- Regulators want to increase AML and CTF regulations
- Coin Center considers they are violating users’ rights and privacy
According to the nonprofit research and advocacy center called Coin Center, the proposed anti-money laundering (AML) and counter-terrorism financing (CTF) regulations violate users’ privacy rights.
Coin Center has urged Her Majesty’s Treasury not to implement these regulations.
Could AML And CTF Policies Affect Privacy?
As cryptocurrencies and blockchain technology expand, regulators around the world are trying to control the market with new regulations. According to a recently released announcement, Coin Center informs that the proposal to broadening the scope of the UK’s AML and CFT regulations would violate UK citizens’ free speech and privacy rights.
They explained that this expansion is going to be affecting citizens’ rights as codified in the International Covenant on Civil and Political Rights (ICCPR) and in the European Convention on Human Rights (ECHR). The ICCPR and the ECHR prohibit institutions upon the privacy of persons unless the intrusions follow clear rules.
Coin Center also informs that the imposition of financial surveillance on every user of virtual currency would not be able to meet the standards imposed by the ICCPR and the ECHR. About speech rights, Coin Center wrote:
“Regarding speech rights, any law or regulation attempting to ban, require licensing for, or compel the altered publication (e.g. backdoors) of open-source cryptocurrency software would be unconstitutional under First Amendment-like protections for speech afforded to UK citizens by the ICCPR and ECHR.”
Coin Center believes that it is important to protect human dignity and autonomy. Moreover, they say that transactions are increasingly guarded and controlled by powerful intermediaries and also governments.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.