Service provider of digital identification Netki made changes to its functionality to clients consistent with the FATF standards.
In the service TransactID added two new functions: the possibility to split the certificate identity to fragments of personal information (PII) and right senders and recipients to request PII from each other.
«Before, there was one big atomic transaction, in which the parties share all information. Now, the Protocol enables a kind of conversation involving the request and exchange the individual pieces of identification information with each other» — quoted by CoinDesk, Director-General Netki Justin Newton.
The company upgraded TransactID in response to the published in June by the Group of development of financial measures to combat money laundering (FATF) recommendations on regulation of kryptonyte. They require that the cryptocurrency services providers (VASP) shared information about the participants of the transaction.
The FATF standards are not mandatory, but it is expected that the regulators 37 countries participating in the group implementerat them. Leading economies of the world, the participants of the G20 group of Nations has endorsed these standards at the summit in Osaka.
We will remind, earlier experts disagree on how developed the FATF rules will affect the future of kryptonyte.