Canadian businessman and TV personality Kevin O'Leary said that cryptocurrencies pose serious compliance challenges to the financial services industry.
"If I want to be compliant and I don't wanna breach any regulators because I'm a participant in financial services globally, and that is where the majority of money is, I have to be compliant, I have no interest in doing any of this crypto crap because it is not compliant."
O'Leary suggested a hypothetical "Regulated" crypto asset based on two or three prominent fiat currencies such as the U.S. dollar, the yen, and the euro or the Swiss franc.
With this asset, O'Leary claims it would be possible to buy equity, pay debt and taxes, and also convert back to the original fiat currency.
"All of this non-compliant stuff I don't want to get involved with a drug dealer trading bitcoins somewhere. I want nothing to do with that."
"The crypto industry has been regulated in the U.S. since 2013. If you want to sit between the banking system and cryptocurrency, you have to be licensed as a financial institution."
The TV host has previously expressed his pessimism toward crypto assets.
In May, he said that he believes bitcoin is a useless currency, since people accepting it want to hedge against its volatility.
In the United States, regulators are working to better define digital assets so as to promote the industry's development.
In April, Representatives in the House of Representatives reintroduced the Token Taxonomy Act, which aims to provide clearer guidelines for blockchain and crypto businesses.
Kevin O'Leary: Crypto 'Crap' Is Not Compliant, Rogue Currency
Udgivet den Jul 3, 2019
by Cointele | Udgivet den Coinage
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