Bank of Israel issues draft guidelines on cryptocurrency AML/CFT

[newshunter]

Bank of Israel issues draft guidelines on cryptocurrency AML/CFT

Private banks could be required to conduct risk assessments on case-by-case basis.

Source: Bank of Israel issues draft guidelines on cryptocurrency AML/CFT

Would appreciate your opinion about this

[royalfestus]

The main path of regulation will still remain with the exchanges, through KYC and purchase/conversion into fiat.  The need to know the source of money in purchase of cryptocurrency and prevent the use of the anonymity in crime and money laundering. There are no serious challenges to regulation than what we have seen, they should implement it and allow the regulated use like every other country.

[TomPluz]

The industry of cryptocurrency has now grown a lot and its presence and usage already warranted for many governments around the world to be issuing guidelines and parameters to supposedly make things legal according to existing anti-money laundering mechanisms. Personally, I do not feel threatened with these moves and in fact am seeing these as necessary towards full recognition and regulation where people can easily access cryptocurrency assets anytime, anywhere. Though it should be noted that transactions with decentralized platforms and peer-to=peer can be harder to track and regulate so let's see how Israel can be creative on this side of the equation though it is possible that the bulk of transactions happens to be in coordination with centralized platforms for now.