Monero Compliance Workgroup: “XMR Exempt From Funds Travel Rule”
It’s been just revealed that the Monero Compliance Workgroup stated that the Monero XMR network is not subject to the U.S. Financial Crimes and Enforcement Network (FinCEN) guidelines regarding the Funds Travel Rule.
Monero, exempt from Fundas Travel Rule
Just in case you don’t know, the Funds Travel Rule requires financial institutions who send and receive funds to store and transmit certain data about the transfer if it’s valued at over $3,000 or equivalent amount.
It’s been also stated that compliance is the responsibility of exchanges and not digital assets.
Any regulated Anti-Money Laundering/KYC compliant exchange should have the required transactional data, and it’s probably already storing it.
Cointelegraph publication said, “But in its statement, Monero concludes that the Funds Travel Rule does not apply to Monero itself, or indeed to any cryptocurrency.”
Monero’s Compliance Workgroup noted the following:
“It would appear to be inappropriate to state that any cryptocurrency is compliant or not compliant with the Funds Travel Rule since the Funds Travel Rule appears to apply to regulated entities, rather than the underlying assets in which the entities trade.”
It’s also worth noting that Cointelegraph revealed that for some exchanges, this might be already too late because they have already decided to delist the privacy-oriented coin.
The move was made by some exchanges to avoid scrutiny from regulators.
Monero in the crypto market
In terms of pricing, the XMR price falls even below $52 which has been a level of pricing for the past few days.
Monero managed to struggle above $52 for a while, but now, the coin is trading in the red today, just like BTC and all the other important digital assets.
At the moment of writing this article, XMR is priced at $50.66.
Since back on November 30th, Monero has not risen above $55, back then, the coin hit around $56.30 and went as low as $52 since then and now, it hit new lows.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.