The lack of regulation in the crypto industry has currently, is to find companies, according to Julie Myers Wood, Chief Executive Officer of Guidepost Solutions, a New York consultancy, Compliance-related investigations and security offers services to an end soon.
Julie Woods’s argument is based primarily on a steady rise in suspicious activity reports to crypto-currencies. The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) says that there are now every month, 1,500 of such reports. The ever-changing landscape of crypto-technology in the United States confused the investors, and these reports will only contribute to their care.
Past by Julie Wood
Prior to her role as CEO of Guidepost Solutions, was held by Julie Wood senior positions in the U.S. Department of Homeland Security, Commerce, Treasury and Justice, and was also the Head of Immigration and Customs Enforcement, Assistant Secretary for Export Enforcement, and Chief of Staff for the Criminal Division in the Department of Justice. Their experience in these key positions to support your statements and give you a high level of credibility.
Wood points to the recent, rapid rise in the market for the development and use of regulated stable coins.
The perceived advantage of a stable coins is that you should be a more stable digital currency, since the currencies, Fiat or assets, such as the US Dollar, the Euro, other land, or the Gold-bound. According to a recently published report by the crypto-Wallet company “Blockchain” there are currently over 50 Stablecoin projects in development.
Gemini (the Gemini dollars), Paxos (Paxos default) and Circle (US Dollar Coin) Tether in the group of Upstarts that have recently been criticized because of Compliance issues and cyber hacks. “Although Stablecoins often as a liquidity instrument for a crypto-currency exchange serve, to be offered in the recently announced Stablecoins with more Benefits for customers, such as insurance, loans or even real estate settlements,” said Wood. “With the development of new Stablecoin-products, the Supervisory authorities are increasingly focusing on Stablecoin offers, as more and more people on the retail market for crypto-currencies.”
Woods expects the government to clean authorities the market of currencies, which are associated with Compliance risks, as more and more institutional investors to enter the lucrative market. “Institutional investors who are concerned about Hacks and market manipulation, can include this in their risk calculations and investment strategy. Some experts have claimed that the currencies will concentrate on a leading provider, while others assume that the variety on the market, without systematic market manipulation,“ said Wood.
While the regulators seek, existing conditions, adapt to new technologies, the involvement of the courts, as the fast-growing regulation will make it difficult for the jurisdiction. “Some of the key factors driving this Trend. Firstly, there is a push crypto-currencies to transfer them into more formal regulatory structures. In the United States, the BitLicense-the license of the New York State Department of Financial Services and the Charter of the New York Private Trust Company for Crypto companies representative of this Trend,“ said Wood. “Another example of this Trend at the global level, the recent announcement by the Financial Action Task Force (FATF), that you will develop crypto-guidelines for dealing with the financing of terrorism.”
Wood is of the opinion that institutions such as the FATF for the establishing of global Standards are essential because the regulatory framework is developed in many countries extremely and / or by the speed of the development of the crypto currency market is overwhelmed. Of the financial institutions, a more refined reporting and analysis of the crypto-currency markets is required to understand the business activities in certain countries, the risks associated better (e.g., the Basel AML Index).
The focus on KYC (Know Your Customer) and KYT (Know Your Transaction) for the more consumer-oriented technological breakthroughs will now provide the regulatory authorities, law enforcement authorities, and Compliance innovators, more opportunities to validate customer transactions quickly. The rapid rise of the crypto-sector has some established countries definitely have a clear advantage over more developed countries, provides, in particular in Asia. The member States of the FATF are to be exposed to a less positive report from the Organisation of a negative global media coverage and public opinion, what will the members of under pressure, to the “rising tide” to prepare.
The US government could also be a source for regulatory resources, as well as guidelines of all the various agencies that are active in this field, such as exercise, the US Securities and Exchange Commission, Commodities Futures Trading Commission and FinCEN (to name only three), and pressure, because it implements some of their recent investigations and regulatory proposals in connection with crypto companies based in Non-US countries.
Do you have a passion for the topics of Bitcoin, Blockchain and crypto-currencies? You have Talent as a writer and desire to work in a Team with other crypto-enthusiastic people to work? Get in touch with us and become part of our team! Send us a short application to firstname.lastname@example.org! We look forward to your applications.
Are you interested in other topics to Crypto & co.?
Then the Interview read that crypto has led Ticker with Bitwala.
Don’t miss any important messages!
Follow us on Twitter, Facebook, Steemit and the Telegram News channel or Newsletter .
You would this article like to comment on? Then come to our Telegram discussion group .
This article was from English into German:
Senior IT Consultant and Crypto Enthusiast always in search of interesting news.