto industry. They require cryptocurrency service providers (VASPs) to exchange information about participants in a transaction.

FATF standards are not mandatory, but regulators from 37 member countries are expected to implement them. The world's leading economies, members of the G20 informal group, supported these standards at the Osaka Summit.

Recall that earlier experts disagreed on how the rules developed by the FATF will affect the future of the crypto industry.

Subscribe to BlockchainJournal news on Telegram: BlockchainJournal Feed – the entire news feed, BlockchainJournal – the most important news and polls.