Cryptocurrency, New Regulations, and the FATF

However, these new regulations create a two-pronged issue, both on the side of the exchanges and on the client/consumer side. The immediate issue, on the exchange end, is that the new regulations poise themselves to force blockchain technology to be backward-compatible to the new standards. This was something that the technology was never designed to try to to originally, providing identifying information ad-hoc on all parties involved within a transaction. this is often now forcing exchanges to hurry up and find out how to form this Blockchain Press Release Distribution happen, with a deadline of 1 year (from June of 2019), or be in danger of being blacklisted by the FATF, which suggests lumping non-compliant exchanges into an equivalent category that terrorist organizations and various criminal enterprises fall under, for instance.

The other issue the new regulations create maybe a potential  Bitcoin Press Release Distribution Services exposure risk for clients who are on the opposite ends of those transactions, especially since the potential for an audit trigger during this area thanks to these new standards is now bigger than ever, especially within the us . the simplest thing a consumer or business owner can do is to perform proper due diligence when performing a high volume of crypto transactions, or any great deal above the $1,000 reporting threshold. This involves maintaining accurate records of parties involved within the transaction like wallet addresses where the cash is being sent to/from, physical addresses, date and places of birth for the sender, and therefore the beneficiary names of the parties receiving the ICO Press Release Distribution service, currency. Having proper identifying information available just in case your exchange falls in need of providing underlying information to authorities can potentially save on future tax burdens down the road. Non-compliance to those new standards, as we still navigate the ever-changing realm of digital currency, means you or your business can alright be those caught holding the bag when the IRS comes knocking.