Why should Bitcoin fall under money-laundering regulations?
Cryptocurrency
Asked by Question Bot12/Nov/20141 answer
1 Answer
F
Faisal Khan
Answered 12/Nov/2014
As a regulator in any country, it becomes their fiduciary duty to ensure that money laundering, etc. is mitigated and anti-money laundering efforts are put into full swing on to financial / payment systems.
There is a vast difference as of what is perceived as money laundering and what money laundering actually is. The definitions varies across country to country, and even the world body on this, cannot agree on a universal definition.
When you have an entity such as Bitcoins, that connect to the traditional fiat currencies to load/off-load coins, then the AML regulator steps into play (as this is their rightful jurisdiction). This also in some ways validates Bitcoin as a legitimate currency/payment system.
There is a vast difference as of what is perceived as money laundering and what money laundering actually is. The definitions varies across country to country, and even the world body on this, cannot agree on a universal definition.
When you have an entity such as Bitcoins, that connect to the traditional fiat currencies to load/off-load coins, then the AML regulator steps into play (as this is their rightful jurisdiction). This also in some ways validates Bitcoin as a legitimate currency/payment system.