Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: PRIBO247 on December 05, 2018, 01:33:54 PM
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Estonia has started to tweak their regulatory attitude
towards digital currencies to prevent money laundering and
terrorism funding.
The Financial Supervision Authority (FSA) of Estonia is set
to focus on companies that are offering crypto-based
services, because if there is going to be a regulatory
overhaul, the cryptocurrency exchanges are likely to be
vulnerable. The reason behind this is the fact that the
regulatory norms are requiring trading platforms to work in
compliance with anti-money laundering laws (AML), and to
perform KYC (Know Your Customer) diligence checks. As
such, no markets are going to remain unaffected.
The Financial Supervision Authority is mostly concerned
with the point of sale where the fiat is being exchanged for
the cryptocurrency. The regulatory authority stated that they
will scrutinize token sales of every kind, and that they will
monitor the records on a case-by-case basis. Despite the
usage of technology, some of the digital assets can be
classified as securities, but all of these assets fall under the
regional security regulations.
Moreover, the local regulators have examined several
problems that have come up due to a few of the crypto
transaction, therefore, the aim is to prevent unsupervised
cryptocurrency trading. Theoretically, cryptocurrencies can
be used to hide assets and move them.
Source : https://www.thepaypers.com/