In 2019, ECC engaged with the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, and we took part in meetings which resulted in the organization’s recommendations for how the cryptocurrency sector should be regulated. ECC’s insight and education around concepts like privacy and its implications for personal and national security proved valuable for the policy makers.
Zcash is entirely compatible with all final FATF recommendations and requirements, which primarily deal with AML/CFT controls. In fact, when taking into account the “Travel Rule” requirement, Zcash is more compliant than most other virtual assets.
Read more about FATF compliance
Zcash is the only privacy-protecting cryptocurrency approved by the New York State Department of Financial Services (NYDFS), a key requirement for listing on major exchanges, like Gemini and Coinbase. As exchanges begin to add shielded support, Zcash features like viewing keys, which enable owners of a shielded address to share transaction visibility in a secure and confidential manner, are central to the conversation.
Read more about Zcash and NYDFS
ECC commissioned the RAND Institute to conduct research into Zcash usage for illicit purposes. The research revealed no evidence of any substantive use of Zcash for money laundering, terrorism financing or trade in illicit goods and services. The report also found, "the governance of Zcash and its branding by ECC as compliant with the relevant AML/CFT regulations may make it less susceptible to exploitation for illicit or criminal purposes."
Read the report