Tag: crypto frauds

KYC to KYW: Evolution of AML Security in the Crypto Ecosystem

KYC systems are a security feature specifically designed to counteract money laundering. A Know-Your-Business(KYB) system generally obtains comprehensive information about business partners...

Crypto self-regulation key for sustaining industry’s development

African policymakers have remained apprehensive that people could use cryptocurrencies to illegally transfer funds from the region and sidestep local rules to avert capital outflows. Widespread crypto usage could also create risks for financial and macroeconomic stability by undermining the effectiveness of the monetary policy. The risks become even greater if countries adopt crypto as legal tender. Many people feel that if governments accept and hold crypto assets as means of payment, it could put public finances at risk. Until the time comes that African governments evolve a suitable regulatory response to the rise of web3 and blockchains, crypto self-regulation will help to shield customers against fraudulent elements within the ecosystem.