CRDZ moves forward on its regulatory strategy by engaging with Australia’s Anti-Money Laundering / Counter Terrorism Financing (AML/CTF) regulator, AUSTRAC.
The CRDZ team, consisting of CEO John Underwood, COO Susan Shing and CTO and Compliance Officer Paul Neilson, met with the senior management team of AUSTRAC on Tuesday (01/05) to float what they believe is a road forward for the crypto industry to create regulatory ready decentralized blockchains.
“We have spent over 4 years grappling with the issues hindering businesses to drive adoption of blockchain solutions and found it came down to enabling confidential identified use and jurisdictional compliance,” says Underwood.
Underwood adds, “In our opinion, now strengthened by these discussions with Australia’s AML/CTF regulator, exits to anonymity and unreported transactions such as on-chain ERC20 transactions will soon become a major concern for AML/CTF regulators worldwide.”
As stories of criminal activities such as theft, firearm trafficking, and extortion enabled by anonymous chains continue to emerge everyday, this prediction is fast becoming a reality. The ACCC received over 1,200 claims of cryptocurrency scams in 2017, and the Australian Criminal Intelligence Commission released a report saying that it saw crypto as a key enabler of organised crime. These are the kinds of pressures that could cause decentralized anonymous blockchains to be heavily targeted by law enforcement agencies.
It’s clear that the crypto industry needs to lead with a solution through proactive thinking and collaboration with all governing bodies. CRDZ wants to be part of this, which is why it’s investing in education and training.
“We have teams now in strategic locations to engage with regulators but first we needed to work through our vision on home turf to ensure our arguments held firm,” says CRDZ COO, Shing. “With AUSTRAC’s interest and support, we now intend to start a series of workshops to expand our respective knowledge of the technology and the potential of regulated chains.”
CRDZ aims for this knowledge to benefit not only AUSTRAC, but also other affected departments such as the ATO and ASIC — not to mention global AML/CTF agencies.
CRDZ has its sights set firmly on communicating a future that offers a win-win for all concerned: service providers, regulators, businesses, users and most of all for the crypto industry itself.