What is AML? It is a kind of regulation and its full form is anti money laundering regulation. Now, every major country has applied AML on Crypto but every country has different rules regarding this AML regulation However these countries are part of G20 but still We are seeing different opinions on cryptocurrency. Li Qiang Is China's Prime Minister and he created a revised draft on AML in the State Council. He announced in this meeting that by 2025 the law will be passed So they want to add Crypto transactions under the AML Act. Since 2021, crypto has been banned in China And this year, AML revised draft has been created So they are working on it And soon we will see AML regulation on cryptocurrency.
So China is a big country And this is not the only country that has released an AML regulation bill But many countries working on it. So let me give you the names of those countries. So first country is the United States Sometime ago US applied rules that KYC is necessary to use cryptocurrency and crypto-related firms and cryptocurrency users need to follow this. In 2017 Amendments were made to the Payment Services Regulations by Japan So Japan is also not behind in this. After these changes in Japan it became mandatory to register with a financial service agency which is called FSA also it is necessary to implement AML regulations.
Similarly, Australia did and it is mandatory to follow the regulations and rules of AML in Australia. Come to India So recently Indian authority sent notice to 9 international cryptocurrency exchanges because they are not following the PMLA act, which means the Prevention of Money Laundering Act. So every country working on it But in the present time, Every country working differently to apply the AML regulations. The surprising thing is these countries are part of the G20 summit.
Now the question is why not G20 countries come under the one AML rule. As a cryptocurrency user, I don’t like it if someone controls cryptocurrency transactions This crypto is all about decentralization. decentralization means there is no third party involved. these people see cryptocurrency as a threat That is why they are applying different types of rules and regulations on cryptocurrency. Even some countries are banning it but they know that they cannot stop it because banning is not a solution at all. So they are imposing higher taxes and creating harsh rules for the cryptocurrency.
In this matter small countries are winning. In small countries like El Salvador Bitcoin Cryptocurrency is appreciated there, because they know the meaning of Technology. Cryptocurrency and blockchain are going to be very useful. It is going to change the financial world if it is implemented properly So It is for the welfare of the people.
However, scammers are also coming into the People’s category they are trying to take benefit of cryptocurrency and blockchain technology And they do transactions and participate in money laundering activities which is why Crypto has a stigma. But the counter thing is this can also be done in cash, in paper money, because paper money is not transparent But cryptocurrency is transparent. Must share this post on social media and I appreciate it if you do comment below.
Lucky Ali
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| Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
