"Russian crypto-launderers" and the launch of a series of articles about crypto jurisdictions
While observing the success of major players on the crypto market, we can notice that a significant part of their business problems is related with the wrong choice of jurisdiction. Meanwhile, the regulation of cryptocurrency transactions in the world is gradually tightening.
Recently operating in the Russian Federation and the Czech Republic, the SUEX cryptocurrency exchange platform was the first in history to fall under US sanctions. The scandal turned out to be a big one, Suex was named to be “Russian crypto-launderers”. Obviously, the regulators were simply not ready for the changed financial realities, and therefore went for harsh measures against the market participants. Business, in turn, has poorly analyzed market risks and transparency of regulations. As a result, a precedent has arisen, the consequences of which will affect the market for a long time to come.
It is important to note that new rules and decisions of regulators are often spontaneous. Having said this, recently the head of the Bureau of Data on Money Laundering Mathis Mäeker proposed to cancel all licenses for cryptocurrency trading operating in Estonia and issue them under new conditions. If you do not constantly track all the changes in real time, you can literally wake up and find out that your business has suddenly started having problems.
Are you sure your crypto business is safe right this second?
How transparent is the regulation of the laws on which you depend on a daily basis? Could it be easier to transfer transactions to another country?
We are launching a series of articles on jurisdictions for cryptocurrencies that will help you understand the topic and not make mistakes, no matter what stage of its development your crypto business is.
You will learn about the clear and subtle nuances of registration, and you will also be able to familiarize yourself with our own top list of jurisdictions in order to protect yourself and your capital.
If you want to learn from others’ mistakes, and not make your own, follow our channel.