As banking regulation, KYC / AML inhibits the development of Scripturally

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2018-08-03 05:00:08

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As banking regulation, KYC / AML inhibits the development of Scripturally

In April the co-founder of the consulting company Crypto Investment Orchal Partners Adrian Lai that the introduction of regulation of digital money stimulates the industry to develop. Contrary to popular belief that the cause of the fall of the stock market was the attempts of various governments to regulate the industry, the coin dropped due to lack of supervision, he said.

CEO of a startup Epiphyte Edan Yago strongly disagree with this position — in his words taken by the regulators standards "know your customer" (KYC) and "anti money laundering" (AML) strongly inhibits the development of cryptocracy. An opinion was expressed by analyst in column on .

the

As regulators affect scriptural? The analyst

According to Iago, attempts of companies to meet the standards of KYC and AML cost them much more than the entire amount of money stolen through fraudulent ICO.

How many financial services and instruments died before birth due to the fact that their creators are unable to obtain a banking license? How many startups have failed because they had to spend billions on lawyers to protect themselves from the attacks of regulators regarding KYC / AML instead to invest in the development of the technology? We'll never know for sure, but it is thousands and tens of thousands of projects.

Standards will need to close the access of terrorists, drug barons and fraudsters to banking services, but the common people they be too expensive, he continues.

Perhaps such measures is a bit upsetting any of the terrorist or of the oligarch, but how much they cost the good citizens? It's a disproportionate amount.

In conclusion, Iago added that the standards of KYC / AML exacerbated the problem of poverty of people in developing countries are denied access to cheap and convenient financial services and lose the ability to receive remittances from developed countries. It happened in Somalia when the United Kingdom banned its banks from working with financial institutions of this country.

KYC and AML — reality the current state of the industry. We will remind, right after the break existing contracts hashcoins datacenter obliged users to pass the identity verification process. The details painted in .

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