These Altcoin Projects Will Disappear!

A popular analyst known for his in-depth research is weighing what the next round of “regulation” could mean for the crypto industry. In this context, he focuses on privacy altcoin projects. Here are the details…

Coin Bureau talks about privacy-focused altcoin projects

In a YouTube update, Coin Bureau host Guy tells his 2.08 million subscribers about the latest policy update from the international anti-money laundering (AML) organization Financial Action Task Force (FATF). At stake is the “travel rule” that recommends governments share identifying information about cryptocurrency exchanges, banks, over-the-counter (OTC) desks and hosted wallets, people involved in crypto transactions worth more than $10,000. From the crypto space, Guy weighs the pros and cons of the FATF’s “push for undisputed compliance”. Guy uses the following expressions:

A bit of a double-edged sword. On the one hand, financial privacy in cryptocurrency will slowly but surely disappear. Privacy coins, mixers and other technologies that protect privacy in any way, shape or form will be delisted and banned, otherwise you will be designated as ‘high risk’. On the other hand, this pressure on financial privacy will force crypto projects and protocols to be decentralized. It will result in better crypto projects and protocols.

Experienced Analyst Announces 3 Altcoins to Buy! As we have also reported, privacy coins include projects such as Monero (XMR), Zcash (ZEC), Decred (DCR), Secret (SCRT), Oasis Network (ROSE), Horizen (ZEN).

Regulatory clarity can bring more capital

The analyst then reacts to the FATF’s acknowledgment that “only 29 of the 98 jurisdictions that responded to the FATF’s March 2022 survey have passed the relevant Travel Rule laws, and a small subset of those jurisdictions are beginning to apply.” Guy believes that regulatory clarity on a country-by-country basis will serve the benefit of bringing more institutional capital to the crypto niche, while also preventing it from being absorbed by today’s dominant financial sector. The analyst uses the following statements:

Another positive effect of the FATF’s recommendations is that it forces countries to sharpen their crypto regulations around the world. Recall that their failure to comply with the FATF was ultimately due to the absence of fundamental crypto regulations and clear definitions of crypto. The introduction of crypto regulations and clarification of crypto definitions will likely lead to more institutional interest in cryptocurrency; this could potentially protect it from the more extreme endgame of the FATF to transform crypto into another branch of the current financial system.

The Coin Bureau server warns that, based on data from the money laundering information page on the FATF website, the travel rule seems inevitable, although it believes that AML efforts since the cryptocurrency’s inception have been negligible.

Unfortunately, once basic crypto regulations are in place, institutions seem unlikely to be able to prevent the FATF from forcing countries and the crypto industry to enforce the travel rule. The worst part is that there is zero evidence that the travel rule does anything. Believe it or not, this information can be found on the FATF’s own website… Call me crazy, but this tacitly confirms that the FATF’s recommendations were absolutely useless between 2009 and 2020, when this particular website was published.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.