What it means
Cryptocurrency has a reputation for being unregulated, but the truth is that while there are no global regulations, most countries and states have introduced local regulations regarding mining, keeping, and trading in crypto—or plan to introduce them in the near future.
All cryptocurrency exchanges and vendors have to comply with both the local regulations where they're physically situated and with the regulations in the areas they serve. That means that the majority of cryptocurrency transactions are in fact carried out in accordance with established rules and regulations. When it comes to Coinmama, account verification is part of staying on top of regulations.
Why regulation is important
Regulation of cryptocurrencies exists to help fight fraud and crime. These regulations are set in place to ensure that cryptocurrency is not used in terrorist funding, money laundering or any other criminal activity. In other words, regulations help keep the internet—and you—safe, and for that reason, we take them very seriously.
How Coinmama is regulated
Coinmama is operated by NBV International s.r.o. which is a regulated Money Services Business registered with FinCEN. As part of our responsibilities under relevant regulation, we carry out certain Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. These regulations are why you need to have your account verified before placing any orders or before we can increase your spending limits.
Account verification also helps us to protect your identity and data. Want to know even more? Click here to read about why we verify your account.