Joe Ciccolo – Regulators Are Warming Up to Digital Currency

By November 19, 2015Bitcoin Business

In the crypto-economic sphere, few groups are so crucial yet so scorned as those representing the regulatory body. Tragically, despite the well understood capacities to influence this space, there’s a painful lack of communication with those involved in crypto regulation because of these attitudes. Noting this deficiency, we spoke with Joe Ciccolo of BitAML to better explore the topic. Joe is a Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE), and Anti-Money Laundering Certified Associate (AMLCA). Prior to launching BitAML, Joe was a founding member and architect of the BSA/AML program of a top 100 US-based financial institution. He also served as a project manager for a top 20 global bank, where he led several regulatory and audit remediation projects. CoinTelegraphCT r: 25 : As someone who works in the legal space for digital currencies, what drew your attention to digital currencies in particular? Is there a certain challenge or problem you think digital currencies can solve better than the older financial institutions? Joe Ciccolo: Traditional financial institutions are unable to innovative because they’ve convinced themselves it’s impermissible. From my perspective, it’s a business decision. Why in an era of IM and email, where one can securely send software , IP and legal documents around the world instantaneously, should consumers wait 5-7 days for a transaction to clear? When confronted by bitcoin CT r: 4 , banks proceed to differentiate their services based on a higher degree of friction that the consumer does not want and enhancements to analog methods that at best will buy them time. Traditional institutions will continue to insist the answer is a faster horse, not an automobile. Joe Ciccolo, BitAML CT: In your opinion, how do the regulatory agencies seem to perceive this new technology? Are they more in line with the old […]

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