Digital Currency Gains Traction as Alternative Payment Method
Despite lacking legal status as a currency or cash funds, a new digital currency has gained popularity among natural persons and legal entities as a means of exchange that can be transferred, stored, and exchanged electronically.
Ease of Use, Speed, and Security Drive Adoption
The recent surge in adoption is largely attributed to its ease of use, speed, and security features. With the ability to make transactions online, individuals and businesses are increasingly opting for this digital currency over traditional payment methods.
Obligations Under Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT-2)
According to Article 4 of the ZPPDFT-2, various entities are obligated to carry out measures to detect and prevent money laundering and terrorist financing. These entities include:
- Banks
- Savings banks
- National payment institutions
- Post offices
- Brokerage companies
- Investment funds
- And more
These obligations apply not only to financial institutions but also to non-financial businesses and professions that provide certain services, such as:
- Auditing
- Accounting
- Tax advisory services
- Trust and company services
- Real estate business
- Trade in precious metals and stones
Individual Obligations
In addition to the obligated entities, individuals carrying out activities related to:
- Gaming
- Auctions
- Breeding horses
are also required to implement measures to prevent money laundering and terrorist financing.
Concerns and Compliance
The increasing use of digital currency as a payment method has raised concerns about its potential risks and vulnerabilities. As such, it is essential for individuals and businesses to ensure that they comply with the requirements set forth in the ZPPDFT-2 to prevent illegal activities.
Conclusion
In conclusion, while digital currency may not have legal status as a currency or cash funds, its popularity as an alternative payment method continues to grow. It is crucial for all entities involved in transactions using this digital currency to ensure compliance with anti-money laundering and terrorist financing regulations to maintain the integrity of the financial system.