{"id":51789,"date":"2021-10-26T16:21:13","date_gmt":"2021-10-26T13:21:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51789"},"modified":"2025-09-03T01:39:09","modified_gmt":"2025-09-02T22:39:09","slug":"tether-to-test-digital-identity-service-to-meet-fatf-standards","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/tether-to-test-digital-identity-service-to-meet-fatf-standards\/","title":{"rendered":"Tether to test digital identity service to meet FATF standards"},"content":{"rendered":"<p>The issuer of the stablecoin USDT, Tether, announced testing of a digital identity solution from Notabene.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In order to assist cryptocurrency exchanges, digital wallet providers, and financial institutions with the new FATF Travel Rule requirement, <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&#038;ref_src=twsrc%5Etfw\">#Tether<\/a> will begin testing the Notabene platform.\u2b07\ufe0f<a href=\"https:\/\/t.co\/9gUpq15As6\">https:\/\/t.co\/9gUpq15As6<\/a><\/p>\n<p>\u2014 Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1452947576513302528?ref_src=twsrc%5Etfw\">October 26, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The solution will enable virtual asset service providers (VASPs), including cryptocurrency exchanges and wallet operators, to comply with FATF guidelines.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Tether will begin testing Notabene to combat money laundering and crime in cross-border transfers,&#8221; the company said.<\/p>\n<\/blockquote>\n<p>Tether&#8217;s Chief Commercial Officer Leonardo Real said the collaboration with Notabene provides an opportunity to meet regulators&#8217; requirements and improve the quality of services offered.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Since the FATF Travel Rule is typically applied to financial institutions, we see this as an appropriate moment to forge cooperation across traditional and digital channels to create a better service for customers worldwide,&#8221; said a senior executive.<\/p>\n<\/blockquote>\n<p>If the testing is successful, Tether will integrate the solution.<\/p>\n<p>In June 2019, FATF decided to require Bitcoin exchanges and other VASPs to comply with anti-money laundering and counter-terrorism financing rules, in line with traditional financial institutions.<\/p>\n<p>Later, FATF President Marcus Pleyer said there is a need to adjust the guidelines for the crypto industry, as many countries have not fully implemented the standards adopted earlier.<\/p>\n<p>In October<a href=\"https:\/\/u1f987.com\/en\/news\/u-s-crypto-industry-players-unveil-plan-to-implement-fatf-requirements\">presented a plan<\/a> for its members to comply with FATF requirements.<\/p>\n<p>In March, the Group proposed<a href=\"https:\/\/u1f987.com\/en\/news\/fatf-includes-defi-in-draft-guidance-for-the-crypto-industry\"> amendments to the guidelines<\/a> for the cryptocurrency industry. In particular, experts clarified the wording of decentralized exchanges and the mechanisms that underpin the operation of platforms and applications.<\/p>\n<p>In October<a href=\"https:\/\/u1f987.com\/en\/news\/fatf-finalises-guidance-for-the-crypto-industry\"> the FATF completed development of the guidance<\/a>. It explains how regulator requirements apply to stablecoins and does not introduce new standards for VASPs and the industry at large.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The issuer of the stablecoin USDT, Tether, announced testing of a digital identity solution from Notabene.<\/p>\n","protected":false},"author":1,"featured_media":51790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[971,36,1245],"class_list":["post-51789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fatf","tag-regulation","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51789"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51789\/revisions"}],"predecessor-version":[{"id":51791,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51789\/revisions\/51791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51790"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}