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Nouriel Roubini: The great crypto heist

Cryptocurrencies have given rise to an entire new criminal industry,
but financial regulators and law-enforcement agencies remain asleep
at the wheel

[FN-AH717_F]
Getty Images
By
Nouriel Roubini

Friday July 19, 2019 1:01 am

There is a good reason why every civilised country in the world
tightly regulates its financial system. The 2008 global financial
crisis, after all, was largely the result of rolling back financial
regulation. Crooks, criminals, and grifters are a fact of life, and
no financial system can serve its proper purpose unless investors are
protected from them.

Hence, there are regulations requiring that securities be registered,
that money-servicing activities be licensed, that capital controls
include "anti-money-laundering" (AML)...
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