Bitcoin's AML/CTF Regulatory Creep Means Time for Specific Industry Regulation
Peter Oakes is a business strategist and non-executive director with particular interest in FinTech and digital currencies. He advises bitcoin firms and financial institutions. He was the first Director of Enforcement and Anti-Money Laundering at the newly formed Central Bank of Ireland, and he previously worked as an enforcement lawyer for the former UK Financial Services Authority and a senior officer of the Australian Securities & Investments Commission. In this essay he argues that innovations like digital currencies deserve better than regulation under existing anti-money laundering....
Related News
Policy is beginning to creep against bitcoin and it may affect the bitcoin price in the future so there are specific issues Bitcoiners should focus on.
What is rather worrisome is the so-called Payment System Act. This legislative proposal is still awaiting government approval, NewsBTC understands. Regulation of Bitcoin has always been a topic of substantial debate. Some people see the benefit of being officially recognised, whereas others are not overly bothered by it. But if Bitcoin is to go mainstream, some regulation may be necessary for the long run. Bank of Thailand is working on a new set of fintech regulation that may affect Bitcoin as well. The central bank of Thailand has deemed the time right to introduce more fintech....
Digital currency is a new technology that is disrupting the online Industry. Since the Internet inception, we have been watching a rise in specific industries, namely, the online gambling and Gaming Industry. The free and open Internet has led the online gambling industry to grow beyond its comfortable reach and has enabled it to re-invent itself. Despite several strict and heavy regulatory policies imposed to online gambling, the industry has managed to comply with an enormous barrier of extremely tight laws. Bitcoin came to allow the gambling industry to thrive even under heavy....
As legislation threatens to allow centralization to creep into the DeFi space, regulation could have complex effects on the adoption. Decentralized finance (DeFi) is shaping up to be one of the most important sectors within the blockchain industry. In just the last two years, DeFi's total value locked (TVL) — the total value of assets locked into various DeFi platforms — has steadily increased from $21 billion at the start of the year to over $100 billion today.DeFi represents a wide range of financial products and services, including the all too popular decentralized exchanges (DEX).....
Treasury Secretary Yellen says the regulatory frameworks for crypto assets in the U.S. should “support responsible innovation while managing risks.” She emphasized, “Regulation should be based on risks and activities, not specific technologies.”
Treasury Secretary Yellen on Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about crypto regulation Thursday at American University’s Kogod School of Business Center for Innovation.
“Digital assets may be relatively new, but they are part of a larger trend – the....