The Regulation of Crypto Exchanges – Here is how it all Works 0 59

It is clear as day that regulation is a massive boogyman to the world of crypto. This has been the case ever since the inception of crypto back in 2010.  Most of you reading this would be surprised to learn that the major point of decentralized currencies is that they are not for regulations. Some people see regulation and think that it is a sign that the market is mature and that crypto’s rise solidifies it as a currency that is legitimate.

Whatever people think about crypto, one thing remains certain and that is crypto is always going through loads of regulations. This is true for crypto all over the world. What’s more, most of the prices tend to be linked with the negotiations that take place. In the United States, there isn’t any overarching cryptocurrency body for the time being. However, there seems to be a series of state and federal laws.

As you would expect, these laws are there to make sure that things remain manageable. A renowned national regulatory bureau that goes by the name of FinCEN offers license just for crypto. The licenses are a must for crypto exchanges if they want to maintain their legitimacy and remain open. What’s more, they enable money transfers, detailed background checks, as well as sales through prepay. That being said, all of these come with a massive fee.

It is also worth keeping in mind that crypto exchanges should be registered in the form of money service operations. What’s more, they should also let law enforcement know about any activity on their platform that they deem to be suspicious. A large number of exchanges feel particularly on edge due to the final requirement. One of the main reasons behind these fears is that they want to offer their full respect to the privacy of their customers.

At present, exchanges don’t go through regulations, particularly in the United States even if they plan to host brand new crypto. Because of this, the chances of manipulation and fraud go sky high. That being said, exchanges tend to get regulated and reviewed whenever they would prefer Initial Public Offerings.

There are a large number of advocates in the crypto world who have been calling for exchanges to start regulating themselves. The plan is to create some well-established guidelines and spread them all over the industry to make sure, the crypto world remains well regulated and free from troubles. With all that said, the crypto world will keep on evolving and so will the way in which they are regulated.

 

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Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 9

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 9

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

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