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Comment From Wayne Johnson, CEO, Encompass Corporation, On New EU AML Rules Which Will Ensure Full Traceability Of Crypto Transfers

Date 22/07/2021

Responding to the news that new EU AML rules will ensure full traceability of crypto transfers., Wayne Johnson, CEO, Encompass Corporation commented:

“The emergence and adoption of cryptocurrency and blockchain technology has created a new scenario for regulators. Essentially, we are facing a payments technology that transcends country borders and is not subject to rules and, in turn, this has bred a plethora of issues pertaining to untraceable money laundering.

 

“Despite some of the negativity surrounding cryptocurrency, it must be acknowledged that it is not the root cause of modern-day money laundering, and conversely, digital currencies could present a unique, accessible and safe payments alternative as soon as the sector is adequately regulated.  This scope of and focus on appropriate regulation is key when looking to the future. It is important that regulation exists to protect customers, but, with firms in mind, obligations must not significantly hinder them.

“Firms that do decide to pursue this market must ensure that they have right guidance and technology to detect and prevent financial crime built into their core platforms. This can be achieved with state-of-the-art regulation technology, which can perform cost-effective and extremely efficient KYC, and is equipped to adapt to the inevitable influx of new regulation and compliance laws attempting to crack down on cryptocurrency abuse.”