Cryptocurrency Compliance Cooperative is a new organization which will take care about the Bitcoin ATM operations whether they are complying with the laws or not.
With the adoption of the Bitcoin & other crypto assets, new things we can see where use of the crypto assets directly like cash became a normal thing. In the present time Bitcoin ATM is totally a better option for those who like to use their crypto assets directly. But as we know the industry of Bitcoin ATM is still in the Initial phase to cover the world, so there are not many rules and regulations which can regulate and control Bitcoin ATM industry’s operators.
In the present time, most of the Bitcoin ATMs operators allow people to use the service with the mobile number detail only. Operators think that mobile is enough to identify a user with a KYC verification. But in actuality it is not enough.
So, to regulate the Bitcoin ATM industry a new association firm is launched by the Bitcoin ATM operators DigitalMint and coinsource.
This association is named as Cryptocurrency Compliance Cooperative (CCC).
CCC will regulate and control the Bitcoin ATM industry. They will also take care whether the Bitcoin ATM operators are following all the guidelines to prevent any kind of Money Laundering or criminal activities or not.
Bo Oney, head of the Coinsource compliance stated that
Unfortunately, many BTM operators feel that merely asking for a cell phone number is enough due diligence to absolve them of their mandated KYC requirements,”