FATF Releases Action Plan to Improve Implementation of Global Standards on Crypto

According to a study published by the Financial Action Task Force, often known as FATF, its delegates have reached a consensus on an action plan “to encourage prompt worldwide implementation” of global standards on cryptocurrencies.

According to a publication that was released on February 24 by the Financial Action Task Force (FATF), the plenary for the financial watchdog, which is comprised of delegates from more than 200 jurisdictions, recently met in Paris and reached a consensus on a roadmap that is intended to strengthen the “implementation of FATF Standards on virtual assets and virtual asset service providers.” The task force has said that it would provide a report on how FATF members have progressed in implementing the crypto standards in 2024. This study will include topics such as the regulation and monitoring of VASPs.

According to the findings of the research, “the absence of regulation of virtual assets in many nations presents possibilities that are used by criminals and terrorist financiers.” “Since the FATF strengthened its Recommendation 15 in October 2018 to address virtual assets and virtual asset service providers, many countries have failed to implement these revised requirements,” the Financial Action Task Force (FATF) writes. “This includes the ‘travel rule,’ which requires obtaining, holding, and transmitting originator and beneficiary information relating to virtual asset transactions.”

The “Travel Rule” established by the FATF contains a section that recommends virtual asset service providers (VASPs), financial institutions, and regulated organizations in member states gather information on the originators and beneficiaries of certain digital currency transactions. The financial watchdog said that as of April 2022, several nations were not in accordance with its requirements for combating the financing of terrorism and anti-money laundering.

The nations of Japan, South Korea, and Singapore have been among those that have shown the most willingness to put policies in place that are in line with the Travel Rule. According to reports, a number of countries, including Iran and North Korea, have been added to the “grey list” maintained by the FATF in order to monitor potentially illicit financial activities.

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Binance Rolls Out Crypto Tourism

Binance, one of the leading global crypto exchanges, has launched an inaugural crypto-sponsored vacation dubbed crypto tourism meant to illustrate simple, secure, and efficient travel in Web 3.0.

Per the announcement:

“To demonstrate what is possible when you forgo traditional currency and globetrot exclusively using crypto, Binance has teamed up with leading travel influencers, Lauren Bullen and Jack Morris.”

Binance’s campaign intends to show that crypto-backed travel is no longer complicated during exploring the world. Shortlised participants will have the chance to walk away with $50,000 in Binance Coin (BNB).

Furthermore, it seeks to revamp the travel industry as it continues getting on its feet based on challenges, such as geopolitical conflict, market volatility, and the Covid-19 pandemic.

James Rothwell, Binance’s global vice president of marketing, pointed out:

“Crypto tourism makes global travel easier and more secure for everyone. It’s also an economical choice, since there are zero fees, full transaction transparency and no country-by-country exchange rate issues.”

He added:

“The ease of using crypto while traveling is a testament to the incredible mainstream global adoption we are starting to see.”

Crypto travel seeks to offer a whole new experience when it comes to traversing the world, especially for people who like exploration, according to Bullen.

Meanwhile, Thailand considered opening crypto payments for Russian and Ukrainian tourists as international sanctions continued to bite earlier this year. This was after Visa and Mastercard suspended Russian credit cards, Blockchain.News reported. 

Image source: Shutterstock

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Blockchain-based Distribution Protocol TravelX Raises $10m in Seed Round

TravelX, a company focused on using blockchain technology for distribution in the travel industry, has raised a $10 million seed round led by Borderless Capital.

The new funding raised will be used for a blockchain-based distribution protocol that the company will launch later this year. The protocol price allows airlines of all kinds and travel suppliers to tokenize inventory and create new distribution models and new use cases.

Other investors include Algorand, Draper Cygnus, Myelin Capital and Monday Capital.

Juan Pablo Lafosse, CEO of TravelX, said he is excited to be building a blockchain-enabled solution that “will help suppliers and intermediaries enhance efficiency and profitability, while also improving the traveller experience,” he added:

“Friction and inefficiency continue to be pervasive in travel distribution, and the challenges related to the pandemic have increased the imperative for change.”

Founded in 2021, TravelX is a startup promoting travel and Web3 and connecting travel and Decentralized Finance (DeFi).

Customers can also change, cancel, transfer and sell tokenized inventory more quickly and conveniently, creating a win-win picture of increased traveller flexibility and supplier profitability.

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From tuk tuks to COVID tests, YouTuber tests Bitcoin use cases across multiple countries

A YouTuber started a journey in September to see whether he could survive solely on Bitcoin as a means of payment while traveling to 40 different countries.

Speaking to Cointelegraph on Monday, YouTuber Paco De La India — or “Paco from India” — said though the spread of omicron had somewhat altered his original travel plans, he was still surprised at how many people had accepted Bitcoin (BTC) in countries where crypto was in a legally or regulatory grey area. Beginning his journey in the Indian city of Bengaluru, Paco sold his belongings in September 2021 and mostly relied on BTC donations to fund his trip — which, so far, has taken him across India, the United Arab Emirates, Thailand, and Cambodia.

The YouTuber, who said he preferred to use non-custodial wallets and Lightning for BTC transactions, originally planned to visit 40 countries for 10 days each, but COVID restrictions had somewhat altered his itinerary. Paco is working around mandatory quarantines, many countries’ requirements for tourists to stay within their borders for at least 14 days, and additional costs for polymerase chain reaction, or PCR, tests.

Paco, speaking from Siem Reap, Cambodia

According to Paco, two people conducting his COVID test in India for travel to the UAE accepted BTC in lieu of fiat rupees without hesitation. In addition, he was able to negotiate with test takers in Thailand for a PCR test to travel to Cambodia. The YouTuber attributed part of the reason behind the acceptance of crypto payments to officials more concerned with verifying vaccine certificates than COVID tests.

“At the end of the day, it’s a piece of paper,” said Paco. “It’s just a piece of paper which is no way possible to verify. The only thing that they’re checking right now is the vaccine, because of the QR code.”

Related: Cryptocurrency Adoption: How Can Crypto Change the Travel Industry?

Though many countries have announced plans to verify the authenticity of COVID-19 test results using blockchain technology, there does not seem to be an international standard for immigration officials to recognize tests conducted in foreign nations. For example, travelers flying to the United States are required to complete a rapid COVID test within 24 hours of arrival, but not all health passport apps recommended by U.S. airlines can recognize QR codes provided by foreign testing centers.

In addition to COVID tests, Paco said he had been able to survive on Bitcoin as a method of payment often by sheer chance, never forcing crypto on an unsuspecting party and surprised at how many random vendors were open to it. According to the YouTuber, he had been forced to avoid most public transportation in these four countries and use his debit card to fuel his bike, but was connecting with more people on the ground.

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“Thailand is super crypto-friendly,” said Paco. “Cambodia is another [super friendly] place. UAE, it looks like that but I feel it’s just between the richest people.”

He added:

“I have changed my approach a lot. I’ve gone more from talking to the old people who have already lived their life to finding young people who are really tech savvy […] They’re really curious about [Bitcoin]. It’s always: they want to make money. Everyone just looks at Bitcoin as making money.”