This article comes fromDecrypt, original author: Jeff John Roberts

Odaily Translator | Nian Yin Si Tang

This article comes from

, original author: Jeff John RobertsOdaily Translator | Nian Yin Si TangCoinbase, Robinhood and a dozen other cryptocurrency firms announced a plan Wednesday to comply with new rules recently issued by the Financial Action Task Force, or FATF. FATF is an international body dedicated to combating money laundering and terrorist financing.

The new rules involve the so-called "Travel Rule," which requires financial institutions to collect information on the sender (and sometimes receiver) of transactions between related parties worth more than $3,000. FATF last fall

clearly states

, travel regulations apply to crypto companies.

In response, a coalition of crypto firms has been working on a plan to comply with the request. The result of this work is the so-called TRUST (Travel Rule Universal Solution Technology, short for "Travel Rule Universal Solution Technology"). Crypto firms participating in TRUST say the arrangement will ensure compliance while protecting customer privacy.

Notably, TRUST requires member companies to use end-to-end encryption when sending data to each other and never store customer information in a way that is vulnerable to third-party attacks. It also establishes a minimum set of security practices.

TRUST's initial members include: Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital AssetsSM, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, Tradestation, Zero Hash, and Zodia Custody.

In developing the TRUST proposal, the companies consulted with the Treasury Department's FinCen unit, which specializes in financial crimes, according to Coinbase lead attorney Paul Grewal. In an interview with Coinbase, he said that "this solution will work" when it comes to transfers between TRUST members.

Grewal added that members of TRUST expect more companies to join their ranks in the coming months.

At present, there are some important roles "absent" from TRUST's initial member list, including encrypted exchanges FTX and Binance. The question of whether crypto transactions between TRUST and non-TRUST members comply with the Travel Rule will be resolved over time, Grewal said.