Digital Currency Companies Try to Self-Regulate

by Mercator Advisory Group 0

A group of digital currency companies have formed a committee to create a “Digital Asset Transfer Authority” designed to work with regulators on creating risk management and compliance standards for new types of currency:

The group published a manifesto of sorts in the early hours of this morning, outlining what it would do. These steps included:

•Developing best practice anti-money laundering standards for virtual currency firms.
•Serving as a source of business and technical standards for responsible conduct of financial transactions.
•Identifying emerging policy concerns early on.

While the move likely will be welcomed by regulators, it is not clear how the devotees of digital currencies will feel about it. Supporters of digital currencies like them in part because they exist outside of government structures. If regulations are imposed and potential anonymity lost, then it is likely that the market for the regulated currencies could dry up.

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