About the Emfarsis-hosted and Elliptic-sponsored event called Crypto Compliance Conversations, Mislos wrote about how the Securities and Exchange Commission (SEC) would always impose its rules. You can read the full article here: [Recap] Crypto Compliance Conversations Part 1: SEC Will Enforce Its Rules
The Financial Action Task Force (FATF) recommended a “Travel Rule,” which requires virtual asset service providers within their jurisdictions to implement stricter KYC, including the person’s identification, whenever that person transacted around $1,000 in crypto. But Mislos said that “travel rule” could be harder to implement given the nature of how cryptocurrency exchanges and virtual asset service providers work.
In the Philippines, where there are government agencies that has oversight on crypto, Securities and Exchange Commission Commissioner Kelvin Lee gave a talk in front of an audience who are all working on fintech and cryptocurrency, the industries where the Commission has oversight.
“According to Commissioner Lee, the sweet spot between the current system and fintech are the basic investor principles, such as KYC, AML, Disclosures, and Transparency. They must all remain. Yes, even if cryptocurrencies’ basic principle is for more anonymity, the SEC will not back down on enforcing its rules.”
This is only the part 1 of 2 of Mislos’ articles regarding Crypto Compliance Conversations. You can also check part 2 on this link.
You can read the full article here:
[Recap] Crypto Compliance Conversations Part 1: SEC Will Enforce Its Rules
Published: BitPinas by: Mike Mislos (March 11, 2020)