Monero and Tari Labs will present a guide for cryptocurrency exchanges on the placement of cryptocurrency assets with an increased level of confidentiality.
The document will be published under the title “The Fundamentals and Regulation of Privacy-Enabling Cryptocurrencies.” It will be published by the law firm Perkins Coie.
The developers explained that the guide will be a “White Paper” with a detailed description of how with the help of advanced tools you can reduce the risks associated with anonymous cryptocurrencies. Trading platforms will receive instructions on how to place XMR without violating the requirements of regulators.
In July, Brian Armstrong, CEO of Coinbase cryptocurrency exchange, said he would like to add Monero to his platform, but fears possible problems with regulators. Monero developers believe that Coinbase is not the only exchange concerned about this issue. In the fall, BitBay announced that XMR would stop trading on the platform from February 2020. OKEx Korea also ceased trading in confidential cryptocurrencies XMR, DASH, ZEC, ZEN and SBTC, as they do not comply with the recommendations of the International Financial Action Task Force against Money Laundering (FATF).
“The guide will present a comprehensive and reliable analysis of confidential cryptocurrencies. In addition, issues of concern to regulators regarding crypto assets and anti-money laundering (AML) rules will be considered. We are pleased that we can contribute to the development of this project, “said Lewis Willacy, legal advisor for regulatory compliance at Tari Labs.
Willasey added that anonymous digital assets carry much more risks. However, they could be addressed through improved mechanisms for legal compliance. In the course of a comprehensive analysis of confidential cryptocurrencies, the developers came to the conclusion that regulated financial institutions can support such assets, observing the AML rules.
Earlier, Monero developers said that the recommendations of the US Financial Crimes Network (FinCEN) do not approach anonymous cryptocurrencies, and should be applied only to regulated assets.