The European-based HitBTC will be the first exchange to start public trading in the new cryptocurrency AML BitCoin. Founded in 2013, HitBTC now has a market cap in excess of $100 million and has grown to be one of the world’s largest digital currency exchanges, with daily trading turnover north of $400 million.
The eagerly-awaited AML BitCoin, which was created by the US-based NAC Foundation and will be listed for trading on the exchange starting December 15, is the world’s first cryptocurrency to address a long-standing complaint about cryptocurrencies: their completely anonymous nature, which makes them persona non grata with the world’s financial regulators and has contributed to a less than positive image among the general public. To resolve this problem AML BitCoin has put anti-money-laundering (AML) and know-your-customer (KYC) technology into the heart of the coin’s architecture (and has patents pending on the technology). This means the currency complies with all major national security and financial protection laws and regulations, including the Patriot Act and the Bank Secrecy Act.
Paul Clarkson, Chief Product Officer at HitBTC, stated that “We’re impressed at the innovation that AML BitCoin is bringing to the field of cryptocurrency with its emphasis on regulatory compliance. We expect that its biometric identification features will add to the transparency of cryptocurrency transactions, something that up to now has largely been an unmet need.”
This was not achieved without considerable effort: to meet AML/KYC requirements, which vary from country to country, the developers of AML BitCoin consulted with a broad range of industry and government representatives, running the gamut from large countries such as the UK and the USA, to smaller markets such as Panama and Estonia, since AML BitCoin is seeking to give their cryptocurrency as broad a geographic playing field as possible.
In announcing the upcoming platform for its tokens, NAC CEO Marcus Andrade was clearly pleased: “We were hoping our first listing would be with HitBTC, and are overjoyed that this is the case. There are a number of other exchanges that are attempting to meet the compliance requirements that listing our coin entails, and of course we’re offering them what help we can to do so. Our patent-pending coin is designed to be the world’s only AML- and KYC-compliant digital currency; this naturally means that we are looked at differently, and may be why the process has gone perhaps more smoothly for us than it might for other coin projects. The way our digital currency has been talked about and anticipated has frankly gone beyond our expectations.”
And indeed, there have been some rosy forecasts for the currency once it is broadly traded on exchanges, and assuming the partnerships it is currently seeking to establish come to fruition.
One such bullish player is David Mata of Block Bits Capital, a hedge and venture capital fund out of Silicon Valley: “Our portfolio is diverse and includes several digital currencies, but this is one we’re keeping a close eye on. We’ve come on board early, and we’ve taken a substantial position. There’s nothing certain in the world, but this could be the equivalent of getting in on the ground floor of Facebook, while Mark Zuckerberg was living in his college dorm and looking for his first funding.”