Cryptocurrency Q&A
Are crypto businesses compliant with AML/CFT regulations?
Are crypto businesses compliant with AML/CFT regulations?
Sara
Sun Jun 23 2024
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5 answers
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In today's rapidly evolving crypto landscape, one of the paramount concerns for both regulators and investors alike is the compliance of cryptocurrency businesses with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations. As the industry continues to grow, ensuring these entities abide by strict financial standards becomes increasingly crucial. Could you elaborate on the current practices and challenges faced by crypto businesses in adhering to AML/CFT regulations? Are there any recent cases or trends that highlight areas of compliance or non-compliance? And what steps should regulators and the industry itself take to further strengthen these regulatory frameworks?
5 answers
charlotte_bailey_doctor
Tue Jun 25 2024
A key aspect of these standards is compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) reporting requirements.
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CryptoLodestar
Tue Jun 25 2024
Crypto-businesses in the UK are required to register with the FCA and demonstrate adherence to these regulations.
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HanjiArtist
Tue Jun 25 2024
Specifically, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 govern the conduct of crypto-related activities in the UK.
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Lorenzo
Tue Jun 25 2024
Among these crypto-businesses is BTCC, a UK-based cryptocurrency exchange that offers a range of services including spot trading, futures contracts, and wallet solutions.
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CryptoPioneer
Tue Jun 25 2024
The UK's Financial Conduct Authority (FCA) enforces rigorous standards for crypto-businesses operating within its jurisdiction.
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