Crypto Firms Faced Nearly $6B in Fines in 2023 for AML Violations
Crypto firms faced 11 fines in 2023, up from an average of less than two per year in the previous
Cryptocurrency regulations have been a hot topic of debate among the community ever since digital assets came into existence.
The debate circles whether legislation on cryptocurrencies will carry positive or negative outcomes for the crypto ecosystem.
Some believe that cryptocurrencies such as Bitcoin should operate on their own, without any regulatory oversight. This comes from one of their predominant and perhaps most essential features – decentralization, or the lack of central authorities. This would put the power entirely in the hands of network participants.
However, and on the other hand, there are a lot who believe that proper and well-defined regulations are a critical step towards mass adoption.
In reality, the tendency seems to be favoring the latter group. The well-known and reputable cryptocurrency companies and exchanges are doing their best to abide by the law in order to deliver further security and to avoid regulatory scrutiny.
This is especially the case in the fields of Know-Your-Customer (KYC) and Anti Money-Laundering (AML) regulations. These are welcomed with mixed feelings by the crypto community because they strip away one of the landmark feats of most cryptocurrencies – privacy.
Crypto firms faced 11 fines in 2023, up from an average of less than two per year in the previous
Ark Investment's Cathie Wood expressed disapproval following SEC Chair Gary Gensler's negative comments on Bitcoin.
Coinbase, OKX, Crypto.com, and Gemini, are introducing financial knowledge assessments for users in the UK, to comply with FCA guidelines.
With 2023 alrealdy mere hours to winding down, the industry is hopeful that 2024 turns out well for the overall
With 2024 about to kick off, here are three significant events that can affect the growth trajectory of the crypto
New legislation requires 5,800 officials to disclose their crypto and asset holdings publicly via the Public Official Ethics System (PETI).
The CBN has realized the need to regulate the activities of VASPs as current global trends show the mass recognition
Armstrong outlined the upsides of the crypto industry, including just 9% of Americans being satisfied with the traditional financial system.
Revolut's UK business users will not be able to buy crypto on the platfom from January 2024.
Alderoty predicts that legislative conflicts could leave US crypto firms in a state of incertaintly while other nations make progress