Wednesday, December 7, 2022
HomeAltcoinUS Treasury announcement: ECC's engagement on coverage for financial freedom

US Treasury announcement: ECC’s engagement on coverage for financial freedom

At the moment it was introduced america Treasury imposed sanctions on digital foreign money mixer Twister Money, including it to the OFAC (Workplace of Overseas Property Management) SDN record, the record of Specifically Designated Nationals with whom Individuals and American companies will not be allowed to transact.

We agree with our companions at Coin Middle and Blockchain Affiliation that there are considerations about how right this moment’s announcement impacts the civil liberties of United States residents. We’re following developments carefully and sit up for persevering with our ongoing and productive conversations with regulators and policymakers on behalf of Zcash.

Our mission at Electrical Coin Co. (ECC) is to empower financial freedom, and to that finish, we contribute to and help a good, open foreign money to guard the liberty, dignity, consent, and safety of individuals everywhere in the world.

Smart coverage steerage and training are on the core of our work with socio-political stakeholders, and ECC advocates that privateness is crucial for private, enterprise, and nationwide safety. Our accomplice community in these endeavors contains assume tanks, educational analysis facilities, and nonprofits that present thought management and advocacy for points that have an effect on Zcash customers.

Zcash is compliant and totally appropriate with world AML/CFT requirements, together with all last FATF suggestions, the European Union’s Fifth Anti-Cash Laundering Directive, and america’ Anti-Cash Laundering rules. It’s accredited by the New York State Division of Monetary Providers (NYDFS), a key requirement for itemizing on main exchanges, like Gemini and Coinbase.

In 2020, ECC commissioned the RAND Company to conduct analysis into Zcash utilization for illicit functions. The analysis revealed no proof of any substantive use of Zcash for cash laundering, terrorism financing or commerce in illicit items and companies. The report additionally discovered, “the governance of Zcash and its branding as compliant with the related AML/CFT rules might make it much less prone to exploitation for illicit or legal functions.”

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