![]() ![]() MiCA will not apply to non-European crypto service providers unless they target EU investors or offer their services in the EU. The Markets in Crypto Assets ( MiCA) regulation, which received a majority 517 votes from European Parliament lawmakers in favor of the crypto licensing regime in April 2023, aims to protect investors and preserve financial stability, while allowing for greater innovation in the crypto asset sector. However, bypassing KYC and identity verification is likely to have not only serious consequences for crypto users, but also cause regulatory difficulties for crypto operators. Underage users looking to trade cryptocurrencies.įor these reasons and more, some users may resort to dubious methods to avoid KYC checks.Illicit organizations looking to access crypto exchanges to launder money. ![]() Others may want to avoid sanctions, embargoes, or PEP screening lists.Some users believe identity verification goes against the ethos of cryptocurrency.People bypass KYC requirements for multiple reasons: When registering on one of those platforms, users need to provide a government-issued ID, take a photo identification selfie, as well as provide additional personal data. Binance and Coinbase, both leaders in crypto trading worldwide, are just two major players that have decided to enforce strong KYC policies, in order to comply with AML and KYC regulations, along with upcoming regulatory framework, MiCA. ![]()
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