FATF Crypto Proposals: MASSIVE Hidden RISK?!! 😱
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~~~~~
📺Essential Videos📺
DeFi Regulatory Risks 👉 https://youtu.be/2E-2e3VO5eE
Stablecoin Collateral Crackdown 👉 https://youtu.be/TxcTDNHSS-U
How To Research Cryptocurrencies 👉 https://youtu.be/HCLWDGYnAzk
Crypto Tax Tips 👉 https://youtu.be/EMNSwa_PkkA
~~~~~
- TIMESTAMPS -
0:00 Intro
1:47 About The Author
2:53 What Is The FATF?
4:17 The FATF’s “Recommendations”
6:09 Why Is The FATF So Influential?
8:26 What Will Happen In October?
10:59 Cryptocurrencies Which Could Benefit
13:27 How To Prepare
16:39 Conclusion
~~~~~
⛓️ 🔗 Useful Links 🔗 ⛓️
► Reddit Post About FATF Crypto Crackdown: https://www.reddit.com/r/CryptoCurrency/comments/o9fd7l/governments_planning_global_coordinated/
► The Decentralized Legal System: https://decentralizedlegalsystem.com/
► Wesley Thysee Twitter: https://twitter.com/Decentral_Law
► FATF Crypto Travel Rule Introduced: https://cointelegraph.com/news/not-everyone-is-happy-but-we-have-to-move-on-some-challenges-to-the-fatfs-new-guidance
► Uniswap Delists Cryptocurrencies: https://cointelegraph.com/news/uniswap-delists-100-tokens-from-interface-including-options-and-indexes
► Uniswap Hints KYC: https://twitter.com/ChrisBlec/status/1419303683255382016
► Grayscale’s Existing Crypto Trusts And Cryptos Under Consideration: https://grayscaleinvest.medium.com/update-grayscale-investments-exploring-additional-assets-e4e80da683bb
► Crypto Ratings Council Securities Classification: https://www.cryptoratingcouncil.com/asset-ratings
► ThorChain Cross Chain DEX Explained: https://www.coinbureau.com/review/thorchain-rune/
~~~~~
👨💻About The Reddit Post Author👨💻
A lot of the information in this video came from content created by Wesley Thysse who is actually the author of the Reddit post which inspired this video
In addition to having a tax law firm of his own, Wesley is the founder of The Decentralized Legal System, an organization that aims to create a comprehensive international legal framework for crypto
👨🏫What Is The FATF?👨🏫
The FATF’s original purpose was to prevent money laundering in most major economies around the world. Like all governmental initiatives, the scope of their operations has only expanded since then
Following the news that Facebook was planning on launching the Libra stablecoin in 2018, the FATF adopted a mandate to ‘combat any threats to the integrity of the international financial system’
⚖The FATF’s Cryptocurrency “Recommendations”⚖
Just a few months after the new mandate, the FATF decreed that all virtual asset service providers or VASPs must collect KYC on all its users as per the infamous ‘travel rule’
For those unfamiliar, the FATF travel rule requires that the sender and recipient in any transaction over a certain amount to be identified in the name of AML
🕵️♂️Why Is The FATF So Influential?🕵️♂️
If you’re wondering why the FATF’s recommendations are so influential, it’s because any countries that don’t comply are put on the FAFT’s ‘graylist’ or worse, their ‘blacklist’
As Wesley and others have pointed out, the FATF’s recommendations have the power to supersede any national laws and undermine the democratic processes by which those laws come to be
😱What Will Happen To Cryptocurrency In October?😱
For starters, cryptocurrencies will not be banned because of the FATF’s recommendations, not even privacy coins, peer to peer transactions, mixers, or any other technologies that preserve privacy
Instead, the FATF will label all these things and anything else that doesn’t involve a regulated intermediary as ‘high risk’. Over time, these activities will be banned
🤑 Cryptocurrencies That Could Benefit🤑
By forcing everyone involved in crypto to comply with KYC, it suddenly makes cryptocurrency investing a sanctioned course of action for both public and private institutions
✊How To Prepare ✊
That it’s very unlikely that we’ll see any changes happen overnight. History suggests that the FATF’s recommendations will take a very long time to implement, much less enforce
Stablecoins will likely be the first to fall as they pose the greatest threat to the integrity of the existing financial system according to the FATF.
~~~~~
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#crypto #regulation #defi #fatf
📲 Insider Info in my Socials 👉 https://guy.coinbureau.com/socials/
🛒 Get The Hottest Crypto Deals 👉 https://guy.coinbureau.com/deals/
👕 “Bitcoin Believe” Shirt 👉 https://store.coinbureau.com/product/btc-believe-white-t-shirt/
🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/
~~~~~
📺Essential Videos📺
DeFi Regulatory Risks 👉 https://youtu.be/2E-2e3VO5eE
Stablecoin Collateral Crackdown 👉 https://youtu.be/TxcTDNHSS-U
How To Research Cryptocurrencies 👉 https://youtu.be/HCLWDGYnAzk
Crypto Tax Tips 👉 https://youtu.be/EMNSwa_PkkA
~~~~~
– TIMESTAMPS –
0:00 Intro
1:47 About The Author
2:53 What Is The FATF?
4:17 The FATF’s “Recommendations”
6:09 Why Is The FATF So Influential?
8:26 What Will Happen In October?
10:59 Cryptocurrencies Which Could Benefit
13:27 How To Prepare
16:39 Conclusion
~~~~~
⛓️ 🔗 Useful Links 🔗 ⛓️
► Reddit Post About FATF Crypto Crackdown: https://www.reddit.com/r/CryptoCurrency/comments/o9fd7l/governments_planning_global_coordinated/
► The Decentralized Legal System: https://decentralizedlegalsystem.com/
► Wesley Thysee Twitter: https://twitter.com/Decentral_Law
► FATF Crypto Travel Rule Introduced: https://cointelegraph.com/news/not-everyone-is-happy-but-we-have-to-move-on-some-challenges-to-the-fatfs-new-guidance
► Uniswap Delists Cryptocurrencies: https://cointelegraph.com/news/uniswap-delists-100-tokens-from-interface-including-options-and-indexes
► Uniswap Hints KYC: https://twitter.com/ChrisBlec/status/1419303683255382016
► Grayscale’s Existing Crypto Trusts And Cryptos Under Consideration: https://grayscaleinvest.medium.com/update-grayscale-investments-exploring-additional-assets-e4e80da683bb
► Crypto Ratings Council Securities Classification: https://www.cryptoratingcouncil.com/asset-ratings
► ThorChain Cross Chain DEX Explained: https://www.coinbureau.com/review/thorchain-rune/
~~~~~
👨💻About The Reddit Post Author👨💻
A lot of the information in this video came from content created by Wesley Thysse who is actually the author of the Reddit post which inspired this video
In addition to having a tax law firm of his own, Wesley is the founder of The Decentralized Legal System, an organization that aims to create a comprehensive international legal framework for crypto
👨🏫What Is The FATF?👨🏫
The FATF’s original purpose was to prevent money laundering in most major economies around the world. Like all governmental initiatives, the scope of their operations has only expanded since then
Following the news that Facebook was planning on launching the Libra stablecoin in 2018, the FATF adopted a mandate to ‘combat any threats to the integrity of the international financial system’
⚖The FATF’s Cryptocurrency “Recommendations”⚖
Just a few months after the new mandate, the FATF decreed that all virtual asset service providers or VASPs must collect KYC on all its users as per the infamous ‘travel rule’
For those unfamiliar, the FATF travel rule requires that the sender and recipient in any transaction over a certain amount to be identified in the name of AML
🕵️♂️Why Is The FATF So Influential?🕵️♂️
If you’re wondering why the FATF’s recommendations are so influential, it’s because any countries that don’t comply are put on the FAFT’s ‘graylist’ or worse, their ‘blacklist’
As Wesley and others have pointed out, the FATF’s recommendations have the power to supersede any national laws and undermine the democratic processes by which those laws come to be
😱What Will Happen To Cryptocurrency In October?😱
For starters, cryptocurrencies will not be banned because of the FATF’s recommendations, not even privacy coins, peer to peer transactions, mixers, or any other technologies that preserve privacy
Instead, the FATF will label all these things and anything else that doesn’t involve a regulated intermediary as ‘high risk’. Over time, these activities will be banned
🤑 Cryptocurrencies That Could Benefit🤑
By forcing everyone involved in crypto to comply with KYC, it suddenly makes cryptocurrency investing a sanctioned course of action for both public and private institutions
✊How To Prepare ✊
That it’s very unlikely that we’ll see any changes happen overnight. History suggests that the FATF’s recommendations will take a very long time to implement, much less enforce
Stablecoins will likely be the first to fall as they pose the greatest threat to the integrity of the existing financial system according to the FATF.
~~~~~
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#crypto #regulation #defi #fatf
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Special thanks to Wesley on his research into the FATF proposals 🙏. Do you guys think we could see more action in October? I somehow wonder if this amendment does not go through, Yellen will try to use some form of these FATF rules to further regulate crypto. Thoughts? Don't forget to follow me on my other social channels for the content you are not getting here 👉 https://guy.coinbureau.com/socials/
solution:
abolish StableCOINS
killing two Birds with One stone
1. if No One sells into Stablecoins, then most people will maintain their Crypto holdings.
2. G7 and FATF will have No immediate reason to ban Crypto
Any legacy country will be pro tax and regulate crypto
👍🏻Great video.
Governments are shelling out fiat to bail out their lobbyists, to tame the private citizen and to feed their wallets while eating yours. When something challenges the status quo they will come and destroy freedom as they see fit. It's no wonder they are trying to regulate a non-fungible asset. They are litterally trying to regulate a non tangible asset. If you think regulating your mind is next then you're an evolution late.
Keep up the great work mate. Your content is worth it's weight in gold. It's good to here balanced content of the good, the bad and the ugly. The more we are educated as a crypto community the better decisions we can make for our own futures.
Here in the UK the Natwest Bank has announced that it is blocking any attempt to send money to a Binance account for ‘our safety’. Gosh, aren’t the banks really good institutions looking out for us mere mortals…
Man wtf the illuminati bros are just showing how corrupt and evil they really are
How do I know if the coin I buy, has been on a Mixer, blacklisting coins make btc not fungible and will fail
Dear Master, we will need more contents regarding threaten stable coins and crypto projects until the end of the year then…
Thank you for this eye opening video.
If we continue pushing for crypto, other organizations like FATF , will need to show themselves from their hidden positions of world power.
I will continue HODLING , until the “ Galactic Confederation” shows its face, and we finally understand who rules the planet
Is quant safe?
This video is screaming XRP from the rooftops! Be smart people!!!
Don't call me guy, pal.
First they ignore you, then they laugh at you, then they fight you, then you win.
Were entering the fight you stage.