The Cryptocurrency Compliance Co-operative (CCC), founded by Bitcoin ATM providers Digital Mint and Coin Source, aims to develop guidelines in line with the Bitcoin ATM sector.
Bitcoin ATM operators like Digital Mint and Coincource have reportedly launched the Cryptocurrency Compliance Cooperative (CCC), a new association aimed at setting standards for the Bitcoin ATM industry.
Among the 15 early members of the new Consent, large blockchain analytics startups such as Chinalysis and Elliptic are making this effort.
A new adaptation effort has been launched with the support of some leading blockchain analytics companies such as Chainalysis and Elliptic. The CCC currently promotes partnerships with cash-based crypto-money service businesses, regulators, financial institutions, and non-state and various law enforcement agencies.
Because bitcoin ATMs are constantly associated with Know Your Customer (KYC) anonymity and Anti money laundering (AML), the association targets them directly.
To this the head of compliance at Coinsource Bo Oney said,
“Unfortunately, many BTM operators believe that asking for a mobile phone number is enough to avoid their mandatory KYC requirements”.
He further added that
Such lazy conditions are a haven for bad actors to abuse machines for bad purposes. CCC seeks to increase regulatory requirements for the benefit of all BTM customers and operators. Users need the input of the most knowledgeable people in the industry to make the cash-to-crypto space as secure as possible.
Seth Sattler from DigitalMint commented that,
“While a small number of Bitcoin ATM operators go beyond the KYC and AML protocols, others in the cash-to-crypto industry are blindly satisfied with these bad actors. In most cases, completely anonymous transactions are allowed,”
Back in February In February, the New Jersey Commission of Investigation in the state found that 75% of BTM operators allowed certain transactions outside the cell phone number without providing any information to the customer. Last year, an executive from the blockchain analytics firm CypherTrace which already predicted that bitcoin ATMs around the world would face stricter controls and regulations and that countries, including Canada and Germany, which were already moving to strengthen the required AML controls.
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