How do crypto firms implement AML compliance?

In order to correctly implement the AML compliance, crypto firms should look for solutions that help automate these compliance processes. Onboarding and identity verification. Crypto transactions can take mere seconds to complete. That’s why there is increased pressure to get the on-boarding process right.

Will cryptocurrencies undermine 90 years of securities law?

Among many dramatic statements, SEC Chairman Gary Gensler warned in April 2022 that regulatory loopholes in the crypto markets could undermine 90 years of securities law. He has also likened the crypto industry to the "Wild West" and cautioned that stablecoins may facilitate those seeking to sidestep AML policy.

Are cryptocurrencies regulated?

According to it, true cryptocurrencies like bitcoin and ether, which the FCA classes “exchange tokens,” are not regulated, though AML/KYC requirements apply. “Any token that is not a security token, or an e-money token is unregulated.

Is crypto a money services business?

I. The legal and regulatory framework of the crypto industry Planting its jurisdictional flag in crypto's early days, FinCEN (Financial Crimes Enforcement Network, U.S. Treasury) declared in 2013 that "administrators or exchangers" of virtual currency qualify as money services businesses under the Bank Secrecy Act (BSA) and FinCEN regulations.