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A cross-border cryptocurrency will appear in the Middle East, the Central Bank of the Netherlands will issue licenses to cryptoexchanges. NYDFS slows down the issuance of permits Fintech.
Work has begun on the creation of the first cross-border cryptocurrency. This was stated by the authorities of Saudi Arabia and the United Arab Emirates. However, these coins will not be available to private investors. They are designed to facilitate settlements between financial and banking structures.
This is the first example in the world when two states create a single digital asset. The region is very actively working on the introduction of the blockchain into the financial sector, so the project of the Central Bank of the UAE can be the basis for working out new payment methods. It is expected that in 2019 a regulatory framework will be created to regulate cryptocurrency turnover.
The Dutch authorities are going to introduce compulsory licensing for all cryptocurrency exchanges and exchangers. This was reported in the Central Bank of the country. According to officials, this will significantly reduce the anonymity of transactions in the blockchain and reduce its role in money laundering.
We have to admit that, according to experts, the cryptocurrency industry accounts for less than 1% of the turnover of funds of illicit origin. However, the authorities are concerned about the future of cryptocurrency and its anonymity. It is difficult to say exactly what such actions will lead to. However, regulators can not allow the existence of cash flows beyond their control.
Robert Hackett, author of Fortune publishing house, has conducted research on the performance of the New York State Financial Services Department (NYDFS) since its inception. It was found out that out of 36 applications for licenses for conducting activities in the field of cryptocurrency, only 9 were agreed. It turns out that the department issues only 3 permits per year.
As a result, several companies decided to change the place of registration. In particular, the well-known ShapeShift and Kraken cryptoexchange did this. It is noteworthy that the state of New York is one of the most important centers of US business activity. This is where
More about control measures for cryptocurrency