Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple-Backed Startup Reveals Plan to ‘Unburden’ XRP and Crypto From Regulators Across EU

by Daily Hodl Staff
December 17, 2019
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

Wietse Wind, the founder of Ripple-backed XRPL Labs, says he’s working on a solution to help crypto ventures in Europe deal with regulatory compliance.

In a blog post, Wind says that although he’s a supporter of regulating crypto, he’s concerned about how upcoming European and Dutch laws could impact digital asset innovation.

The Dutch central bank announced in September that it would begin regulating crypto firms on January 10.

Wind notes that these new regulations – like many that are already in place in other European Union countries – will require registration, supervision, audits, and regular collection of know-your-customer (KYC) information, as well as reporting suspicious transactions to Dutch authorities.

ADVERTISEMENT

Says the XRP developer,

“This makes perfect sense to me, and I am sure regulation is a good thing to a growing and maturing ecosystem, making its way to more and more use cases and users. However: think about all those new and innovative use cases. Think about micropayments. Think about streaming payments, the internet of value.

Now imagine all small teams of developers, crypto enthusiasts, innovators having to get contracts with KYC providers, [Anti-money laundering] data providers, defining risk profiles, scanning transactions, AML related interactions with customers… Think about the costs involved in starting even the smallest crypto project.”

Wind’s solution is to create a “crypto regulatory compliance company” to handle all of those tasks for crypto ventures, large and small.

He says he’s already gathered a small team of innovators, developers and consultants, and that the venture will focus on providing services for EU regulations first.

The idea, he explains, is for crypto platforms and apps to forward their end users to his new business.

ADVERTISEMENT

“Once onboarded, the customer will be redirected back to the crypto platform/app with a token, granting the crypto platform/app to use our API to pre-authorize transactions, check for customer account status, customer limits, etc. AML / risk profile related questions will even be interaction between ‘the company’ and the customer.

The one account with ‘the company’ can be used to access all connected platforms/apps, sending just a minimal amount of personal information to the platform/app.

(You are probably familiar with flows like the one I just mentioning: ever authorized an app to use ‘Sign in with [ Facebook / Google / Twitter / …]’? Well: it’s like that, but applied to crypto, KYC, AML, etc.)”

So far, Wind says the venture is in its early stages. The next step is to analyze the project’s viability from a legal and regulatory perspective.

ADVERTISEMENT
Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$44,664.00
$44,664.00
5.84%
Ethereum
$1,359.74
$1,359.74
8.53%
Binance Coin
$210.30
$210.30
8.77%
Polkadot
$30.92
$30.92
12.42%
Cardano
$1.24
$1.24
11.74%
XRP
$0.414089
$0.414089
8.38%
ADVERTISEMENT

Spotlight

  • US Treasury Secretary Has Several Concerns About Bitcoin, Addresses Need for Digital Dollar
    February 24, 2021
  • ‘Big Short’ Investor Michael Burry Issues Warning on Future of Bitcoin and Gold
    February 22, 2021
  • Altcoin Daily Names Top 8 Altcoins Poised To Erupt in March
    February 26, 2021
  • SpaceX Is Exploring Benefits of Placing Bitcoin on Its Balance Sheet, According to MicroStrategy’s Michael Saylor
    February 23, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.