Jonas Karlberg, CEO at Amazix

Regulation relating to cryptocurrencies will develop globally over the coming year, leading to their embrace by traditional areas of business, a crypto expert has predicted.
Jonas Karlberg, CEO at crypto advisory specialist Amazix, said he believes that the right kind of regulatory approach will encourage financial institutions to adapt and expand their services to crypto. He also forecast that 2019 will see the full implementation of the fifth AML directive in the EU, allowing the full spectrum of cryptocurrencies and possibly token offerings to operate within full compliance.
“This new trend will challenge traditional consultancies to think about adequate control measures to comply with applicable laws and regulations,” he said. “All the usual integrity risk concerns and compliance burdens of a conventional financial institution will now apply to crypto businesses – money laundering, terrorist financing, tax avoidance and evasion, sanctions and cybercrime.”
Karlberg said he anticipates a growing demand for crypto compliance expertise among traditional financial players and their advisors, as well as from niche consultancies like Amazix, from basic compliance framework setup to more specialized services such as governance and remediation.
“Stagnating price and trading volumes in cryptocurrency may continue throughout 2019 but this has always only reflected speculator interest, and done little to dampen mainstream adoption,” he added. “Cryptocurrency will continue to gain traction as an alternative payment method and a means of sending money globally. Remittances through crypto, in particular, will gain a larger share of the remittance market as overseas workers seek speedier and cheaper methods, and crypto has always been superior in cost and speed. I expect technologies such as SegWit and Lightning Network will mature and become more widespread too, making transactions even cheaper and faster. In 2018, US remittances had already reached 15%, so I expect at least every fifth of US remittance to switch to crypto by 2019.”

by Guy Matthews