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The People Behind Bitcoin, Monero. How it’s Controlled – Riccardo Spagni(Monero Developer Explains)
Monero Developers Find A Way To Meet Regulatory Requirements
CONTENT
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Consulting firm Tari Labs develops legal reasoning for XMR compliance with all regulatory requirements
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Monero is often at the center of criticism from centralized exchanges for its anonymity
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The head of Coinbase announced the desire to add the asset to the listing, but the exchange cannot do this due to regulatory barriers
International consortium of news organizations developing transparency standards.
Recently, XMR has often come under fire from centralized exchanges for its overly anonymous asset.
Anonymity-focused Monero (XMR) cryptocurrency developers will soon submit new technical documentation for the project to comply with regulatory requirements.
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This was reported on Twitter by user Sebastian @ cetaphobic297, having posted a screenshot of the correspondence between Monero chief developer Ricardo Spagni and Louis Willacey, general counsel of the consulting firm Tari Labs.
Source: twitter.com/cetaphobic297
When exactly and what arguments the new documentation will bring is still unknown..
Legal aspect
According to the correspondence, Monero developers are close to issuing a regulatory document that would suit regulators with the aim of the subsequent listing of XMR on regulated cryptocurrency exchanges..
Sebastian notes that the desire of Monero developers to present an official position to regulators is associated with the largest user base and the largest number of transactions within the project..
“Currently [network activity is] about 3-5% compared to bitcoin transactions. The Monero protocol has a unique “default privacy”, added Sebastian.
Tari Labs is reportedly developing an argument that XMR is legally compliant with regulatory requirements. The consulting firm also created guidelines on how to “safely” add XMR to a service listing..
Forbidden asset
It is because of this “privacy by default” that many are concerned with the XMR listing. Previously, cryptocurrency exchanges, mostly Asian, removed the cryptocurrency from the listing for this very reason..
In a recent interview with the podcast What Bitcoin Did, co-founder and CEO of the American cryptocurrency exchange Coinbase Brian Armstrong said that he personally would add XMR to the exchange listing, but so far the exchange cannot take this step precisely because of regulatory barriers..
Nevertheless, the head of Coinbase believes that the mainstream with anonymous cryptocurrencies is inevitable, just as the transition from the HTTP standard to HTTPS was inevitable..
At the time of this writing, the price of XMR / USDT is
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Disclaimer
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