Less money laundering risk for privacy coins than others
Privacy coins don’t pose huge money laundering risks than other coins do, a whitepaper argues.
These privacy coins including Dash, Monero, Grin and Zcash are claimed to be less risky in terms of money laundering than other cryptocurrencies according to a new whitepaper by a US international law firm called Perkins Coie.
The aforementioned cited coins by the paper fit well within the current financial regulatory structure that are being used by the following; the New York Department of Financial Services (NYDFS), financial Crimes Enforcement Network (FinCEN), the U.K.’s Financial Conduct Authority (FCA), Japan’s Financial Services Agency (FSA), and the Financial Action Task Force (FATF).
Regarding the evidence of illegal use in practice, Privacy coins cause less innate AML risk comparing to other cryptocurrencies. As darknet markets reports show, 90% of the addressed utilized for transactions on these markets was Bitcoin (BTC) while Dash (DASH), Zcash (ZEC) and Monero (XMR) all together constitute only 0.3% of such transactions.
Moreover, another way privacy coins outweigh from the pre-crypto money laundering methods like paper, payment or cash is that they provide some form of transfer record while 90% of money laundering takes place undercover since non-crypto payment types can be transferred between countries without being recorded.
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