Re: AML compliance challenges by FinCEN

I think it will be a huge issue for crypto in near future as these compliances are meant for crypto.
Read more:

https://shuftipro.com/blogs/challenges-aml-compliance-fincen/

What you people suggest?

The article essentially divides the crypto mass into three broad categories,

1. Individual
2. Exchange
3. Administrator

As per the definitions provided, we as a general user of cryptocurrency falls under the "Individual" category who uses the service of an exchange or an administrator for transmitting cryptos making them liable for any AML non reporting issue.

So here the exchanges and administrators need to follow the current AML guideline to remain compliant. Even though I personally don't support any censorship on cryptos, but the raising concerns regarding criminal activity and terrorism financing needs ro be stopped. I see no issues in the circular. If you find any, can you please point that out for us?

I am thinking about the future implications. Don't you guys think these compliances will strengthen in future i.e. more taxes and more regulations that may make it centralised?

I am stunned by your statement! How come more taxes and regulations will be good for crypto? How come heading towards centralization will be good for crypto??

When it comes to normal KYC and AML practices, I am still ok, but overdoing the regulations will kill the market. Don't you think so?