Monero And Tari Labs Prepare To Launch Guide On Privacy Coins

Monero and Tari labs are preparing to launch a guide on how exchanges should list privacy coins in their new regulatory whitepaper as we are reading more in the Monero news.

Monero and Tari Labs will launch the new guide in their regulatory whitepaper how exchanges should list XMR while complying with regulations as some exchanges such as Coinbase still haven’t listed Monero because of compliance concerns. The whitepaper aims to explain in detail how the bigger risks of privacy coins can be avoided with new, enhanced tools.

Where do I sue?

Do you ever worry about impending federal enforcement while leading an anonymous money-like transferrable unit that can't satisfy legal traceability requirements?

— Derek Moore (@derekm00r3) September 14, 2019

The developers of the privacy coin Monero and privacy protocol Tari Labs are now preparing to publish the guide in a whitepaper form to let exchanges now know they can list Monero while complying with regulations. Monero is a cryptocurrency that has a layer of privacy that stops anyone from looking further into the transactions on the blockchain. While this is good for people that use it, it makes it harder for exchanges to track what really is going on which is a legal requirement.

The previous week, Coinbase CEO Brian Armstrong said that he really wants to list Monero but added that the exchange is too concerns with the regulatory issues in doing so. With other exchanges in the same boat, the adoption of cryptocurrency that is privacy-oriented, the crypto adoption will slow down even more. But, if this whitepaper is successful, it could start to turn things around. Louis Willacy, the regulatory compliance general counsel at Tari Labs said:

 “We believe the whitepaper to be the most comprehensive and authoritative analysis of privacy tokens and related AML concerns to date and are very proud of our involvement in this great effort,” said Louis Willacy.”

The whitepaper is named “The Fundamentals and Regulation of Privacy-Enabling cryptocurrencies” and will be published by the law firm Perkins Coie. According to Tari Labs, the whitepaper will acknowledge that there are bigger risks that are involved with privacy-oriented coins but that these risks can be avoided by using the right compliance tools. Willacy added:

While the authors support their findings with exhaustive research and detailed analysis, the whitepaper’s core conclusion is deceptively simple:  Regulated financial institutions can comply with AML obligations when supporting privacy tokens. Period.”

So far, Monero was delisted from five crypto exchanges including Huobi Korea and Bithumb. However, will this whitepaper be enough to bring the coin back on these exchanges?