Regulation in the world of Bitcoin and cryptocurrency is often seen as a double-edged sword, however, recent events tilt the scale in favor of the Bitcoin and Blockchain regulation.
- Circle CEO said, that more regulation in Fintech and Bitcoin would make it easier to conduct business. He told that the company plans to pursue digital financial services beyond payments in the future, such as lending or investing advice, and while it’s theoretically impossible to control Bitcoin due its decentralized nature, Circle feels additional regulation would be a positive thing for business.
- The New York State Department of Financial Services (NYDFS) issued a BitLicense to award the distributed ledger startup “Ripple”. It is the second BitLincese issued by the NYDFS. The BitLicense approval, effective this week, allows the startup to sell and custody XRP, the native asset that powers its Ripple consensus ledger.
- A Hong Kong regulator has indicated how the blockchain can help financial institutions to overcome money laundering. Hong Kong market regulator, Benedicte Nolens told this technology should be used to comply with AML and KYC regulations, rather than be subjected to it. Blockchain is not only transparent but it also prevents duplicate transactions, and it can reduce the risk of fraud.
Regulators have not always keen on blockchain technology, but lately they have started to see its potential benefits.
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Source: news.bitcoin, coindesk