To combat the issue of money laundering that has proliferated the scene, major players in the Bitcoin ATM sector decided to come together and brainstorm on important steps that must be taken. They agreed on the creation of an association that works tirelessly to reach their goals, and it was called, Cryptocurrency Compliance Cooperative (CCC).
The major goals of this association are to ensure that clients can easily access the services in a secure manner, add legitimacy to the cash-to-cryptocurrency realm while ensuring that the activities of the industry are within the guidelines.
Over the years, cryptocurrency has been used for illegal and criminal activities, which end up giving the technology a bad name. This association intends to change this narrative.
Different organizations that are interested in sanitizing the terrain can become members of CCC, and they include governmental organizations, law enforcement, financial institutions, Bitcoin ATM operators, and so on.
The Association wants to inculcate more due diligence procedures into its operations like KYC and AML processes to reduce the opportunity for bad actors to access anonymous transactions for their illegal activities.
Members will meet at least four times a year to understand the changes and happenings within the terrains while remaining knowledgeable about the regulations. They will also work hand-in-hand with regulatory authorities and law enforcement agencies.
According to CoinSource’s VP, Bo Oney, “Such lax provisions provide a safe haven for bad actors to abuse the machines for nefarious purposes. The CCC is seeking to bolster regulatory requirements for the benefit of all BTM users and operators. This will require input from the most knowledgeable in the industry, all with the goal of making the cash-to-crypto space as safe as possible for consumers.
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