They are in Lichtenstein.
http://www.fatf-gafi.org/countries/#Liechtenstein
OK, I was looking at a 2000 report, changed in 2007.
Surely there is an exchange in a fatf blacklisted country?
It is a pretty comprehensive list. More here:
Not to worry, lucky for the Safe Network there is an economy out there that got started before FATF took notice and so has high amounts of widely accepted liquidity already sloshing around leaking in and out of the real economy that also happens to be filled with talented developers, many of whom would probably love to kick the tires of a truly private non-blockchain based solution.
Edit: As highlighted in the Bloomberg article developers of existing blockchain based privacy coins are all declaring themselved compliant with new FATF rules, and not so private after all. Just to give some idea why I am so certain no centralised exchange will ever list Safecoin which will be way more private than existing privacy coins that FATF have already banned.
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A quick look at bittrex shows they still list zec ( zcash).
So maybe this moneyval thing is not the same as being compliant.
I dont know, but its certainly still being traded.
Rules are new, like with KYC they take time to be enforced. From Bloomberg article above:
FATF will conduct a review of how its member countries are implementing the guidance in June 2020. Lack of compliance could lead to the closing of exchanges and penalties.
All a question of time FATF are not known for letting up.
If a 3rd party creates an ERC20 MAID token is there some inherent guarantee (e.g. part of the contract/wrapping process) that this can be converted back to true MAID for conversion to SAFE? Not familiar with the ERC20 wrapping process. Or would this be like a financial derivative; i.e. a speculative token with no real tie to MAID or SAFE (in that sense it is only tied to MAID/SAFE because the issuer says it is)?
There are different ways to implement wrapped MAID/Safecoin. Some of them guarantee the honesty of the third party with a proof of stake mechanism. There is a high probability that there are many ERC20 safecoin tokens and everyone will have to decide which ones to use…
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Short answer, yes.
Using the Ren project as one example no more ERC20-Maid can be created than is locked up from the Omni chain, called “Lock and Mint”. To convert ERC20-Maid back to Omni then the “Burn and Release” step burns ERC20-Maid before Omni Maid can be released to the user. In each transaction fee’s are deducted that go to secure the decentralised network behind the Ren Project.
Regardless of whether Ren Project or some other similar tech is used, the beauty of this kind of lock/mint burn/release method over other more complicated KYC and centralised custodial methods (other than avoiding contracts and lawyers) is that it is completely decentralised and the only “guarantee” required is that the smart contracts involved are robust and perform as expected. Something that should be independently verifiable avoiding any need to hear “trust us”.
Read more on Ren “Lock and mint”, and “Burn and Release” steps here:
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