During these hours, several newspapers are wondering if the AMLD5 directive is an obstacle for the crypto currency industry… from our point of view, as a compliant European exchange, we decided to answer and to share with you a different perspective.
Recently, a lot of crypto startups/activities operating in Europe, have declared that, following the application of the V Directive coming on January 2020, and since the amount and type of personal information they should collect from their users would negatively affect the user experience, they have decided to permanently close their business. To date, “SimpleCoin”, “Chopcoin” and “BottlePay” decided to cease the activity.
Although this is very unpleasant news, it is, in our view, further confirmation that we must all now acknowledge that, in order to be able to operate in this industry, particularly in the European context, the dialogue with the regulators is as essential as the ability to integrate promptly their requests.
Don’t get us wrong, we are aware that some types of requests may be excessive and, precisely for this reason, we believe that the only solution is to establish and maintain a continuous dialogue with regulators, through consortia such as Cryptovalues.eu (of which we are part) that can help us to communicate with regulators and, possibly, offer our contribution in this field.
We have been already anticipating the V directive (by keeping always an eye to the request of our users on privacy) and during the last recent months, we have been repeatedly understandably criticized for our meticulous AML/KYC procedures and only now, the reason(s) become clear. Efforts spent in order to protect our user’s funds and guarantee them a safe environment to trade in.
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