 In persistent wait-and-watch strategy between regulators and cryptocurrency developers, the regulators are adding some severe thrust in the form of an intergovernmental global alliance called Financial Action Task Force, FATF. Let's listen in to what global law and policy expert Haimant Bhattra has to say from our new Delhi partner studio. Haimant? Well, thanks Rebekah, the industry is bracing for forthcoming international regulatory standards of FATF that would require exchanges to collect and share information about where and to whom they are sending money. In fact, these would go beyond the basic know-your-customer KYC rules that medieval many crypto users In addition to verifying and keeping records of their own users, users' identities, exchanges and other service providers would have to pass customer information to each other when transferring funds, just as banks are required to do. While when combined with the European Union's forthcoming AMLD5 anti-money laundering rules for cryptocurrencies, the new framework conjures up the image of an all-encompassing global system for cryptocurrency transactions in which no one user is unaccounted for. So many in the industry have argued that this practice is at best onerous if not completely unworkable with cryptocurrency and apt to drive users away from regulatory platforms. Cryptocurrency which has previously touted as an untraceable way of transferring money has faced many criticism for facilitating international money laundering, though through its untraceable method of transferring money. Even if the FATF does adopt the guidance with the contentious part intact, member countries would first have to pass their respective legislation or write rules putting the recommendations into effect. The FATF recommendations are not legally binding international law despite its powerful members 36 economies and 2 regional bodies which include the largest and most important financial systems in the world. I understand that industry insiders feel that FATF's move will drive developers to accelerate work on non-custodial exchanges and other tools that will make it easier for end users to transact directly outside of regulated intermediaries, hence rendering the entire regulation absolutely pointless. Thanks. Goodbye, Heyman.