{"id":624768,"date":"2023-04-02T14:49:35","date_gmt":"2023-04-02T19:49:35","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/02\/defi-execs-see-kyc-as-best-way-to-curb-money-laundering\/"},"modified":"2023-04-02T14:49:35","modified_gmt":"2023-04-02T19:49:35","slug":"defi-execs-see-kyc-as-best-way-to-curb-money-laundering","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/02\/defi-execs-see-kyc-as-best-way-to-curb-money-laundering\/","title":{"rendered":"DeFi Execs See KYC as Best Way to Curb Money Laundering"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/41169a86822e6585e2f87627f7d7ef3a?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/mahu_bs\" title=\"Posts by Mark Hunter\" rel=\"author\">Mark Hunter<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>12 hours ago<span>Sun Apr 02 2023 07:40:55<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img loading=\"lazy\" width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/04\/KYC-is-key-say-DeFi-execs.png\" alt=\"KYC-is-key,-say-DeFi-execs\" decoding=\"async\" title data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/04\/KYC-is-key-say-DeFi-execs.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>DeFi executives meeting in Hong Kong consider embracing KYC measures as\u00a0 the best defense against money laundering<\/span><\/li>\n<li aria-level=\"1\"><span>The execs noted that hackers have easy access to avenues that facilitate the vice<\/span><\/li>\n<li aria-level=\"1\"><span>They believe 99% of people are ready to share personally-identify information since they have nothing to hide<\/span><\/li>\n<\/ul>\n<p><span>Decentralized finance (<\/span><a href=\"https:\/\/fullycrypto.com\/what-is-defi-your-guide-to-cryptos-new-buzzword\"><span>DeFi<\/span><\/a><span>) executives attending the World of <\/span><a href=\"https:\/\/fullycrypto.com\/what-is-web-3-0\"><span>Web 3.0 <\/span><\/a><span>(WOW) convention in Hong Kong have noted that embracing KYC methods is the best line of defense against money laundering in the cryptocurrency world. They said that crypto hackers have easy access to avenues that facilitate the movement of illicit funds, with crypto mixer Tornado cash being among the most used <\/span><a href=\"https:\/\/fullycrypto.com\/euler-finance-hacker-moves-funds-through-tornado-cash\"><span>platforms to move stolen funds <\/span><\/a><span>by masking the receiving <\/span><a href=\"https:\/\/fullycrypto.com\/why-is-storing-bitcoin-so-important-and-how-to-do-it\"><span>wallet<\/span><\/a><span>. According to the executives, 99% of people in the DeFi world are ready to provide personally-identifying details since they have nothing to hide.<\/span><\/p>\n<h2><span>DeFi KYC Rules Not Enough<\/span><\/h2>\n<p><span>However, executives like Cyberport\u2019s fintech lead Victor Yim <\/span><a href=\"https:\/\/cointelegraph.com\/news\/defi-kyc-not-an-issue-as-99-have-nothing-to-hide-industry-execs-say\" target=\"_blank\" rel=\"nofollow noopener\"><span>noted <\/span><\/a><span>that KYC measures need to be combined with other tactics to completely stop hackers from \u201ccleaning\u201d dirty money. According to Yim, the traditional finance space is still experiencing money laundering cases despite employing stringent KYC rules.<\/span><\/p>\n<p><span>Although Yim sees a better future for the space when applying KYC rules, he added that its effectiveness would require joint efforts from financial watchdogs, policymakers, and the DeFi world.\u00a0<\/span><\/p>\n<p><span>According to Yim, the industry can comply with AML rules and maintain anonymity through an \u201canonymous traceable\u201d approach. The approach coincides with the one used by Privacy Pools, <\/span><a href=\"https:\/\/fullycrypto.com\/tornado-cash-developer-developing-regulatory-compliant-sequel\"><span>a regulatory-compliant sequel to Tornado Cash<\/span><\/a><span>.<\/span><\/p>\n<h2><span>No Crypto-specific Regulations<\/span><\/h2>\n<p><span>zkMe founder Alexander Scheer, another speaker at the WOW summit, noted that different crypto aspects should be regulated differently and stop using a one-size-fits-them-all approach.\u00a0<\/span><\/p>\n<p><span>Scheer\u2019s comments seem to touch on SEC chair Gary Gensler\u2019s recent comment that the U.S. securities watchdog isn\u2019t going <\/span><a href=\"https:\/\/fullycrypto.com\/sec-chair-rules-out-crypto-specific-regulations\"><span>to formulate crypto-specific regulations<\/span><\/a><span>. Others like Federal Reserve chair <\/span><a href=\"https:\/\/fullycrypto.com\/jerome-powell-calls-for-urgent-crypto-regulation\"><span>Jerome Powel<\/span><\/a><span> and the IMF have called for urgent crypto regulations with<\/span><a href=\"https:\/\/fullycrypto.com\/imf-calls-crypto-a-challenge-asks-for-stablecoin-regulation\"><span> the IMF calling virtual assets a \u201cchallenge.\u201d<\/span><\/a><\/p>\n<p><span>With growing crypto regulation calls, complete anonymity in the decentralized world may soon be forgotten.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/defi-execs-see-kyc-as-best-way-to-curb-money-laundering?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=defi-execs-see-kyc-as-best-way-to-curb-money-laundering\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Mark Hunter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mark Hunter12 hours agoSun Apr 02 2023 07:40:55 Reading Time: 2 minutes DeFi executives meeting in Hong Kong consider embracing KYC measures as\u00a0 the best defense against money laundering The execs noted that hackers have easy access to avenues that facilitate the vice They believe 99% of people are ready to share personally-identify information<\/p>\n","protected":false},"author":1,"featured_media":624769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[279,1410],"tags":[],"class_list":{"0":"post-624768","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-execs","8":"category-money"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/624768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=624768"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/624768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/624769"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=624768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=624768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=624768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}