The much-heralded rise of digital currencies seen in recent years has become perhaps the most popular talking point in today’s society, and for good reason. As financial technology continues to evolve at an unprecedented rate, the effects have already begun to take shape throughout the financial services sector by way of increased operational efficiency, enhanced financial security, and greater practicality for both operators and consumers alike. These developments have also paved the way for new platforms with the potential to alter entire industries to emerge as well, with virtual currencies leading the charge in this department. Slowly but surely, cryptocurrencies are becoming a part of the global financial industry, with individuals from various regions of the world continuing the race to get in on what has been dubbed “the future of money.”
While there is certainly a learning curve when it comes to all budding industries, there is a sense of uncertainty and unpredictability surrounding virtual currencies that has never before been seen – perhaps adding to the allure of the technology as a whole. Although the realm of cryptocurrencies offers seemingly endless possibilities for money services organizations and investors to reach unparalleled heights, it seems that for the first time in history, these same entities are faced with complex challenges and potentially catastrophic risks that they have never encountered before. This handbook, the latest in a series of insightful works written by author and CEO of Global RADAR, Dominic Suszek, provides a comprehensive look into one of the largest trends to ever hit the financial sector. Providing valuable information gained through decades of firsthand experience in money services, as well as through personal examination and understanding of the latest advancements in the virtual domain in general and the cryptocurrencies, Suszek exudes a wealth of knowledge on all the need-to-know topics pertaining to virtualcurrencies.
This eBook ventures into relatively unchartered territory, addressing the unfamiliar subject of virtual currencies from a compliance standpoint. Covering hot-button topics such as the various virtual currency systems seen today, pros and cons associated with these systems, and federal responsibilities related to their usage, this handbook allows for readers to gain an ever-important, precise view into their own regulatory requirements from the perspective of one of the leading minds in the AML community.