Topic: The rise of crypto-AML: good or bad? (Read 198 times)
There is absolutely nothing wrong with AML. Generally, when you give people a chance to do things without rules and laws in place, people will most definitely go overboard in running things down all by themselves. Even with the AML in place, we still see the level of things going on in this space, so imagine when there is totally none at all, just like Haroldtee said, that typically brings high level of insanity to the space.
The rise of crypto has some part to play against the money laundering when it is adopted all over the places because each and every transaction will get digitized do making our black money entering into the market will get caught so all the black money will get demonetized gradually or they have to pay the taxes when they deposit them into banks.
Obviously, if you wanted to exchange crypto to fiat, at some point you will encounter KYC/AML and you need to be verified to convert your crypto.
Of course we will lose our anonymity, however, I would tend to agree that it will bring some confidence in the market as this can be seen as form of legitimacy.
Of course we will lose our anonymity, however, I would tend to agree that it will bring some confidence in the market as this can be seen as form of legitimacy.
I see little negatives in increased AML measures in crypto and around the world in all of finance. There's no real cost to us of contributing to the decline of money laundering but there are real benefits, if not for us directly then for society. These people should not be able to hide away within crypto based on the idea that it's meant to be entirely private, there should be limitations that abide by the law just like in everything else.
As long as its a means to fight/stop scam/scammers from getting away with crimes and theft against unlucky individuals,then I think it should be accepted in this system..
It maybe slightly against what the system is all about as far as being decentralized is concerned..
But with the high rate of scams I think it's inevitable really
It maybe slightly against what the system is all about as far as being decentralized is concerned..
But with the high rate of scams I think it's inevitable really
AML is not something I see as a bad thing. We all know how this market has been over the years due to the fact that it is unregulated, so anti money laundering is something that would just bring some level of sanity in the space and at least bring about some peace of mind for a lot of investors when it comes to investing into this market in the long run. Give a man a free hand, and you will realize the heart is wicked, so AML is something that we obviously cannot hide away from.
If the much desired legitimacy of cryptocurrencies is anything to go by, then Anti Money Laundering can not be something to shy away from. The more it is resisted, the more the regulators will continue to pry into cryptos, as they see it as conduit for money laundering which has been seen to happen in the past during the crypto boom. I support AMLs
I think it's a necessary evil, or some of the things that go with it will be (for those of us that aren't trying to launder any money). But once we accept that regulation is inevitable we can work on making it a level of regulation that still allows cryptos to flourish and stay close to the ideals laid out initially.
If the much desired legitimacy of cryptocurrencies is anything to go by, then Anti Money Laundering can not be something to shy away from. The more it is resisted, the more the regulators will continue to pry into cryptos, as they see it as conduit for money laundering which has been seen to happen in the past during the crypto boom. I support AMLs
Anti-money laundering can only be a good thing in my book. It brings a lot more legitimacy to cryptocurrency. At the end of the day Money laundering is a crime and I do not want these criminals to be able to prosper, especially not to the detriment of something I believe in and am invested in to.
What do you think?
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