The set of rules of a system that governs how data is exchanged and transmitted. This term is often used to describe the technology behind certain blockchains and the rules that govern each specific blockchain network.
The FATF has a wide range of recommendations, a total of 40 to ensure regulatory alignment between the compliance imposed on financial institutions and the regulations in its member states. The FATF Travel Rule is Recommendation 16, which has received a lot of attention from the crypto industry, especially virtual asset service providers (VASPs).
Chaintope, a Japanese blockchain startup, has developed a public blockchain protocol known as Tapyrus to tackle some of the governance issues currently being witnessed in the blockchain space. For instance, some of the challenges noted in public blockchains include privacy concerns and sluggish transaction speeds.