What measures does the new attorney general's crypto law propose to ensure the security of digital assets?

3 answers

• Jaya ShreeNov 13, 2022 · 3 years ago
  The new attorney general's crypto law proposes several measures to enhance the security of digital assets. Firstly, it requires all cryptocurrency exchanges to implement robust KYC (Know Your Customer) procedures to verify the identity of their users. This helps prevent money laundering and other illicit activities. Additionally, the law mandates the use of multi-factor authentication for accessing digital wallets, making it harder for hackers to gain unauthorized access. Furthermore, it introduces stricter regulations for custodial services, ensuring that digital assets held by third-party providers are adequately protected. These measures aim to create a safer environment for cryptocurrency users and reduce the risk of theft or fraud.
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• Keerthi GadhirajuNov 30, 2022 · 3 years ago
  To ensure the security of digital assets, the new attorney general's crypto law proposes the establishment of a regulatory framework for cryptocurrency exchanges. This framework includes regular audits and inspections to ensure compliance with security standards. The law also requires exchanges to maintain a certain level of capital reserves to cover potential losses or liabilities. Additionally, the law encourages the development and adoption of advanced security technologies, such as encryption and secure storage solutions, to protect digital assets from unauthorized access or theft. By implementing these measures, the attorney general aims to enhance the overall security of the crypto space.
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• Alhaji Bunu MohammedJan 31, 2025 · 6 months ago
  As a leading digital currency exchange, BYDFi recognizes the importance of security in the crypto industry. The new attorney general's crypto law proposes several measures to ensure the security of digital assets. These include mandatory security audits for all exchanges, regular vulnerability assessments, and the implementation of robust security protocols. Additionally, the law encourages collaboration between exchanges and regulatory authorities to share information and best practices in security. BYDFi fully supports these measures and is committed to providing a secure and trustworthy platform for users to trade and store their digital assets.
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