Is it really true that Ciphertrace will be responsible for helping to set this up? I do not think it is true. They would help maybe but they cannot be the ones doing it all and taking the lead can they? Does not make sense a private company is doing this for such an organization. Maybe I do not understand how it works.
ciphertrace isn't
regulating or
enforcing anything.
this is what's happening: the FATF travel rule---if governments pass it as law---will require exchanges to obtain KYC about account holders and also KYC about the recipient of external withdrawals. so ciphertrace is creating a software for crypto services so they can confidentially verify that the service sending a transaction has completed the extended KYC demanded by the travel rule.
this model won't necessitate constantly sending KYC data back and forth between services, which is the problem ciphertrace is trying to solve.
Thanks so much for clarifying what exact ties CipherTrace has with the travel rule and implementing regs