In a global conference of officials, which was held in London, Andreas Utermann while directing towards Andrew Bailey, who is the head of the British Financial Conduct Authority, said:
“You should outlaw it [crypto]. I am personally surprised that regulators haven’t stepped in harder.”
Regulating the Cryptocurrency Market
In the recent G20 conference – a global forum involves government officials from the 20 largest economies of the world, it is concluded that there should be some regulations on the crypto market; this is to ensure the safety of digital assets from not being used by criminals for any illegal activities that involve money fraud.
The combined declaration released says:
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF [Financial Action Task Force] standards and we will consider other responses as needed.”
With this G20’s declaration, the governments of many countries will stop themselves from imposing any ban on the cryptocurrency, as doing so can push them into the dark, whereas, the institutions and other individuals entities will continue their use of currencies for various purposes.
However, if the government put some efforts to develop an effective and a practical space, then they can get benefitted from the taxes paid by the investors. This way the higher authorities can put hard hands on the criminals who try to use the cryptocurrency regulations platform equipped with Anti-Money Laundering systems (AMLS) and Know Your Customer (KYC).
Also, if the government tries to outlaw the cryptocurrency trading and transactions, then half of the activities involve digital currencies will move to underground industries – more peer-to-peer (P2P) connections and will make it difficult for the government to monitor them.
Giant Amalgamation Supporting Cryptocurrency
If there are some financial institutions that are prohibiting the cryptocurrency, then, on the other hand, there are giants like Nasdaq, Fidelity, ICE, Goldman Sachs in the market which are making the cryptocurrency infrastructure more stronger than before.
Four of the institutions are coming together to function in future markets, custodial based solutions, exchanges in order to serve investors in the financial industry.
In this year 2018, banks like Danske and Deutsche have suffered from two major money laundering frauds; led to exceed the whole market capitalization of the crypto Industry.