Ethereum Public Blockchain Favoured for Document Authenticator Feature…

19m
cryptonewmedia

Ripple XRP Price Prediction 2019 — Experts Take And Three Reasons We Could See $5 In 2019

21m
cryptonewmedia

Bank of America: Facebook’s Libra Could Act as an Endorsement of Crypto; Here’s What Analysts…

1h
cryptonewmedia

Best NEO Wallets for Your Crypto Coins

1h
cryptonewmedia

Brazilian Financial Authorities Announce Regulatory Sandbox For…

1h
cryptonewmedia

Polish Bank Verifies Documents With Ethereum Blockchain

1h
cryptonewmedia

What’s Changed Since Bitcoin Was at $9K in 2017? –...

1h
bitcoinist

Canadian Pharmacy Adopts Blockchain to Standardize Medical Cannabis

1h
bitcoinnews

28 Ethereum EIPs Are Preparing for Istanbul Hardfork

1h
cryptonewmedia

Bank of America: Facebook’s Libra Could Act as an Endorsement of…

2h
cryptonewmedia

BLOCKWALKS 2019 Public Conference Opens Dialogue About How Blockchain…

2h
cryptonewmedia

What’s Changed Since Bitcoin Was at $9K in 2017?

2h
cryptonewmedia

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

2h
cryptonewmedia

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

2h
zycrypto

Beaxy Launches Crypto Trading Platform By Diana Ngo - June 11, 2019 0 107

2h
coinjournal

Bitcoin Pumps Whilst Google Interest Declines: Evidence of…

2h
cryptonewmedia

Android Phishing Malware Impersonates Turkish Cryptocurrency Exchange

2h
cryptonewmedia

Brazilian Financial Authorities Announce Regulatory Sandbox For Blockchain

2h
coindesk

JPMorgan Analysts: Institutional Investors are Behind Bitcoin’s Current Bull Run

2h
zycrypto

Bitcoin [BTC] Bears Seem Out-of-Sight as Analysts Predict Targets…

3h
cryptonewmedia

Bitcoin Pumps Whilst Google Interest Declines: Evidence of Institutions Buying?

3h
cryptonewmedia

Why Won’t Amazon Adopt Bitcoin?

3h
cryptodaily

Bitcoin [BTC] Bears Seem Out-of-Sight as Analysts Predict Targets Above $13000 |

3h
cryptonewmedia

Ripple to Invest Up to $50M in MoneyGram Following New Partnership

3h
cryptonewmedia

Russia And Its Position On Crypto: Is A New Cold War...

3h
zycrypto


Messari Warns Global Regulatory Threat Could Deal Major Blow to Bitcoin and Cryptocurrency

dailyhodl

4d ago

Crypto exchanges could soon face potentially crippling international regulations that will significantly reduce customer anonymity.

The Financial Action Task Force (FATF), tasked with developing policies to combat money laundering, plans to provide guidelines on June 21st on how its member countries should regulate digital assets, a FATF spokesperson told Bloomberg.

The intergovernmental agency creates recommendations on how governments can fight money laundering and financial terrorism, and past guidelines have been adopted by more than 180 countries. Among the new recommendations, the FATF now reportedly wants to require crypto exchanges and asset managers to gather information on any customer initiating a transaction greater than $1,000.

Eric Turner, director of research at crypto insights firm Messari, says the guidelines’ teeth will be dependent on how member countries interpret and apply them, and represent “one of the biggest threats to crypto today.”

“Their recommendation could have a much larger impact than the SEC or any other regulator has had to date.”

The chief compliance and ethics officer at the Seattle-based crypto exchange Bittrex, John Roth, says the recommendations run counter to the principles of blockchain technology, and compliance will be expensive and extremely difficult to implement.

“It’s either going to require a complete and fundamental restructuring of blockchain technology, or it’s going to require a global parallel system to be sort of constructed among the 200 or so exchanges in the world. You can imagine difficulties in trying to build something like that.”

Jeff Horowitz, the chief compliance officer at San Francisco-based Coinbase, says the regulations could also send customers scurrying away from exchanges.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments