No ‘jumping the gun’ in regulating cryptocurrencies

From left, RiskPass AML+Compliance Ltd. co-founder Peter McKiernan, Caribbean Financial Action Task Force Executive Director Dawne Spicer, and Attorney General’s Chambers Anti-Money Laundering Unit head Francis Arana discuss regulatory issues in the cryptocurrency industry. - Photo: Ken Silva

Peter McKiernan, the cofounder of RiskPass AML+Compliance Ltd., stood at his laptop last week at a seminar on anti-money laundering practices for cryptocurrencies, demonstrating to the audience how to transfer cryptocurrencies across borders.

“If I want to send money to Canada, all I have to do is take this hash – my wallet code – and go to my wallet here and go to ‘send money’ to that hash,” he said at the conference, organized by the consulting firm FTS. “And I want to send 0.21 Litecoin and I hit send, and it’s going to say I have a little transaction fee that works out to pennies.”

With a few clicks on his mouse, McKiernan transferred 0.21 units of the cryptocurrency Litecoin – about $15 worth – from his crypto wallet in Cayman to another wallet he owns based in Canada.

“I just transferred value outside the banking system, with no government telling me not to and no one knows I did it because I haven’t told anyone my wallet code,” he said.

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