Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Cryptocurrency Regulation Taken To The Next Step In 2022

Cryptocurrency Jun 13, 2022 07:04AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Cryptocurrency Regulation Taken To The Next Step In 2022

  • Regulation is steadily catching up to the world of digital assets this year.
  • Places like the UAE have already taken it upon themselves to implement several AML measures.
  • The UAE has also taken steps and implemented an Online Security Law that could fine unlicensed cryptocurrency dealers.

Regulation is steadily catching up to the world of digital assets this year. Dubai specifically passed the Dubai Virtual Asset Regulation Law that is aimed at establishing an “independent authority to oversee the development of the best business environment in the world of virtual assets in terms of regulation, licensing and governance.”

With regards to anti-money laundering (AML), the anonymity provided by blockchain is very attractive to malicious parties. Just last year around $8.6 billion was laundered, which is a 30% increase from the previous year.

Places like the UAE have already taken it upon themselves to implement several AML measures that come recommended by the global standard-setting body, the Financial Action Task Force (FATF).

When looking at decentralized finance (DeFi), distributed ledger technologies like blockchain can facilitate decentralized systems through making use of smart contracts, where there is no single central authority with control.

This makes it difficult to ensure all legal requirements are met. However, regulatory steps are being taken globally and the FATF has already issued guidance for AML compliance in DeFi systems. The European Union’s draft Regulation of Markets in Crypto Assets (MiCA), also includes some provisions that relate to DeFi.

Consumer adoption has also grown significantly over the last few years. The biggest concern for most regulators is consumers’ lack of knowledge, which could prevent them from prospering in the digital asset market.

Regulators worldwide are taking this seriously and are making sure that there are clear prohibitions on misleading advertising. The UAE has also taken steps and implemented an Online Security Law that could fine unlicensed cryptocurrency dealers.

Continue reading on CoinQuora

Cryptocurrency Regulation Taken To The Next Step In 2022
 

Related Articles

Crypto crime plunges by 15%, Chainalysis report
Crypto crime plunges by 15%, Chainalysis report By BTC Peers - Aug 17, 2022

According to a new report from blockchain intelligence firm Chainalysis, the volume of illicit activity involving cryptocurrencies has declined by 15% this year. Chainalysis, in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email