Tether appoints new regulatory compliance officer
Tether Limited, the company behind the dollar-backed Tether cryptocurrency, has appointed a former Bank of Montreal executive to head its regulatory compliance efforts, it announced late on Thursday.
Leonardo Real, Bank of Montreal’s former anti-money laundering (AML) quality control manager, has been hired by Tether to take on the role of chief compliance officer.
Tether was launched in 2014 and its blockchain platform allowed investors to make fiat currency transactions for tokenised currency, thanks to its holding of dollar reserves, where every tether token is backed by $1.
Uncertain regulatory landscape
An increasing number of cryptocurrency enterprises are looking to negotiate their way through an uncertain and changeable regulatory landscape as many authorities across the globe have yet to set out a legal framework under which cryptocurreny exchanges, blockchains and initial coin offerings can be regulated.
One of the chief concerns of authorities is the possibility that crypto exchanges and other digital platforms can be used by criminals to launder illicit funds. Indeed, India is so concerned that it has banned its banks from offering services to crypto exchanges to prevent deposits and withdrawals in fiat currencies.
Key players comments
Tether, which offer fiat transactions, said: “We are particularly excited to announce this key hire at a seminal point in the life of the blockchain and cryptocurrency sector.
“As the industry matures, all actors within the space shall be expected to meet a higher standard of industry best practices.
“As Tether continues to work to realise our vision of total transparency and unparalleled security within the cryptocurrency market, we will always endeavour to set the gold standard in regulatory compliance. Leonardo will play an important role in realising these aims.”
Real replied: “As a long-time advocate of blockchain technology and the integration of cryptocurrencies into the mainstream, I am looking forward to putting my experience in AML and regulatory compliance in traditional financial institutions to use, to ensure that the Tether project can continue its work disrupting traditional industries.”