Going through a ton of articles as I do every day a couple of headlines grabbed my attention yesterday — one was from the up and coming Crypto Hub of Hong Kong, and the other one was from Japan, the second-biggest Crypto market of the World.
Before I set out to tell you what they were just a little background on what has been happening in the #Cryptoverse lately with all the talk about regulations. The most recent FUD gaining traction has been the challenge that privacy-centric digital coins pose for financial authorities. Their biggest concern seems to be centered around the fact that since these transactions are untraceable & therefore can be used to launder money to be used for nefarious purposes.
So how valid are these concerns? Not really if you have to believe a recent report from the Hong Kong Financial Services and Treasury (FSTB) on terrorist financing and money laundering showing Cryptocurrencies are less used in organized crime contrary to popular belief among regulators. Despite this fact businesses in Hong Kong complain about being denied banking services especially the ones related to Cryptocurrencies.
Moving over to Japan, it’s Financial Services Agency (FSA) is pressuring local Cryptocurrency exchanges to de-list privacy-centric altcoins such as Monero, Zcash, and Dash. This is actually not a one-off instance apparently since Monex which acquired Coincheck after the record-breaking hack (earlier this year) quietly de-listed Monero and two lesser-known altcoins that claim to be anonymous, in an effort to convince the FSA that it was good to be granted a license. Wouldn’t it have been better to enforce better security & KYC regulations of these digital exchanges rather than banning a few coins?
So if you ask me… looking at the chart above it is pretty evident which is the bigger problem! What’s your take on it…