Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 185. (Read 814578 times)

Quote from: grandmama on August 01, 2015, 09:59:46 PM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Welcome aboard Mati!!

Dyna

legendary

Activity: 1610

Merit: 1060

Quote from: DNotes on August 01, 2015, 09:35:54 PM

Just noticed this on Poloniex.

"ALERT: Poloniex will no longer be allowed to provide services to residents of the State of New York starting on August 8th, 2015. If you are a resident of New York, please take appropriate measures to withdraw your funds by this date. "

Yes I just read that myself. Bitlicense for State of New York. Must have them withdrawn by 11:59 on August 7th.

This should not be a surprise. Notice was given 5 or 6 weeks ago. Can anyone confirm if Cryptsy has Bitlicense? I am working on the assumption that they do, based on their registration and account verification process. If someone could find out and get a confirmation, it will be helpful.

DNotes is now at position # 4 on Cryptsy Vote List. #2 spot is within striking distance. That is where we need to be and we need your support very much. Your maximum participation is needed more than a large number of votes. Community support conveys a strong and compelling message. Unfortunately, that has been lacking. We will secure the 2nd position soon but may not get listed without your participation and support. If you can afford to contribute .01 BTC ($3) send it to:

14AGjtup6T6k4kB1bmbMUVmePNUXEYuqmQ for 50 votes. If you already have an account at Cryptsy sending a letter of endorsement to "Support" recommending DNotes to be listed on Cryptsy will go a long way.

I seldom go this far to plead for your support, but this is extremely important. What I am seeing in our industry and the financial crises brewing around the world is extremely troubling. We need DCEBrief as a platform to communicate on issues that matter. A platform that can engage like minded people to help frame those issues constructively, objectively and positively in a clear and compelling format as an Executive Summary with supporting facts in a full length article. We need to aggressive reach out to political leaders, regulators, media executives, educators, business executives and others.

DNotes and the many projects we have been working on are needed more than ever as financial crises continue to spread rapidly worldwide. We are not in the position to change the world but DNotes is a viable alternative to help alleviate various global challenges once we reached a certain scale and stature. In the mean time, making DNotes available to an exchange like Cryptsy is valuable, especially in light of the lost of Allcoin exchange.

grandmama

member

Activity: 82

Merit: 10

Quote from: DNotes on August 01, 2015, 09:35:54 PM

Just noticed this on Poloniex.

"ALERT: Poloniex will no longer be allowed to provide services to residents of the State of New York starting on August 8th, 2015. If you are a resident of New York, please take appropriate measures to withdraw your funds by this date. "

Yes I just read that myself. Bitlicense for State of New York. Must have them withdrawn by 11:59 on August 7th.

DNotes

legendary

Activity: 1932

Merit: 1111

DNotes

Just noticed this on Poloniex.

"ALERT: Poloniex will no longer be allowed to provide services to residents of the State of New York starting on August 8th, 2015. If you are a resident of New York, please take appropriate measures to withdraw your funds by this date. "

Dyna

legendary

Activity: 1610

Merit: 1060

Quote from: RJF on August 01, 2015, 04:23:55 PM

Quote from: Chase on August 01, 2015, 02:30:23 PM

Quote from: RJF on August 01, 2015, 01:48:59 PM

Quote from: Chase on August 01, 2015, 02:30:23 PM

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

"

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Interesting article.

"It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean." Gives me a bit of a bad feeling. We probably shouldn't be doing anything as a result of where coins came from, leaving that up to the legal enforcement agencies.

"...those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean."

That's a VERY dangerous statement. Applying such metrics will destroy the industry. Not trying to be too blunt about it but, who cares where the coins came from? It doesn't change the use of the coin and it certainly should not change the value. If someone handed me a twenty dollar bill, I don't care where the bill has been but, I may care who is handing it to me. It's all very conceptual. Money is a tool, period. The type, shape, size, history of the token etc should have no breaing on it's transactional value.

I don't think the government (pick any country) has the money to micromanage the industry like that. The fortune that would cost would be better off spent following the criminal activity only. I can't help but think that they would be violating some privacy law or need just cause to look into (spy) where Jane Doe spends her cryptocurrency or the fact that her legitimate business accepted it without knowing its origins.

We can only hope so but, I've seen our govt spend money on things totally off the wall, with no results, time and time again. In this case though, it would be a monumental task to track everyone for such a small return...

"...those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean."

This statement did catch my attention. I read it as good thing as to why DNotes has every possibility and advantage to be superior to fiat currency. I am fairly certain that analytical tools are already in development to identify the historical journey of every single DNotes and other digital currency. This is an incredibly powerful feature, comparable as the DNA of money; easier to convict the guilty party and free the innocent without the need of DNA from everyone else.

DNotes has strategically avoided joining the anonymity bandwagon, just in case RJF is right. However, I believe that there will be strong demand for anonymity, especially within our industry until it becomes too costly and burdensome to be the watchful target. We feel more comfortable to remain squeaky clean.

Here is another very good reason to use DCEBrief as the platform to highlight issues that matter by clearly laying out the advantages of digital currency and the pitfalls to avoid, including the potential of judicial overreach (abuse) just because the technology offers that powerful feature as a law enforcement tool.

RJF

hero member

Activity: 616

Merit: 500

Online since '89...

Quote from: RJF on August 01, 2015, 01:48:59 PM

Quote from: matatyau-cohen on August 01, 2015, 08:44:40 AM

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

"

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Interesting article.

"It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean." Gives me a bit of a bad feeling. We probably shouldn't be doing anything as a result of where coins came from, leaving that up to the legal enforcement agencies.

"...those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean."

That's a VERY dangerous statement. Applying such metrics will destroy the industry. Not trying to be too blunt about it but, who cares where the coins came from? It doesn't change the use of the coin and it certainly should not change the value. If someone handed me a twenty dollar bill, I don't care where the bill has been but, I may care who is handing it to me. It's all very conceptual. Money is a tool, period. The type, shape, size, history of the token etc should have no breaing on it's transactional value.

I don't think the government (pick any country) has the money to micromanage the industry like that. The fortune that would cost would be better off spent following the criminal activity only. I can't help but think that they would be violating some privacy law or need just cause to look into (spy) where Jane Doe spends her cryptocurrency or the fact that her legitimate business accepted it without knowing its origins.

We can only hope so but, I've seen our govt spend money on things totally off the wall, with no results, time and time again. In this case though, it would be a monumental task to track everyone for such a small return...

infovortice2013

legendary

Activity: 1176

Merit: 1000

Thank you Alan, I'll do my best to be helpful member of this community, I believe that dnotes as a totaly free-of-touch currency - is a great need of the global up-of-nationality future community. sure there is and there will be a struggle to strive to the top with many other good currencies. the names of the win in this struggle is: community, cooperation and honesty. thanks again

Quote from: Dyna on August 01, 2015, 10:03:49 AM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Welcome onboard, and congrats ! , if need whatever just here my help Cool

Chase

legendary

Activity: 1638

Merit: 1005

Quote from: matatyau-cohen on August 01, 2015, 08:44:40 AM

Thank you Alan, I'll do my best to be helpful member of this community, I believe that dnotes as a totaly free-of-touch currency - is a great need of the global up-of-nationality future community. sure there is and there will be a struggle to strive to the top with many other good currencies. the names of the win in this struggle is: community, cooperation and honesty. thanks again

Quote from: RJF on August 01, 2015, 01:48:59 PM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Thank, you Mati. We are honored and proud to have you join our efforts to help build a very much needed global digital currency for everyone worldwide. We know that this is a generational commitment that will take unyielding hard work and tenacity beyond a single generation. Perhaps that is among the various reasons why Chase came up with the idea of CRISP of Kids. They may well be our future leaders to help accomplish the mission we started today.

Taking our time to do the right things with trust and integrity are our marching orders. We know that there will be good times and challenging ones ahead of us. In our world of increasing financial distress, where common citizens are so vulnerable to financial ruin as a result cumulative poor political decisions, being associated with a trusted global digital currency alternative is a mission we all can be proud of. Welcome, aboard, Mati!!!

"We know that this is a generational commitment that will take unyielding hard work and tenacity beyond a single generation. Perhaps that is among the various reasons why Chase came up with the idea of CRISP of Kids. They may well be our future leaders to help accomplish the mission we started today."

"The true meaning of life is to plant trees, under whose shade you do not expect to sit."
- Nelson Henderson

Wink

Chase

legendary

Activity: 1638

Merit: 1005

Quote from: RJF on August 01, 2015, 01:38:30 PM

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

"

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Interesting article.

"It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean." Gives me a bit of a bad feeling. We probably shouldn't be doing anything as a result of where coins came from, leaving that up to the legal enforcement agencies.

"...those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean."

That's a VERY dangerous statement. Applying such metrics will destroy the industry. Not trying to be too blunt about it but, who cares where the coins came from? It doesn't change the use of the coin and it certainly should not change the value. If someone handed me a twenty dollar bill, I don't care where the bill has been but, I may care who is handing it to me. It's all very conceptual. Money is a tool, period. The type, shape, size, history of the token etc should have no breaing on it's transactional value.

I don't think the government (pick any country) has the money to micromanage the industry like that. The fortune that would cost would be better off spent following the criminal activity only. I can't help but think that they would be violating some privacy law or need just cause to look into (spy) where Jane Doe spends her cryptocurrency or the fact that her legitimate business accepted it without knowing its origins.

matatyau-cohen

member

Activity: 72

Merit: 10

Thank You

Quote from: matatyau-cohen on August 01, 2015, 08:44:40 AM

Thank you Alan, I'll do my best to be helpful member of this community, I believe that dnotes as a totaly free-of-touch currency - is a great need of the global up-of-nationality future community. sure there is and there will be a struggle to strive to the top with many other good currencies. the names of the win in this struggle is: community, cooperation and honesty. thanks again

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Welcome Mati! I'm sure you will find promoting DNotes both satisfying and, intellectually challenging. Best thing is, it's fun as well!

RJF

hero member

Activity: 616

Merit: 500

Online since '89...

Quote from: matatyau-cohen on August 01, 2015, 08:44:40 AM

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

"

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Interesting article.

"It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean." Gives me a bit of a bad feeling. We probably shouldn't be doing anything as a result of where coins came from, leaving that up to the legal enforcement agencies.

"...those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean."

That's a VERY dangerous statement. Applying such metrics will destroy the industry. Not trying to be too blunt about it but, who cares where the coins came from? It doesn't change the use of the coin and it certainly should not change the value. If someone handed me a twenty dollar bill, I don't care where the bill has been but, I may care who is handing it to me. It's all very conceptual. Money is a tool, period. The type, shape, size, history of the token etc should have no breaing on it's transactional value.

RJF

hero member

Activity: 616

Merit: 500

Online since '89...

Thank you Alan, I'll do my best to be helpful member of this community, I believe that dnotes as a totaly free-of-touch currency - is a great need of the global up-of-nationality future community. sure there is and there will be a struggle to strive to the top with many other good currencies. the names of the win in this struggle is: community, cooperation and honesty. thanks again

Quote from: kanus1113 on August 01, 2015, 12:34:55 PM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Welcome Mati! I'm sure you will find promoting DNotes both satisfying and, intellectually challenging. Best thing is, it's fun as well!

matatyau-cohen

member

Activity: 72

Merit: 10

Thank you Kanus 1113, I guess you mean to the view I've written here some weeks ago. hope to be able to write articles about digital currencies in the future

Glad to hear it Mati, i remember you had written an article on digital currency a while back?

kanus1113

sr. member

Activity: 452

Merit: 250

I found that quote I wanted to suggest for DCEBrief by the way:

"we are willing to do things others won't do, so that one day we can do things others can't do" -Dyna

kanus1113

sr. member

Activity: 452

Merit: 250

Glad to hear it Mati, i remember you had written an article on digital currency a while back?

matatyau-cohen

member

Activity: 72

Merit: 10

Thank You

Quote from: DNotes on July 31, 2015, 05:29:29 PM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Welcome Mati! Glad to hear you accepted the position, I've heard much about you from my conversations with Alan.

Dyna

legendary

Activity: 1610

Merit: 1060

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Thank you Chase. This is a great article but it also reminds us of the hash realities confronting us. Maintaining a healthy balance of consumer protection and anti money laundering practices will always have our strongest support. Duplicative requirements, especially at multi states level or overly complicated and cost prohibitive burdens destroy small business participation giving unfair advantage to larger better funded competitors. We trust that BCEBrief will help convey a more reasonable middle ground that promotes strong support for anti money laundering measures and consumers protection while allowing small, less well funded small businesses to flourish within acceptable guidelines.

DNotes

legendary

Activity: 1932

Merit: 1111

DNotes

Quote from: matatyau-cohen on August 01, 2015, 08:44:40 AM

Here's an interesting article on compliance issues:

Five Recommendations for Bitcoin Companies to Ensure Compliance with the Department of Justice

Recommendations

Here are some specific steps for emerging virtual currency businesses to consider when ensuring their compliance efforts align with DOJ’s guidance and expectations:

It’s Never Too Early. Anticipate compliance issues as soon as possible in the company’s lifecycle. Develop a compliance system at the same time that you are refining your product or service (and well before you interact with customers).

People, People, People. It’s hard to understand cryptocurrencies, and even harder to explain them well to skeptical law enforcement personnel. Make excellent compliance people part of your initial team and include them in important decision-making.

Money, Money, Money. There must be the financial commitment to compliance that is required in this industry space. While DOJ seems sympathetic to the “significant expenditure of resources,” it will not likely go easy on those whom it concludes have skimped.

Think About the Technology’s Regulatory Future. The technology of, and related to, your virtual currency will shape the government’s expectations. Take bitcoin for example. Unlike dollar bills, say, every bitcoin carries its own transaction history. The blockchain is a public ledger of all bitcoin transactions. And new products are being refined that can analyze that blockchain and seek to determine every place a bitcoin has been and perhaps even who transferred or held it. It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean.

Instill a High-Integrity Culture Now for the Company You Will Become. The government has high expectations for those it views as running “gatekeeper” businesses. The regulatory bar is bound to get even higher as large banks and financial institutions — with their established and highly professional compliance staffs — develop their own virtual currencies. As “gatekeeper” businesses grow, they face pressures to be “ethical” and not simply to meet legal and regulatory minimums. Adopt a broad view of compliance risk that focuses on the risk of misconduct and on reputational risk and then communicate that view clearly and compellingly in the onboarding process.

Full article: https://bitcoinmagazine.com/21417/five-recommendations-bitcoin-companies-ensure-compliance-department-justice/

Interesting article.

"It may become possible to give bitcoin a risk score, since those of suspicious provenance (for instance, those having once been through a mixer or in a dark wallet) could be separated from those that are squeaky clean." Gives me a bit of a bad feeling. We probably shouldn't be doing anything as a result of where coins came from, leaving that up to the legal enforcement agencies.

Dyna

legendary

Activity: 1610

Merit: 1060

Thank you Alan, I'll do my best to be helpful member of this community, I believe that dnotes as a totaly free-of-touch currency - is a great need of the global up-of-nationality future community. sure there is and there will be a struggle to strive to the top with many other good currencies. the names of the win in this struggle is: community, cooperation and honesty. thanks again

Quote from: Chase on July 31, 2015, 05:50:40 PM

Congratulations to Mati Cohen!!!

Hello everyone! I like to convey our sincere congratulations to Mati Cohen, a new addition to DNotes Leadership Team. We have officially accepted Mati as a DNotes Community Director with initial focus, using his best efforts, to increase DNotes fans on business, employees and students community in Israel and the European region. Mati is a Journalist at Ground Jourbalism/ Ktiv Haser. I trust that you all will join me to give Mati the warmest welcome and give him our best support.

Thank you all.

Alan

Thank, you Mati. We are honored and proud to have you join our efforts to help build a very much needed global digital currency for everyone worldwide. We know that this is a generational commitment that will take unyielding hard work and tenacity beyond a single generation. Perhaps that is among the various reasons why Chase came up with the idea of CRISP of Kids. They may well be our future leaders to help accomplish the mission we started today.

Taking our time to do the right things with trust and integrity are our marching orders. We know that there will be good times and challenging ones ahead of us. In our world of increasing financial distress, where common citizens are so vulnerable to financial ruin as a result cumulative poor political decisions, being associated with a trusted global digital currency alternative is a mission we all can be proud of. Welcome, aboard, Mati!!!

matatyau-cohen

member

Activity: 72

Merit: 10

Thank you

Quote from: DNotes on July 31, 2015, 05:29:29 PM