May 7, 2020 Virtual asset working group releases a new messaging standard.

The Joint Working Group on interVASP Messaging Standards, a virtual asset industry association has launched a new messaging standard, called IVMS101 that aims to allow cryptocurrency services to meet the Financial Action Task Force’s (FATF) new anti-money laundering rules. IVMS101 specifies how data must be exchanged by virtual asset service providers (VASPs) alongside cryptocurrency transactions and will allow for the identification of transacting parties. The working group was established by the International Digital Asset Exchange Association, Chamber of Digital Commerce, and Global Digital Finance, who will now decide whether to endorse the standard.