G20 Regulations not a good thing.

[Ozero]

However, about G20 regulation, we need to understand that G20 summit can only provide guidance but can't draft a law for the countries. At the end of the day, it all depends on your government on how they want to draft laws about cryptocurrencies.

technically, yes, states will need to draft new laws before this becomes a reality, but that seems more like a formality than anything else. the g20 member states have already publicly pledged to enact the FATF recommendations. i doubt we're gonna see much divergence between the original recommendations and eventual legislation at the national level.

It is unlikely that there will be a big difference between the recommendations of the G-20 countries and national laws. It is precisely the task force of FATF that specifies these recommendations. FATF has already decided that KYC checks should be carried out by persons who send or receive transactions in cryptocurrency in the amount exceeding one thousand dollars. In addition, exchanges will have to report transactions in excess of $ 15,000 to government agencies. In my opinion, these are pretty good rules and knowing them can bypass these identifications.

I also read about these recommendations of the International Organization for Financial Action (FATF) of June 21, which more than 200 states will have to adopt as laws throughout the year. If we send transactions of less than a thousand dollars and do not pass any identity checks, it will be even good.

[1714617418]

1714617418

[ccryptopark]

There are bound to be regulations among different countries whether we like it or not. I really don't think every country is going to accept cryptocurrency how we know and use it.

Now I do think that there will be companies say like Ciphertrace who want to bridge the confusion and acceptance of crypto between both the wider community and governments.

You can have a look into their recent partnership with Shyft to address the FATF travel rule. It is still regulated to a point but users data remains private. This will also help to make KYC and AML faster among exchanges which is necessary for greater adoption.

This is just one of the responses to the regulations and I am interested in seeing what companies like this will come up with in the future. https://ciphertrace.com/ciphertrace-and-shyft-partner-to-address-the-new-fatf-virtual-currency-travel-rule/

[malevolent]

For one thing, it's a breach of privacy. What's next, AML reporting every time someone spends $100? Where does it end?

That's where it ends, yes. 10-15k USD/EUR used to be the transaction limits triggering more paperwork (and that was when the money was worth more), now in the cryptocurrency realm the figure is often ~1000 EUR/USD. Next stop is even lower, in Greece cash transactions are limited to 500 EUR.

For another thing, data security is a major problem. Major companies are compromised everyday, losing customer data left and right. The more companies that have your KYC data, the more likely you are to have your data breached and your identity stolen. I know someone who had their identity stolen. He's been struggling with the fallout for several years now. His credit was ruined because of it. I would never wish that on anybody.

Regulator's dgaf about this, the ends justify the means to them.

[ccryptopark]

Has anyone thought about looking into more advanced AML tech like those from Ciphertrace? I know they've been pretty active in Washington trying to provide better solutions than hard hitting regs. esp those with more privacy