Requests to the US Treasury think tank, the importance of privacy is increasing

An American cryptocurrency-related think tank has announced that it has made a request to the British Ministry of Finance.

The coin center, a cryptocurrency and blockchain think tank, strongly urged the Ministry of Finance not to over-extend the Money Laundering Regulation (AML) and the Anti-Terrorism Funding Regulation (CFT).

It became clear in the press release which the coin center announced on June 10th.

The coin center's main concern is that it imposes data collection and reporting on not only cryptocurrency developers but also all open source software developers and people who facilitate P2P trading of digital assets. It is in the plan.

Coin Center described in detail the transition from EU AMLD5 to UK domestic law on June 7 in the transition of the report 5th Money Laundering Directive submitted to the UK Ministry of Finance.

AMLD5 is the application of money laundering regulations plus cryptocurrency operators etc. EU member states are obliged to develop and introduce domestic laws by 20 January 2020.

According to the Coin Center, the United Kingdom has added its own clauses beyond the minimum amendments that make it compatible with AMLD5 and its financial monitoring policy, and argued that it has expanded the basic framework of AMLD5.

Coin Center also strongly urges to seek the equivalent of the US approach. The Financial Crimes Enforcement Network of the United States Department of Finance, pointed out by the Ministry of Finance, pointed out the interpretation guidelines issued by the Bank for the Secret Law and the cryptocurrency.

For example, FinCEN's interpretation is intended only for people who independently manage another person's cryptocurrency under the authority of BSA, such as OSS developers, multiple signature service providers, distributed exchanges, etc. It is said that those that enable transmission are excluded.

Coin Center insists that it is developing virtual currency related network technology from the conviction that privacy protection is becoming more important, and suggested as follows.

We believe that such tools are necessary to protect human dignity and autonomy. In a world where transactions are increasingly investigated and managed by a handful of private financial intermediaries and strong governments, these tools are needed politically and socially.

The coin center is expected to expand its AML surveillance obligations to developers and users of encryption and decentralized trading and exchange software as specified in the International Covenant on Citizenship and Political Rights, the European Convention on Human Rights, UK Infringe the right to free speech and privacy.

It is clear that money laundering and privacy protection are important in regulatory issues.

The degree to which this should be made strict or relaxed will be different in each country.

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