Cryptocurrency and the regulation that surround it have been a hot topic recently with Binance and Coinbase being placed in the spotlight. Both decentralized exchanges have urged legislative authorities in the United States to present clearer regulations to ensure compliance however there has been no positive outcome.
Recently the U.S. Regulatory officials called for a crackdown on Crypto anonymity to ensure transparency in an effort to avoid criminal-like activity. Christy Goldsmith Romero who is a commissioner at the U.S. Commodity Futures Trading Commission (CFTC) expressed concerns regarding cryptocurrency serving as a tool to facilitate illegal activities. These illicit activities victimize individuals, companies, and hospitals along with critical infrastructure.
During the city week conference that took place in London, Linda Lace expressed concerns about fraud in the digital asset marketplace. The superintendent of the New York State Department of Financial Services highlighted the human cost of these crimes and emphasized the need for transparency in the crypto market.
US Officials Canvass For Crypto Transparency
The anonymity factor tied to cryptocurrency is the key factor that makes crypto an attractive option for those engaging in illegal financial activities. Laced stressed the need to address the software tools such as “mixers” which enable users to pool and scramble crypto with the use of thousands of wallets and addresses which adds additional layers of anonymization to transactions.
Legally compliant companies should put efforts in place to avoid tools such as mixers to remain compliant with the regulations in an effort to ensure transparency and mitigate their exposure. Lacewell’s message was that proactiveness is required to address the issue of fraud and digital assets.
The use of anonymity-enhancing tools only harms the consumer and the integrity of the financial system. Congress is currently working on new legislation to address digital identity and anonymity. Crypto-related companies will need to demonstrate their capability to implement controls that deter illegal activities such as money laundering and terrorism.
Sanctions were recently imposed on Tornado Cash, a cryptocurrency mixer due to the allegations that it facilitated the laundering process of cyber-crimes committed by hackers from North Korea. The importance of ensuring transparency when it comes to digital assets cannot be stressed enough.
Signuptoken.com Privacy And Transparency compliant
Signuptoken.com is a blockchain that is focused on ensuring transparency while retaining privacy and should be able to comply with any forthcoming legislation. As Decentralized Finance (DeFI) continues to grow so will the decentralized exchanges which facilitate the exchange of cryptocurrency which is why Signuptoken.com’s mission statement is so important.
The blockchain for Signuptoken.com will go live once the milestone of 1 million users has been achieved. Many would be speculative about investing in a blockchain that has very little information made available to the public. However, the no pre-sales motto along with an email place a strong incentive for users to sign up.
Very few blockchains have empowered their users to financially benefit from crypto referrals which is exactly what Siguptoken.com has done. They have incentivized the community to fast-track the 1 million user milestone through the implementation of a referral mechanism. Each referral will earn you a ranking on the leaderboard and those with the top rankings will get a prioritized notification once the blockchain goes live.
The importance of transparency, accountability, and compliance should never be overlooked when investing in the crypto space. Privacy and anonymization go hand in hand when discussing cryptocurrency however the question remains. How much anonymity is too much?
One of the pillars that made cryptocurrency popular in the first place is its anonymity which when stripped away results in trackability, accountability, and taxation which may be the real mission of the United States since two things are certain, taxes and death.
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