The Fifths ANTI-MONEY LAUNDERING Directive (AMLD5) - how will it affect us all?

INTRODUCTION

... Officially those new regulations will help authorities to combat financing terrorism and crime across the globe.

It's very encouraging to point out, that terrorism is growing because of actions taken over and over by our own rulers and terrorist threats seem to be only increasing. What just happened in Iran is a great example, how within one day time things may get so much worse. We can see how all results achieved so far in the fight against terrorism are wiped out. And it does question me of real reasons behind anti-money laundering policies.

However, I don't want to get deeply into politics, since I consider this topic too sensitive to talk about it on any blockchain.

Today I would like to focus our attention on the upcoming AML new directive: AMLD5. I have a few questions I would like to ask. And hopefully, someone out there will be able to help me find answers. Answers I've been seeking today.

WHAT IS AMLD5? HOW WILL IT AFFECT US?

Let me quote.

The 5th Money Laundering Directive aims to eliminate financial crimes without making changes in the functioning of financial payment systems and markets. It intends to prevent money laundering and large scale concealment of funds by promoting transparency. The businesses operating across Europe are obligated to comply with these regulations.

You can see some more details on shuftipro.pro or finextra.com.

I could go on and on - quoting different regulations that will be enforced within just 2 days. But the truth is, that I feel completely lost. I really would like to know what group of people, individuals or businesses are going to be affected. And how will they be affected?

Does anyone have any ideas or suggestions?

WILL CRYPTO BUSINESSES SUFFER?

Especially I'm interested in companies, which have anything to do with crypto space. How many of those businesses will be affected and will endure real pain.

I can imagine that most exchanges will have to comply with those new regulations. This actually doesn't bother me so much, since most of us seem to already got used to the idea of KYC being a requirement.

Perhaps you, dear reader, could help me out and figure out what other crypto businesses may be affected by AMLD5 ? And how bad can it be? Do you think those new regulations may affect you as well?

WHAT ABOUT STEEM and SMTs?

I've spoken with few friends and they all seem to be quite convinced, that somehow STEEM blockchain will not be affected in any way. Which I found quite hard to imagine. Perhaps I just worry too much and perhaps things will not change much since STEEM isn't dealing with FIAT currency. Perhaps.

And what about SMTs? Assuming that SMTs will allow users to exchange their tokens directly to FIAT currencies then we should expect some major issues, which will have to be faced.

Part of me believes, that we're mostly currently too optimistic - I was told already, that those changes are happening only in Europe so the rest of the world won't be affected. I seriously doubt it, since the EU regulatory framework is usually copied by less developed countries. Not to mention that all foreign businesses willing to operate within the EU will also have to comply.

My final question to each one of you:

• how do you personally feel about your current investment in STEEM. Can you imagine, that AML regulations can somehow affect you and your resources on steem?

Yours,
Piotr

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