DigitalMint and Coinsource, as well as blockchain analysis platform Chainalysis, have launched the Cryptocurrency Compliance Cooperative (CCC), amongst others. Associated with the underlying aim to promote regulatory compliance amongst players, CCC has entered in the cash to crypto industry to extend risk diversification to consumers.

Along with the proliferation of self-service Bitcoin ATMs worldwide, the CCC believes there will be a need to promote a common culture amongst its members and the entire industry in seeking stipulated information that will help bolster laid down KYC and AML provisions from BTM users.

Seth Sattler, Director of Compliance for DigitalMint and leading contributor of the Cryptocurrency Compliance Cooperative said:

“The nefarious use cases plaguing this industry are well documented by several law enforcement agencies and include fraud, elder abuse, and drug and human trafficking,”

“While a small number of Bitcoin ATM operators go above and beyond with know your customer (KYC) and anti-money laundering (AML) protocols, others in the cash-to-crypto industry simply turn a blind eye and are complacent to these bad actors by simply applying the bare minimum customer protections, which in many cases allow for completely anonymous transactions.”

The need for regulatory compliance has put many industry players at loggerheads with market watchdogs around the world.

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