The global financial system is making attempts to tackle money laundering associated with cryptocurrency. Nations like India, Canada, United Arab Emirates (UAE), and South Korea have or will incorporate cryptocurrency into their anti-money laundering (ALM) policies.
Fortunately, Big Eyes Coin, Bitcoin, and Ethereum are all taking steps to combat illicit activities involving their networks. Here’s a look at what these three cryptocurrency giants are doing to prevent money laundering.
Global Regulations Aim to Combat Money Laundering with Crypto
Over the past few years, the use of digital assets for money laundering has been increasing. Thus, worldwide authorities are taking steps to reduce the risk of such activities.
For instance, in 2014, Canada included cryptocurrency holdings in its Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). In 2017, UAE also established anti-money laundering regulations for circulating cryptocurrencies. Meanwhile, India is currently enforcing anti-money laundering regulations concerning crypto transactions, and South Korea is also planning to control its cryptocurrency industry through anti-money laundering regulations.
Bitcoin and Ethereum Take Precautionary Measures
Bitcoin and Ethereum have often been criticized for facilitating money laundering and other illegal activities. However, these crypto giants have taken various measures to address these concerns and improve their anti-money laundering (AML) efforts.
Bitcoin, for example, has implemented blockchain analytics tools that can assess risk levels and meet global regulatory conditions. It also helps to identify bad actors and the implementation of know-your-customer (KYC) policies on exchanges and other services in the crypto space.
Likewise, the Ethereum community has developed tools and projects to improve the transparency and security of the network. This includes the censorship-resistant Ethereum Name Service (ENS) and the Ethereum Address Labelling Engine (EAL). Additionally, both Bitcoin and Ethereum are subject to international regulatory requirements, such as the Financial Action Task Force (FATF) guidelines, which demand cryptocurrency service providers to execute AML and counter-terrorist financing (CFT) efforts.
Big Eyes Coin Secures Network Against Money Launderers
Big Eyes Coin (BIG) is a secure network that offers a degree of protection against money laundering. This is due to its proof-of-stake (PoS) consensus mechanism. PoS enables token holders to stake their assets and form validator nodes.
What’s more, BIG is audited by smart contract auditing firm Solidity Finance and verified by crypto project voting website CoinSniper. Furthermore, the liquidity of BIG assets is locked for two years from the launch date, which serves as a layer of protection against price manipulation and malicious actors.
Conclusion
Cryptocurrency is an efficient way to diversify your assets. However, this does not mean the digital asset space is necessarily illegal or susceptible to bad actors. It is simply a medium that can be used to generate profits or fund illegal activities.
Fortunately, Big Eyes Coin is a secure network that safeguards your funds. For more information on BIG, visit the links below.
Learn More About Big Eyes Coin Here:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
