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ubcnewsworld
Business & Economics
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New Wave Cryptocurrency Regulations and Compliance. As the industry has matured, there has been a marked change in perspective where policymakers are now much more engaged with crypto regulation and accept that not all crypto is "Criminal money." What does this mean for the future? The Evolution of Crypto Regulation A lot has changed since Not too long ago, crypto got a bad reputation for becoming a go-to financial crime financing method. "In most countries, politicians and regulators are talking about crypto. There is still much uncertainty and a lack of education around the topic. However, the topic of crypto is everywhere. Benefits of Increased Regulatory Measures While crypto has traditionally been coveted by many for the anonymity associated with its use, there is a perception that more regulation is a good thing for the industry's longevity. How to Build a Future-Proofed Crypto Compliance Program It has become clear that building crypto compliance programs that offer substantial forms of protection without a pre-defined roadmap for success are one of the most significant challenges these organizations face. "Most crypto companies operate on unique business models with minimal precedent in regulatory compliance. As such, a crypto AML program can't be designed as an 'off the shelf' document, and it is going to require a significant amount of 'outside the box thinking to be best suited to a given firm's needs," Brandi Reynolds, Managing Director of the Bates Group explains. So how can an emerging industry build a future- proofed system for compliance? Reynolds advises that crypto firms should take a proactive approach in managing their relationships with their regulators, including reaching out to regulators before starting a business to understand the necessary It is clear then that the future of crypto regulations and the success of crypto compliance programs will be heavily influenced by the tools and technology used to bolster these systems. Near term, crypto regulation will continue to present many questions. Find Out More At https://ampraider.com/
