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StakeCube introduces AML5 & KYC framework to comply with EU regulations

By Rafał - 2019-12-24

StakeCube has been sharing an announcement regarding the future changes in EU regulations and how it interfere with the existing StakeCube project.
The current legal framework and official directives used in the EU can be found here.
From the latest official information , the EU directive 2015/849 extends the regulation for AML by some aspects concerning crypto platforms. The whole set of rules and directives to be introduced with this new version can be found on the official site at:
https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843&from=EN
In short, with the extension of article 3, point 19, any centralised pool, exchange or other crypto actors become subject to this new EU directive. After consultation with a lawyer and to follow the current legal situation, StakeCube team has decided on the following adaptations: (with reference to Article 2(3), Article 11b(2), Article 13(1/2/3/4/6) Article 14(1) and (2), Article 15):
- The team won’t introduce a mandatory KYC-verification, but a 24-hour withdrawal limit of the equivalent of 1,000 EUR (currently approx. 1,109 USD) on unverified accounts
- There will be an optional identification procedure to increase the withdrawal limit to 10,000 EUR (Daily limit)
- These changes apply from january 31, 2020 23:59:59 server time.
- There are no further restrictions that will be implemented during this period
These regulations are against all intentions of this technology but is currently the best way that can be implemented and could work out for investors to keep StakeCube "KYC-free" (if desired) but on the other hand to move on a legal basis and continue to operate officially and in the long run. The associated official StakeCube AML policy can be read at https://stakecube.net/app/academy/stakecube-aml-policy and introduces the set of rules to be implemented on January 31,2020.
All the details regarding the changes can be consulted at https://stakecube.net