Crypto sanctions: six compliance tips for operators and exchanges
With the ongoing invasion of ukraine by russia and the extensive sanctions that are imposed as a result, cryptocurrency-specific sanctions designations are on the rise. Also, crimes associated with cryptocurrencies hit a new all-time high in 2021, with illicit actions that were around 14.000 million dollars worldwide, according to the crypto crime report 2021, produced by chainalysis; although such figures may seem significant, it is important to mention that they only represent 0,15% of the total transactions with digital assets. Meanwhile, the european union (eu) recently reached a provisional agreement on an innovative set of rules for the crypto ecosystem. The regulation, known as markets in crypto-assets (mica), will come into force in 2023 and will become the world's first regulatory framework for digital assets.
However, the original spirit of the development ofItaly Telegram Number Data itcoin was to be able to count on transparent and traceable digital assets for the development of new opportunities, without depending on the regulation of different governments and the complexity of cross-border harmonization. Thus, regardless of the regulations that are under analysis and implementation in different latitudes, it is necessary to try to generate a healthy ecosystem that encourages and collaborates in its greater adoption throughout the world. They are listed below six tips for the ones exchanges and the different operators strengthen their compliance strategies. 1. Collect customer information (kyc – know your customer) and compare it with existing sanction lists any cryptocurrency based business or digital assets should explore collecting kyc information from new users upon registration, recording customer names, addresses, phone numbers, emails, and related documentation.
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As part of the kyc process, companies must check this information against sanctions lists to refrain from doing business with any sanctioned individual, entity or country. Because each country maintains its own sanctions list, the easiest way to do an assessment is to use a service like thomson reuters or refinitiv, which consolidates and updates sanctions lists daily. Any cryptocurrency based business or digital assets should explore collecting kyc information from new users upon registration, recording customer names, addresses, phone numbers, emails, and related documentation. As part of the kyc process, companies must check this information against sanctions lists to refrain from doing business with any sanctioned individual, entity or country. Because each country maintains its own sanctions list, the easiest way to do an assessment is to use a service like thomson reuters or refinitiv, which consolidates and updates sanctions lists daily.
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