Every action has a response, and the world of government rules is no different. Recently, the particular regulatory chatter has picked up around Bitcoin and it appears to be focused on two major requires as perceived by the monetary regulators.
Number one is the attempt to apply intrusive technology-specific money transmitter rules to a technology that doesn’ t seem to fit into any of their other regulatory containers. Licenses are being crafted to ensure the same level of AML (Anti-Money Laundering) and KYC (Know Your Customer) guidelines with regard to bitcoin companies as for other types of existing financial institutions.
Number two is protecting all of us “ from ourselves” under the standard guise of consumer protection and fraudulent providers. In an interview on The Bitcoin team , Andreas Antonopoulos explains a self-regulating method where the consumer protection holes can be solved by free market-enforced exchange solvency and applied cryptography solutions.
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