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Formation of a Global Anti-Money Laundering Regulatory Network

In: The Fundamentals of Digital Currency

Author

Listed:
  • Yun Wu

    (The People’s Bank of China)

  • Wei Zhu

    (Aldelo LP)

Abstract

Why does virtual currency regulation begin with anti-money laundering? How do AML authorities regulate virtual currencies to address anonymity? How will AML regulation push the blockchain toward transparency? This chapter explains that AML efforts are essential for regulation due to the anonymity of digital transactions. Authorities require service providers to identify customers and report suspicious activities. Here, we emphasize that AML regulation is not just a compliance requirement but a transformative force that is reshaping the future of virtual currencies, prompting the blockchain to move toward transparency. Undoubtedly, this will mitigate the risks associated with illegal activities.

Suggested Citation

  • Yun Wu & Wei Zhu, 2024. "Formation of a Global Anti-Money Laundering Regulatory Network," Springer Books, in: The Fundamentals of Digital Currency, chapter 0, pages 209-225, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-8261-1_9
    DOI: 10.1007/978-981-97-8261-1_9
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