Aten Coin: A Compliant Digital Currency?
The title of the conference is “Beyond Bitcoin: Privacy, Money, Crime, and a Better Digital Currency.” As the title suggests, the conference will focus on the crime-related problems associated with Bitcoin, and how Aten Coin can bring digital currency into compliance with criminal and financial laws. The conference website also states that it will address the privacy concerns raised when dealing with a digital currency designed to prevent criminal activity.
According to the website, “What Aten Coin offers is good for controlling money laundering, but raises concerns about privacy. The conflict reflects the dual nature of financial regulation.” The website continues, “Anti-money-laundering and counter-terrorism law require identifying parties in financial transactions and filing reports on suspicious activity, but privacy regulations restrict the disclosure of personally identifying information.” Questioning the ability of digital currency to reconcile this conflict, the conference organizers ask, “Can we realize the gains from digital currencies in a coherent system of regulation that respects privacy while also taking adequate steps to [sic] against money laundering and terrorism?”
The conference will feature three panel discussions, which will come after an overview of the main issues to be addressed.
From the website regarding the three panel discussions:
(1) Money Laundering and Digital Currency will examine the current money laundering issues posed by the use of digital currency.
(2) Reaping Benefits, Respecting Privacy considers whether and how we can combine combatting money laundering with adequate respect for privacy.
(3) Securing Digital Currency examines technological requirements, psychological effects, and legal issues involved in providing adequate security for digital currency. The program concludes with an assessment of the extent that Aten Coin meets the challenges the previous sessions have identified.
In addition to the three main panels, the website provides the following timeline for the conference:
- 8:45 AM-9:45 AM: Registration
- 9:45 AM-10:00 AM: Welcome
- 10:00 AM-10:30 AM: The Bank Secrecy Act, Money Laundering, and Digital Currency with Joseph Silvia, Senior Counsel Locke Lord, Chicago
- 10:30 AM-11:30 AM: Panel — Digital Currency: Enforcement Needs and Issues
- 11:30 AM-11:45 AM: Break
- 11:45 AM-12:15 PM: Digital Currency vs Regulated Security with John Fahy, Whitaker Chalk Swindle & Shwartz PLLC
- 12:15 PM-1:45 PM: Lunch
- 1:45 PM-3:00 PM: Privacy/Security Tradeoffs with:
- Ian Schick, Pillsbury Law
- Martin Mushkin, Law Office of Martin Mushkin
- Richard Warner, Professor, Chicago-Kent College of Law
- 3:00 PM-3:30 PM: Break
- 3:30-4:00: Can Aten Coin Meet the challenges? With Konrad Bojar, NAC Foundation
- 4:00 PM: Reception
Aten Coin was designed with regulatory compliance in mind. According to the official Aten Coin website, the digital currency has the following “regulatory features”:
- US Patriot Act compliant
- Anti-Money Laundering compliant
- Know Your Customer compliant
- Bank Secrecy Act compliant
- US Office of Foreign Assets Control compliant
- “Also compliant with many worldwide regulating requirements”
The Aten Coin conference is hosted by the Aten Coin Foundation in partnership with the IIT Chicago-Kent College of Law and its Office of Continuing Legal Education. Chicago-Kent students can earn up to 5.5 hours of general IL MCLE credit for attending the event. Additionally, admission to the conference is free, and is open to the public.
Are you attending the Aten Coin conference? Let us know in the comments below!
Images courtesy of Aten Coin.