<h1 style="margin-left:0cm;">Regulation of the Cryptocurrency Market in the U.S. Being Increasingly Strict&nbsp;</h1>&nbsp;Coinbase, one of the largest cryptocurrency exchanges in the United States by volume, has agreed to pay $100 million as a condition of a settlement with New York regulators. The New York regulators accused the company of violating anti-money laundering laws by allowing users to open accounts without adequate background checks –– the latest example of the stricter scrutiny facing the emerging cryptocurrency industry.&nbsp;<h1 style="margin-left:0cm;">The main cause of the incident</h1>Coinbase's business was growing too quickly, resulting in a lack of compliance capacity and therefore a lack of proper KYC and AML process, which led to some of the crimes that resulted in a $100 million fine and a deadline for improvement. Coinbase has committed to invest more resources in the establishment of Compliance to ensure the stability and security of virtual currency transactions.<h1 style="margin-left:0cm;">Taiwan government has a precedent, VASP operators need to be cautious</h1>&nbsp;Looking back at the regulation in Taiwan, most of it is based on U.S. standards as a precedent. In addition, with the strict policies of the FSC in Taiwan, there is a need for complete and compliant vendors and systems in Taiwan to help VASPs build a regulatory compliant environment to avoid becoming a hotbed of crime.&nbsp;However, AML has thorough rules and standards and relies on money laundering prevention expertise that should not be taken lightly. There are three particular points to note.First, the status of each customer can change at any time and needs to be monitored regularly and addressed in a timely manner when an incident occurs.Secondly, you need to make sure that you do a customer review and keep records to avoid surprise checks that are not available.Thirdly, we cannot rely on simple KYC, but we also need to use information such as face and ID recognition, international sanction lists, and international negative news in order to have a comprehensive understanding of customer identity and information.&nbsp;KryptoGO has partnered with Dow Jones and Jumio in the U.S. to build a complete database of international lists. Moreover, we also build eKYC with ID and face recognition to help strengthen KYC barriers.In addition to VASP, we are also working with a more regulated bank that has experienced a similar crisis and has been able to improve efficiency and reduce costs with the KryptoGO Compliance system. All we have to do is to work together for compliance and regulation so that the Crypto world can be more positive and develop good applications.&nbsp;Contact：cookielo@kryptogo.com

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