By EWN • 13 March 2023 • 12:45
In recent years when the cryptocurrency has been considerably booming, fraudulent activities have also been showing up. The pseudonymity nature of crypto combats potential scams, but the essence of blockchains also allows criminals to penetrate a network and conceal their identity behind a screen.
With this, many countries, including India, Canada, United Arab Emirates (UAE), and South Korea, have and will cover cryptocurrencies with anti-money laundering (ALM) policies. Fortunately, Big Eyes Coin, Bitcoin, and Ethereum are actively trying to combat money laundering as well.
Global efforts are underway to reduce the use of digital assets for money laundering.
In 2014, Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act included cryptocurrency holdings (PCMLTFA). Similarly, UAE’s Anti-Money Laundering regulations for circulating cryptocurrencies were set in place in 2017.
The Indian government is also currently enforcing anti-money laundering regulations concerning transactions made with cryptocurrency. Meanwhile, South Korea is on its way to controlling its cryptocurrency industry through anti-money laundering regulations.
Bitcoin (BTC) and Ethereum (ETH) have faced criticism for being used to facilitate money laundering and other illegal activities. However, these crypto giants have also taken various steps to address these concerns and improve their anti-money laundering (AML) efforts.
Bitcoin, for example, has enforced measures to combat money laundering, including the usage of blockchain analytics tools. Blockchain analytics examines transactions and assesses risk levels to fulfil regulatory conditions worldwide. It can also help identify bad actors and the implementation of know-your-customer (KYC) policies on exchanges and other service providers in the cryptocurrency space.
Similarly, the Ethereum community developed projects and tools aimed at improving the transparency and security of the network. The efforts include the Ethereum Name Service (ENS), which is censorship-resistant, and the Ethereum Address Labelling Engine (EAL).
Bitcoin and Ethereum are also subject to international regulatory requirements, such as the Financial Action Task Force (FATF) guidelines. The FATF requires cryptocurrency service providers to execute AML and counter-terrorist financing (CFT) efforts.
Big Eyes Coin (BIG) boasts its cutting-edge security system modelled on the proof-of-stake (PoS) consensus mechanism. PoS enables BIG token holders to stake their assets and establish validator nodes.
Big Eyes Coin is a rug pull-resistant network audited by smart contract auditing company Solidity Finance and verified by crypto project voting site CoinSniper.
Assets at BIG are also liquidity locked for two years from the launch date, adding an extra layer of security against price manipulations. In turn, Big Eyes Coin is less susceptible to illegal activities conducted by bad actors—should there be any.
Cryptocurrency is a straightforward platform that helps you diversify your assets. However, this does not necessarily mean the cryptocurrency space is inherently illegal or susceptible to bad actors. Cryptocurrency is simply a medium which can present you with great ROI or be used as a vehicle for money launderers to fund illegal activities.
Rest assured, Big Eyes Coin is a safe network that secures your fund.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Download our media pack in either English or Spanish.