The World Federation of Exchanges has proposed a vision for the regulation of cryptocurrencies. Comment by Orion Finance Team

30 MAR 2020 18:47

There is such an organization - the World Federation of Exchanges (WFE). It deals with ensuring equal rights for shareholders and coordinating the structure of securities markets. So, WFE decided to contribute to the regulation of cryptocurrencies and it proposed its classification of digital assets including cryptocurrencies.

Here is this interesting document: WFE Response to EU Commission on Framework for Markets in Crypto Assets

WFE Response to EU Commission on Framework for Markets in Crypto Assets

The Orion Exchange team reviewed the documents. Its text gives a lot of attention to the necessity for a strict following of EU AML / CFT rules and other regulatory standards.

SMO of Orion Finance Noam Frishman commented on the WFE initiative: “On the one hand, regulation is a positive notion because it helps to screen out unscrupulous companies. On the other hand, scammers will always find someone to profit from and the way how to do it. The AML / KYC instructions will not help here. It is also worth considering that the more information about you cryptocurrency companies collect, the greater the risks you face from regulators. After all, if the government decides to “suddenly” tax all traders, the exchanges will have to “merge” all the data and you will be forced to comply with the requirements that are made to you. Therefore, in my opinion, it is necessary to involve both cryptocurrency companies and the clients themselves in the dialogue on regulation. ”

We want to remind that the Orion Finance exchange uses the most liberal approach to collecting customer data. We have high withdrawal limits without verification - up to $ 50,000, so you can maintain your anonymity and security.