That’s why I’m saying maybe they can find a better solution or even possibly work with those who establish the laws, regulations, guidelines to come up with a better solution for certain circumstances.
You think ETN hasn’t voiced their concerns with the regulatory bodies? Or haven’t offered any imput on the subject?
I’m telling you it can’t be tweaked over night. AML laws exist.
Did you read the extensive PDF doc Richard linked to recently regarding these regulations?
I’ll see if I can find it.
ETN looks to me to be in a position to possibly effect some change or tweak some things by working with the regulatory bodies not fighting against them.
Let’s let them get fully launched and see how things go and what can happen when a crypto/fin-tech works with regulators.
You think regulators around the globe aren’t watching ETN to see how this goes? We have become a huge test bed/case study that could have a large impact on future regulations…IMO.
So if ETN can do things right, they may have a voice in the matter down the road, but not if they try to be arrogant Pirates, swinging their swords all over and trying to dictate how it’s going to be.
They can make appeals on behalf of those they are trying to help, if they play ball and do it proper right now when this is all so new.
If they get it right now, they can talk about some common sense issues down the road and possibly effect some change.
You believe they aren’t aware that there are some obstacles to overcome to achieve all their goals?
You can only solve so many problems at one time, and some are a layered process that require other things to be finished first.
For the third time, I’m not saying they shouldn’t abide by the law. I’m just saying they should not advertise themselves as crypto for the poor and unbanked.
Isnt one of the next big steps for ETN to streamline users onboarding with a simiplfied registration process? (Including kyc) Richard stated in his end of year update.
Yes that will be unveiled at MWC. That was stated in the end of the year email as well as the mobile miner bugs post on the forum.
Hopefully that should fix the problems for people of the countries where lvl 3 is required @davorf. Maybe it won’t be required anymore. I would just wait until after MWC to see what comes out of it.
The The FCA pdf is linked in this update – take a look at section 5.13
Regulatory environment. We’ve made some bold statements about how we believed the mass adoption of cryptocurrency would hinge on ensuring it complied with each regions’ regulatory requirements. We introduced KYC and AML last year (Know Your Customer and Anti Money Laundering processes). We were the first cryptocurrency to do this and we did it because we were out in the market speaking to the very people that can make mass adoption happen. We heard their fears and we became the very first cryptocurrency that is compliant with the European 5th AML Directive.
The FCA (the UK regulatory body for financial service and FinTech companies) has just released its guidance for cryptocurrency
We were absolutely correct. They INSIST on adherence to the EU 5th AML Directive, we literally couldn’t operate from the UK or EU without it. Also, take a look at section 5.13 – it might remind you of someone.
We were ahead of the curve because we saw that the ONLY way that cryptocurrency will gain mass adoption is through EMBRACING governmental acceptance – not fighting it. There are plenty of cryptocurrencies for the people who want to circumvent the law, or are fearful of governmental control (and there is a place for them – I’m not against those projects) but we’ve never wanted to focus on the 1%. We are about the 99% of honest, law abiding citizens that want to improve their lives and gain access to the global digital economy. We are enabling that.
We now have a system that is not only fulfils the UK and EU requirements but also has the flexibility to deliver different AML / KYC configurations on a country by country basis, ensuring each regions’ regulatory process can be adhered to by the ETN users and vendors in that country.
You will see more and more regulatory control of cryptocurrencies over the next couple of years and we will always stay inside that environment.
This is what gives global vendors the confidence that cryptocurrency CAN genuinely be a mainstream payment method, that sits alongside the traditional digital payment methods that we all know and have dominated for 50 years.
Ok it seems there are 54 risk countries, but only 23 are on the new list. This is still a large number. Actually between 1/4 and an 1/8 of all the countries in the world. And maybe 50% of our target demographic.
I fear I am about to make my last ETN purchase. I’ve got some btc travelling through the ether to tradeogre and think this could be the last time as there has to be a big announcement soon - the one Richard spoke of announcing before MWC so there was support available plus MWC the week after - and then I won’t be able to afford to buy any more!!
