Regulations
By Steven Anderson
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The core requirements to launder money is decentralization and privacy. Cryptocurrencies whether Bitcoin, Ethereum, Litecoin or TCAT token have got it all.
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Kunal Barchha, Co-founder at CoinRecoil, has filed a writ petition on the circular, which was issued by the RBI.
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Kunal Barchha further wrote an open letter to the Prime Minister and Finance Minister requesting them to reconsider their decision regarding the ban of the cryptocurrency.
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Germany is all set to implement its anti-money laundering directive by regulating the cryptocurrency licensing requirements.
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The Draft Act is a reflection of the Anti-money laundering and anti-terrorism act thought necessary by the G20 decision. The scope of AML will thus be extended.
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The licensing requirements will apply to the exchanging of crypto assets in the legal tender as they qualify by being a financial commission business.
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Multilateral trading facility qualifies by providing for automated matching of transactions where cryptocurrencies are bought and sold with cryptocurrencies.
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In a limited custody business where the custody of security qualifies the process as a custody business.
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There are several uncertainties concerning licensing obligations and the custody obligations between security tokens and non-security tokens. These questions are unanswered.
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