Last Wednesday a petition was formally sent to the European Union parliament to have the body consider the option of establishing a ‘Crypto Assets Fund’ for those who have fallen victim to a cryptocurrency-related crimes and/or theft.
Jonathan Levy, lawyer and creator of the petition, is representing clients who together have lost a total over €50 million, and is supported by class representatives of the individuals adversely affected by the high-profile Bitsane exit scam.
“Every day $100 billion in unregulated cryptocurrency transactions take place. Much of that activity involves organized crime and represents the largest transfer of wealth to criminals since the Second World War. Billions of dollars have been siphoned from victims of criminals schemes. Our goal is nothing less than the establishment of a Cryptocurrency Security Fund to compensate victims.” - Jonathan Levy
According to Levy’s petition, he and his clients wish for the EU to implement a .0001 cent per euro fee on all cryptocurrency transactions within the union in order to generate a pool of funds to aid victims of related crimes.
To date, the petition has generated 46 supporters. The EU Parliament has yet to discuss the matter, or provide an official response.
17 January, 2021 | #Cryptonews
EU Parliament to Assess Petition for Crypto Fraud Victim Superfund
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Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates. Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. 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Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. 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