Since the inception of the cryptocurrency markets, criminals dived in due to its decentralized nature. As the nascent market thrives, so does criminal activities that led to regulators implementing severe measures to tame the expanding crypto industry. Criminals have found a safe haven for money launderings, bribery, corruption, and extortion through cryptos. Everything is about to change with LIFElabs.io Cryptocurrency Company leading the way.
Although some governments have banned some of the crypto activities within their jurisdiction, not crypto company met them halfway trying to solve the challenges. However, LIFElabs.io has taken upon itself to become the first Cryptocurrency Company to take on ISO 37001 Anti-Bribery/Anti-Corruption Standards.
The CEO, Sanjay Jadhav, stated that the company is in the process of seeking certification of compliance under the ISO 37001. The company strives relentlessly to enhance the crypto world for all and the anti-bribery and anti-corruption standards fall in line with their vision and values. Commentators believe that complying with ISO 37001 is a great step for the company towards achieving global acceptance.
@naomibrockwell this is right up your alley. A cryptocurrency taking a hard stance against money laundering and bribes is a huge step towards global acceptance.
— Crypto Mikhail (@crypto_mikhail) April 2, 2019
Bribery is a destructive and challenging issue with at least US $1 trillion paid in bribes annually. The aftermath is catastrophic, increasing poverty, reducing the quality of life, and eroding public trust. The ISO developed this new standard to help organizations to eradicate bribery and enhance an ethical business culture.
A major benefit of the digital currencies in fighting corruption and enhancing financial ethics is their immutability and transparent nature. The company can offer transparency to the public via blockchain technology on which the LIFEtoken digital currency is based. All blockchain transactions feature details about every executed transaction and they are permanent. They cannot be altered or deleted.
The immutability nature deters a significant percentage of money laundering schemes that prefer traditional channels like cash over crypto. However, criminals are finding ingenious strategies of benefitting from the budding digital currency markets.
LIFElabs.io decided to adopt the ISO 37001 standards to deter criminals and money launderers from targeting their LIFEtokens. Thus, the adoption will create long-term trust and continued adoption enabling the company to grow consistently. In the future, more cryptocurrency companies may also adopt the ISO standards enabling the rate of cryptocurrency adoption to increase considerably.
The adoption of these standards maybe will make regulators to ease pressure and restrictions currently set on the crypto markets. Hence, it will create a viable environment for the nascent industry to achieve its massive potentials.