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XRPL Labs works on solution to deal with crypto regulatory compliance

Wednesday 18 December 2019 10:42 CET | News

Media Release - Latest figures show card fraud down but shoppers urged not to be complacent over Xmas XRPL Labs, a startup supported by Ripple, works on solution to improve compliance with European regulations by crypto projects.Media Release - Latest figures show card fraud down but shoppers urged not to be complacent over Xmas

The founder of the company sees an increasing demand from European governments to implement more regulation and supervision of cryptocurrencies. In the Netherlands for example, starting with January 10, 2019, the Dutch central bank will start regulating crypto companies.

From then on, they will have to register, undergo audits and will be subject to stricter supervision. Plus, they must follow the Know Your Customer guidelines and report any ‘suspicious transaction’ to the Financial Intelligence Unit.

So far, the company promotes the education in blockchain technology and has established subsidiaries that work closely with regulators to promote a solid regulatory framework. Furthermore, it has proposed to create a compliance company for crypto providers that would handle all the demands of the regulators.


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Keywords: XRPL Labs, Ripple, cryptocurrency, Europe, regulations, KYC, audit, crypto exchanges
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Europe
This article is part of category

Blockchain & Cryptocurrencies