Money laundering: the regulation of crypto-currencies is progressing

the Chainalysis expanded its mechanisms to increase the transparency in the environment of crypto-currencies. New government regulations in the United States.

By Patrick Pehl
On the 25. April 2019BTC$5.450,00 -0.23%part Facebook Twitter LinkedIn xing mail

The Financial Action Task Force (FATF) published a draft, according to new guidelines to be adopted for trading crypto-currencies. The FATF currently consists of 38 countries and two international organizations, including Germany and the European Commission. Indirectly, the current designs do, however, have more than 180 States effects. The aim of the regulation is the prevention of money laundering and the financing of terrorism. Many States set a Phase of the ban, are now increasingly on legal regulation as a means of control.

The American company Chainalysis has specialized in the creation of transparency and in the course of the deliberations of the FATF adjustments in its Compliance solutions. Now, the transaction monitoring in real time for ten Cryptocurrencies. Initially, the company developed based in Copenhagen and New York City, the product Chainalysis KYT (Know Your Transaction) to Bitcoin (BTC).

The Compliance solution for anti-money laundering of more than 110 companies in the crypto-currency industry and financial institutions in 36 countries worldwide. In addition, the System is used for real-time tracking for law enforcement authorities to track crime in the digital world. The Software could do more than identify up to 3,500 illegal or fraudulent activities. Including, among other things, Darknet market places, and large scams.

The old song: crypto currencies-money laundering

Still, the Belief that crypto-currencies like Bitcoin, are particularly well suited for illegal transactions to promote. This is not the case, the case of the Silk Road. Even then, authorities were able to make it through meticulous Track of the transactions, the men behind the thing.

money is based on trust. This is an old, even if the correct statement. This applies also, if not more, for crypto-currencies. In the field of crypto currencies, this trust is created through transparency, which, in turn, is a basic idea of the Blockchain technology.

The global regulation of crypto-currencies is inevitable, so this really boundless financial system acceptance in the Mainstream,

Jonathan Levin, co-founder and COO of Chainalysis said.

about a year Ago, we decided to develop our technology from scratch, in order to support more block chains. We can now add faster currencies new Crypto, what our customers are an important factor in the fulfilment of regulatory requirements.

it Remains to be hoped that the efforts of Chainalysis carry in fact, the crypto-adaptation in the Mainstream.

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