As its name indicates, a some have created substantial fortunes activities such as money laundering of investing in early-stage cryptocurrencies.
In June , FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers. For a deeper dive into cryptocurrencies, we recommend that you read the following:. Although Bitcoin has been around since , cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Insurance: In April , Swiss insurer AXA announced that it had begun accepting Bitcoin as a mode of payment for all its lines of insurance except life insurance due to regulatory issues.
