Canada - English


  • Service: Advisory, Risk Consulting, Forensic
  • Type: White paper
  • Date: 1/10/2014

Virtually Unregulated: Countering Virtual Currency 

Virtual currencies have been around for many years, but recent evolution in the industry through the emergence of Bitcoin and other similarly structured forums have resulted in development gaps in regulations.

In KPMG’s new white paper entitled Virtually Unregulated, we analyze the recent changes to anti-money laundering issues connected with virtual currencies.


The virtual currency industry has been under increased scrutiny to implement robust Anti-Money Laundering (AML) controls by regulators, investors, and businesses alike.


The implications of this change in dynamics loom large, as it poses a threat to the traditional banking industry as well as the current safeguards that protect legitimate, law-abiding customers, end users, intermediaries, and investors.


While virtual currencies previously existed in the form of bonus points or loyalty rewards, valued within a specific company or limited virtual community, they can now be converted into traditional forms of currencies on a global scale, and can be transferred across borders with limited regulatory or industry oversight.



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