Surfin’ Bitcoin: Crypto and Regulation

Surfin' Bitcoin: Crypto and Regulation

As expected, the issue of cryptocurrency regulation was on the agenda during the third edition of Bitcoin Surfin. Exclusively, Cointribune brings you what experts in the field think.

Cryptocurrency and money laundering

Critics generally describe cryptocurrencies as a way to facilitate money laundering. However, according to Stéphanie Cabossioras, French legal director at Binance, PSAN approval commits the exchanges to a certain number of responsibilities. These include: supporting law enforcement in apprehending criminals, identifying all platform users, as well as detecting transactions deemed suspicious. Simply put, the company is required to notify the police as part of the fight against money laundering.

For her part, Elodie Trevillot, head of the control, compliance and permanent control department of DELUBAC & CIE, insists that the situation is the same for exchanges as it is for banks. That being said, the blockchain is a powerful tool for traceability. Which is far from the case today with fiduciary money. In this sense, flow analysis mechanisms are developed to trace the history of financial transactions. This still raises the question of respect for privacy, which is at the heart of the Bitcoin philosophy.

MiCA Regulation: How will crypto-asset holders be affected?

Today, many experts agree that regulation of cryptocurrency is necessary. William O’Rorke, founder of ORWL Avocats, believes that regulators have taken a big step towards the industry. This greatly affected his development. In addition, the upcoming MiCA regulations will help move things forward even further.

In fact, it provides a secure framework for investors, especially since it is developed under the supervision of the financier Autorité des marchés (AMF). It should be noted that the MiCA standard is a guarantee base comparable to the guarantee base for traditional financial products. A more than interesting solution from the point of view of Binance, the world leader in cryptocurrency exchanges. However, it will take two years before this regulatory mechanism comes into force.

In addition, contrary to thought, PSAN approval does not guarantee investments in cryptocurrencies. That being said, it could easily be a real hallmark for crypto businesses in Europe.

Freedom or security? Which card to play?

At the end of this exchange, the difficulty lies in finding a compromise between regulation and ethical considerations of privacy and decentralization. That said, how to regulate decentralized finance in the long term is still under consideration. And she promises to be tough. For the authorities, the regulation of cryptocurrencies is a state of emergency. It stole the show from the regulation of cross-border transfers. And that’s just the beginning.

Today, the irony is that blockchain companies are forced to participate in the establishment of the regulatory framework applicable to decentralization. However, it is hard to deny the relevance of this move for crypto investors. As William O’Rourke says, “The regulations are a bit like a board game and the goal is for everyone to try and play without going to jail! »

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Junie Maffock avatar

I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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