There's no other way to prevent money laundering than to allow users of crypto to put in their personal information or details. I'm definitely sure that this would prevent scam in this business.
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Seriously, if we are to think this way, then the government would also have to banfiat Currencies as they are so being used by money launderers.People will always find loopholes, no matter what kind of measures and the law the government introduces. Money laundering was in existence even before the rise of crypto currencies, therefore, blaming crypto currencies for money laundering is a biased idea.
In as much as I agree with you that insuring all wallet holders do a kyc wooden stop registered businesses from scamming on laundry people but I will say that it will go a long way in reducing the incidences of scam that is related with cryptocurrency.Doing or ensuring all wallet holders do a KYC wouldn't stop registered businesses from scamming or laundering people because there'll be certain privileges they'll have. What I feel should be done is to limit the amount of crypto one can hold at a particular time. Anything more, the account will be locked and then inquiries should start
Looking the way the world is today, the world is getting advance and technology is taking over everything so hacker are of high increase everyday I think what one need to do is to protect your wallet through kycThere Are 2 Categories Of Money Launderers For Both Cryptocurrencies & Paper Currency
Individual Money Laundering Usually Targets "Easy Money" Or Tax Evasion - Quite Frequently The Money Laundering Scheme Gets Flagged Due To A Lack Of "Structuring"
- Individual Money Laundering
- Business Money Laundering
A Fraud Analysis Of Finances Will Yield Discrepancies Between Assets & Liabilities & Raise Questions About Imbalances Of Tax Receipts
However It Is The "Business Money Laundering" That Frequently Defeats Anti-Money-Laundering & Crime-Financing Investigations
That's the major reason, they can't trace or regulate it and many are using for money laundering. Even kidnappers are using it as means of receiving ransom.One of the reasons why many countries of the world are going against the invention of cryptocurrency is their inability to trace and monitor it. This may somewhat encourage money laundering.
Do all wallets have an option for two factor authentication? One just has to be really careful, even with a two factor verification, it is still possible for hackers to have access to your wallet.The tremendous growth of hackers should make all crypto users to always try to secure better their personal details. They should do two factor authentication in order to secure their information.