BIS Wants to Control the Gates

The Bank for International Settlements (BIS) has proposed a new risk assessment framework for crypto transactions. According to it, before any crypto-to-fiat exchange, financial institutions would be required to assign an AML compliance score to each transaction. If adopted, this would make it practically impossible to move from crypto into the traditional financial system without going through heavy checks.

Sometimes it feels like traditional finance is doing more to push crypto infrastructure forward than the crypto industry itself. This is one of those cases.

Crypto was meant to replace the traditional financial system, not become just another layer of it. Yet developers keep building solutions that integrate crypto into the banking sector. In their vision, we shouldn’t spend and accept crypto directly - but instead always route through banks, regulators, and governments.

Meanwhile, BIS’s attempt to control the crypto–fiat gateways might actually backfire, nudging people to ditch fiat altogether for everyday use. After all, why deal with all that red tape if it’s easier to stay in crypto?

At rabbit.io, fiat doesn’t exist. (Well, unless you count stablecoins.) What we do have is seamless crypto-to-crypto swaps. No bureaucracy, no hoops to jump through - just pick your pair, enter the amount, and swap.