Perianne Boring, President of the Chamber of Digital Commerce,2020 (The US-based blockchain trade association) applauded the crypto growth in the US as well as the Security and Exchange Commission (SEC) of US. According to him, the year 2020 has started with a bang for the crypto market, and many more positive surprises are waiting in the upcoming months. Thus, the Anti Money Laundering Regulations(AML) must not stop its way.
Trade Association as a “Facilitator”
The regulators all over the world are thoughtful about the crypto market and its security. Some countries enfolded digital currencies and blockchain, but many countries are still sceptical about the digital economy. The latest edition of the “Off the Chain” podcast between Perianne and Anthony Pompliano, highlighted that the Trade Association is actively involved with various regulators like that of SEC and aid in bridging the gap between investors and regulations of the cryptocurrency market. As per the Boring, the Government must help in shaping the digital market as well as diversifying its expanse.
AML is not the Legitimate Risk
Referring to the latest speech of Treasury Secretary in White House, where the discussion related to the Anti Money Laundering and cases related to terrorist Financing took place, Boring focussed on the transparency of the Bitcoin’s transactions. She concentrated that money can be tracked easily by enforcement agencies as the ledger can be viewed publically. Opposing the sceptical view of Treasury Secretary, she added that AML as the risk for cryptocurrencies could not be considered as a legitimate reason to not adopting the technology. She also highlighted that various tools are available in the market to address the issues related the money laundering.
Regulators and Government must work Hand-in-Hand
As technological penetration is increasing in the economy of the world, the countries must be focussing more on unfolding the digital economy and check the tools or methods associated with it. Cryptocurrency can be proved as most secured and transparent currency in the world if the regulators as well as the government work hand in hand.