Comments on: The Age of Cryptocurrencies

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mylikes.com — Mon, 20 Jul 2015 11:49:15 +0000

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By: Dominic Hobson

Dominic Hobson — Thu, 14 Nov 2013 10:24:58 +0000

That’s one issue that needs clarifying really. At the moment, the only real measures in place are the AML/KYC (Anti Money Laundering/Know Your Customers) but they only apply to fiat currencies (such as $ or £) and crptocurrencies by proxy if they’re being traded for fiat. This is because existing legal definitions of things like money, emoney and virtual payment systems can’t be applied to cryptocurrencies because cryptocurrencies are so different to anything we’ve seen before. This means they don’t fall under most money regulations.

It’s very hard to start a business that handles both fiat and crypto currencies in the UK. This is because the AML/KYC laws require you to be able to provably identify where the money has come from. This is (intentionally) hard with cryptocurrencies. If someone is found to be laundering, then the individual will get in trouble, but the banks will also get in a lot of trouble.

For this reason, a lot of UK banks aren’t willing to host businesses that deal with cryptocurrencies because if someone does launder money, the bank will get in trouble for not spotting it, as they should be able to spot it had they been enforcing the AML/KYC regulations. This is why larger cryptocurrency exchanges that handle fiat currency are now starting to make customer become verified with formal documents before they’re willing to accept deposits or withdrawals, it’s so they can prove to the bank where their money is from.

The fundamental issue here is that virtually all the AML/KYC laws rely on conveniently identifying individuals, whereas one of the key features of cryptocurrencies is the try not to conveniently identify individuals.

By: muhammad khalid

muhammad khalid — Mon, 11 Nov 2013 14:40:14 +0000

i would like to know details about The Age of Cryptocurrencies. its interesting topic

By: Glyn Thomas

Glyn Thomas — Fri, 08 Nov 2013 19:41:10 +0000

I have only recently become aware of this area and would be interested to know how the Money Laundering regulations are applied to it. This is a critical area and several major financial institutions have been fined for either facilitating financial crime or not having robust enough systems in place to prevent it.

How does a crypto currency avoid this and, if Laundering takes place, who is responsible?

By: Caroline Marshall

Caroline Marshall — Thu, 07 Nov 2013 22:06:20 +0000

seems I have a lot to learn