Japan's Liquid Exchange recently announced the removal of huge assets from the platform, which COO Seth Melamed believes is necessary to meet legal requirements.
“The interviewer works closely with regulators in Japan and Singapore,” Melamed told the Cointelegraph on July 25.
He referred to regulations against money laundering, money laundering and terrorist financing and added:
“As part of our risk management, we need to take a conservative approach to listing symbols that regulators are likely to be incompatible with rules on money laundering, terrorist financing and money transfer.”
The question gave a general statement
The exchange's deletion list includes the privacy-focused Zcash (ZEC) coin. On July 22, a tweet from the organization that controls Zcash, Electric Coin, sent the opinion on the stripping of the assets before issuing an official statement from the stock exchange.
The question issued an official statement on the situation shortly after, citing plans to seek government approval from Singapore as a cryptocurrency exchange operator. In light of its goals, Oslo Børs has decided to remove 27 assets from the platform, including Zcash, from 24 July. However, the statement indicated that the assets could be listed at some point.
Oslo Børs is nearing completion of its approval request
Melamed said that “the enquirer is in the final stages of submitting our application to the Singapore Monetary Authority for a swap license under the Payment Services Act,” noting the difficult changes chosen by the organization, which include a number of categories in applying for this regulatory approval. .
Melamed described the situation as a tough gray area, adding:
“Liquidity works with industry to provide a regulatory framework that does not always conform to the innovative nature of blockchain-based assets. It's never easy to be first, but we'm determined to see it through. ”
The interviewer is one of many exchanges that use alternative ways to counter regulation. The most important exchange platform banned US customers in 2019, while many other exchanges see similar restrictions.