Crypto industry lobbies to evade AML/CTF rules (opens in new tab)

(standwithcrypto.org)

6 pointsMASNeo7d ago3 comments

3 comments

woah7d ago

This is a heavily editorialized and misleading submission title. The only thing on this page that could be construed to have anything to do with the submission title is that this organization appears to be lobbying the EU not to make self-hosted wallets (where you control your own keys) illegal.

MASNeoOP7d ago

The concerning aspect is 1 of 6 objectives so it’s no minor goal. The transmission to self-hosted anonymous wallets is what makes crypto so effective for fraud, sanction evasion, money laundering and other crimes. It clearly fails FATF Recommendation 16 and virtually all KYC standards. Seeing Coinbase and a German exchange support such an objective is rather unexpected.

woah6d ago

Analogous situation to self-hosted communication encryption keys, where criminals can host military-grade encryption keys on any common mobile device, allowing them to discuss child porn and terrorism in a way that the police cannot monitor

solumos6d ago

I see nothing advocating against requiring KYC for user wallets and continuing to do wallet screening (which is the norm)

photios7d ago

All my life I've dreamt of fighting for and fulfilling FATF Recommendation 16. :D

MASNeoOP7d ago

I can only imagine what a nightmare real life must be like :D

seany7d ago

To be fair ditching AML/CTF would be _good_, but that isn't what is going on in this article.

MASNeoOP7d ago

That argument can well be made, given how (un) effective it is. But what would be the alternative?

seany7d ago

Does there need to be one? It's not clear to me where the moral good comes from AML in the first place. That's why things like Monero are so exciting.

1 more reply

solumos7d ago

I agree — I don’t see the connection between the items mentioned on the page and flat out AML/CTF evasion as the title suggests. If I’m wrong, someone please connect the dots.

MASNeoOP7d ago

I count myself to the pro crypto camp but some of this ask is inviting criminals more than supporting legitimate use.

j / k navigate · click thread line to collapse

3 comments

woah7d ago

MASNeoOP7d ago

woah6d ago

solumos6d ago

I see nothing advocating against requiring KYC for user wallets and continuing to do wallet screening (which is the norm)

photios7d ago

All my life I've dreamt of fighting for and fulfilling FATF Recommendation 16. :D

MASNeoOP7d ago

I can only imagine what a nightmare real life must be like :D

seany7d ago

To be fair ditching AML/CTF would be _good_, but that isn't what is going on in this article.

MASNeoOP7d ago

That argument can well be made, given how (un) effective it is. But what would be the alternative?

seany7d ago

Does there need to be one? It's not clear to me where the moral good comes from AML in the first place. That's why things like Monero are so exciting.

1 more reply

solumos7d ago

I agree — I don’t see the connection between the items mentioned on the page and flat out AML/CTF evasion as the title suggests. If I’m wrong, someone please connect the dots.

MASNeoOP7d ago

I count myself to the pro crypto camp but some of this ask is inviting criminals more than supporting legitimate use.

j / k navigate · click thread line to collapse