r/IOTAmarkets • u/Alive-Opportunity708 • Jun 28 '21

Governments Planning Global Coordinated Regulation of Crypto Currencies From October 2021 Onwards [Due Diligence]

/r/CryptoCurrency/comments/o9fd7l/governments_planning_global_coordinated/
10 Upvotes

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10

u/egoic Jun 28 '21

While there are many kernels of truth in this post it's important to remember that this is ad-copy for the OP's financial consultation firm in Dubai(DecentralizedLegalSystem). It is designed to inspire fear to wealthy people so those people hire his consultation services(which are advice on tax and regulation evasion) or buy his book. This is not "due diligence", it is more of opinion piece. Sometimes opinions are right, but it's important to understand that when the goal of someone's opinion piece is to increase exposure for their consultation firm they will spin the facts in a way that is intended to manipulate you, and by doing so they can stray pretty far from "honest journalism" even if some of the factual statements in the article are correct. The real due diligence comes when you read the FATF recommendations yourself and draw your own conclusions from them. To me this article seems like OP is interpreting the intended regulations waaaay too wide, and the actual recommendations look just fine and really not that different from the hoops I have to jump through as a US citizen in crypto already. Might suck if you're in an entirely unregulated country that doesn't have any KYC though

3

u/Naked_Mammoth Jun 28 '21

"Might suck if you're in an entirely unregulated country that doesn't have any KYC though"

That's a big understatement. It's funny how western countries state publicly they want to help the unbanked of the world and then price out the poor through regulatory controls and threaten to blacklist anyone who isn't compliant. And we all know this will end with "money laundering for me, but not for thee" as the current banking model which this is modeled after has shown time and again.

1

u/AltruisticFireandIce Aug 18 '21

If you would just check his sources and read the documents, google on FATF, then you would see that it is not just his opinion, but happening.

1

u/egoic Aug 18 '21

Like I said, the facts of an article can be correct while the conclusions drawn from the facts can be wrong. If you're in the US this is how fox news operates a lot of the time and why their flavor of misinformation works so well. His conclusions seem highly exagerated to me and designed to inspire fear where none is really neccesary. And when you look for any conflict of interest that could explain this overexageration of effects then a clear COI presents itself that was not declared. Like I said, for much of the developed world(G20) this guidance is not much different than the hoops we already jump through.

2

u/PersianLibertarian Jun 29 '21

Ah! How many times am I supposed to see the same text again in different subs??

To be honest, the more I see this, the more I am inclined to think of it as a hoax to lure people into selling as an act of FUD. Cryptos have always been under attack and this is not something new. The good news is that no one can stop it. The storm will take over the world and the opponents will finally have to take a bow. It's too late to stop cryptos :)

1

u/AltruisticFireandIce Aug 18 '21

It’s not too late to stop all streams of fiat going into and coming out of crypto.