SpectroCoin Development Update: December ‘18

SpectroCoin focuses on the constant development of its platform so that users can enjoy an even more convenient interface and services. For that reason, we decided to spread the word and inform our clients about the changes that have been done or that are yet to come to the platform. To turn this idea into reality, starting today, we will share SpectroCoin development updates with you.

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SpectroCoin Expands Services with International Bank Transfers

When choosing the best way how to transfer money, you usually consider things like convenience, destination country, security and currency. While it is easy to send fiat in countries within the EU using SEPA or local banks, when we are talking about transferring fiat currencies overseas the process is not as simple as it might seem for some countries. Of course, you can always choose cryptocurrencies, but if you need to transfer EUR, SpectroCoin is happy to announce that, from now on, international bank transfers are available for users from more than 150 countries around the globe.

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Cashing Out on the Crypto Rush

Different sources suggest that about €8 million are lost every day due to scams in the crypto environment and the numbers continue to grow. A lot of victims who were targeted by cryptocurrency scams are thought to lack experience or judgement in the field. Despite the fact that cryptocurrencies have been in market for almost 10 years, the question “is bitcoin a scam?” still lingers on some minds. The easiest explanation for this is that individuals fear what they do not understand: the exponential growth of the blockchain technology, of the variety of new coins in the market, of products to invest in or cryptocurrency-based projects to be a part of. This becomes the perfect fuel for most of the scams and malpractices in the financial field.

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AML5: Same Rules for Everyone

The boom of new cryptocurrencies issued through ICOs and the rising interest in the crypto market have led to the implementation of regulatory requirements for the entire financial market. In 2018, the European Parliament issued a proposal for the AML5 directive, which will come into effect in 2020 – in some countries, it will happen in mid-2019. AML5 is a commonly used abbreviation for the fifth EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

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Fraud Awareness Initiative

November 11-17 has been officially declared International Fraud Awareness Week 2018, a global joint effort made by business and governmental institutions to minimize the impact of fraud by educating and providing anti-fraud material to different communities. SpectroCoin has teamed up with more than 400 organisations and is taking part in the ACFE anti-fraud campaign.

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