Cryptocurrency will be integrated into the financial services industry at the state level
The decision adopted by the Central Bank of the Bahamas (CBOB), according to MyCrypter.
It is noted that the financial regulator published a regulatory legal framework for the preparations for the integration of cryptocurrency assets in the financial services industry.
This document should address a number of regulatory issues related to crypto-currency. In particular, we are talking about tax evasion, market volatility, fraudulent, ICO and policies of combating money laundering.
The Bahamas is considered a modern approach to cryptocurrency too fragmented, which is difficult “minimizing risks in the FINTECH arena”.
In this regard, SWOV plans to adopt a number of amendments to existing regulations.
“In accordance with these amendments, all companies operating in or from the Bahamas should “demonstrate safe and financially sound business practices; to show that you have systems to measure, monitor and adequately control market and other risks; and to ensure transparent procedures to prevent the use of their services for criminal purposes,” reports the Nassau Guardian.
The implementation of the rules of combating money laundering will also be required.
Earlier we wrote about the fact that if the world market will be based on the underlying assets, and not speculation, bitcoin may rise in price several times. This is stated in the report, which was released by cryptocurrency analysts Satis Group.
The authors of the report believe that bitcoin can expect a bright future if the big players in the market will cease to speculate.
“Reference bitcoin should rise in price, as it is scriptactive with a quote for a deep and popular markets”, – stated in the document.
According to experts, those digital currencies that are trying to inherit the awareness of other brands and with the minimum technological characteristics, will suffer a significant drop in price.
Ted Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Koz Week, Ted Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella.