RATE Group | Taming The Crypto Wild West Through Regulation
75963
post-template-default,single,single-post,postid-75963,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Taming The Crypto Wild West Through Regulation

16 Jan Taming The Crypto Wild West Through Regulation

Posted at 16:34h in Cryptocurrency News by

[ad_1]

Across the pond, and on the Continent, the regulatory landscape is shifting for cryptos.

Earlier this month, the U.K.’s Financial Conduct Authority (FCA) took the reins on oversight of cryptocurrency asset oversight — specifically, oversight of anti-money laundering (AML) and counter terrorist financing (CTF) activities.

The headline statement is that crypto firms have traditionally operated in a regulatory environment that might charitably be likened to the “Wild West.” Consider the FCA’s action an attempt to bring a little law and order to the setting, then.

Among the requirements of firms that fall under the FCA’s purview, the companies must now assess their risk and exposure to possible money laundering and terrorist financing activities; must have internal policies in place to address (and mitigate) those risks; and must apply “enhanced” due diligence on customers, that according to the authority, “may present a higher…

[ad_2]

Source link

Tags:
, , , ,