Dominyka is a Copywriter at CoinGate. During her career as a copywriter, journalist, and communication specialist, she had the opportunity to handle a wide range of topics, from human rights to lifestyle articles, technology, and now crypto. She sees the importance of new technologies spread and a need for educational and usable content.

Vilius is a seasoned copywriter and bitcoin enthusiast specializing in blockchain and cryptocurrency topics. He's been with CoinGate since 2018, writing blogs, social media content, sales materials, newsletters, FAQs, and more. He's relentless in pursuing knowledge and a better understanding of the crypto industry, which helps him create meaningful and engaging content every day.

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CoinGate is a Lithuanian-based fintech company founded in 2014. The company offers cryptocurrency payment processing services, as well as trading options.

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January 10, 2020 is the day when the 5th EU Anti-Money Laundering Directive (AMLD 5) took effect in our home country Lithuania. 
<a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th.png"><img loading="lazy" class="aligncenter size-full wp-image-3933" src="https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th.png" alt="5th aml directive amld5" width="1200" height="628" srcset="https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th.png 1200w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-150x79.png 150w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-300x157.png 300w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-768x402.png 768w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-1024x536.png 1024w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-860x450.png 860w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-680x356.png 680w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-500x262.png 500w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-400x209.png 400w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-200x105.png 200w, https://wp-blog-assets.coingate.com/2020/01/c3e78ad4-aml-5th-50x26.png 50w" sizes="(max-width: 1200px) 100vw, 1200px" /></a>
First and foremost, the new law provides Bitcoin and other cryptocurrencies a legal definition locally, as well as in all of the European jurisdiction. As a result, cryptocurrency platforms like ours must conform with new legal requirements as CoinGate is now a regulated entity under the scope of this directive.
<h2 style="text-align: justify;">What impact does it have on CoinGate?</h2>
<a class="keychainify-checked" style="color: #ff6600;" href="https://coingate.com/blog/post/aml-compliance-bitcoin-adoption" target="_blank" rel="noopener">We’ve been preparing for this day</a> since the European Parliament announced it had adopted the directive on April 19, 2018. 
Preparations mostly consisted of creating an AML and CTF (Counter Terrorist Financing) risk assessment methodology, assessing the existing AML/CTF protocols, as well as designing and implementing appropriate AML/CTF policies, procedures, and more.
While all of it was done mostly to comply with the enhanced due diligence requirements for high-risk countries, there’s one more critical requirement that this directive imposes on crypto-oriented, corporate-type businesses.
<h2 style="text-align: justify;">Achieving transparency through publicly available registries</h2>
According to the new rules, CoinGate and all other crypto companies are now required to meet specific transparency standards and disclose the company’s beneficial owners in a publicly accessible national registry. Every EU country is obliged to establish these registries and share them with member states.
While Lithuania did that just recently, other countries went ahead to adopt the directive earlier. For example, Estonia was one of the first to <a class="keychainify-checked" style="color: #ff6600;" href="https://e-resident.me/how-to-obtain-crypto-licenses-in-estonia/" target="_blank" rel="noopener">introduce two types of cryptocurrency licenses</a> that comply with the 5th AML Directive, which serve the same purpose as the registry soon to be established in Lithuania.
It undoubtedly is the most significant step in Europe’s cryptocurrency regulations to date as this official registry will legally acknowledge and validate crypto companies that until now had no legal requirement to report suspicious transactions or conduct proper due diligence. So right now, crypto businesses in Lithuania (including us) will be monitored and supervised by the Financial Crime Investigation Service of the Lithuanian Republic.
While the new directive aims to minimize the criminals’ financial means and further legitimize the activities of crypto companies, it also strives to do it without causing harm to the existing payment rails and markets. 
Our only hope is that the new rules will do precisely that – impose more strict security measures, prompt transparency and continue to evolve alongside industry in non-imposing, helpful and sensible fashion.

January 10, 2020 is the day when the 5th EU Anti-Money Laundering Directive (AMLD 5) took effect in our home country Lithuania.

The 5th AML Directive went into force. What does it mean?

It has become our tradition to start planning for the next year by assessing all that happened throughout the last one. So here's CoinGate all wrapped up!

CoinGate in 2019: highlights of the year! | CoinGate

CoinGate in 2019: highlights of the year!

If you own a business, chances are you accept payments with credit and debit cards. Why wouldn’t you if it’s the most popular payment method in the world by far? However, it might not appear so compelling when those chargebacks start to roll in. 
<a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks.png"><img loading="lazy" class="aligncenter size-full wp-image-3881" src="https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks.png" alt="crypto no chargebacks" width="1200" height="628" srcset="https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks.png 1200w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-150x79.png 150w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-768x402.png 768w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-1024x536.png 1024w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-860x450.png 860w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-680x356.png 680w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-500x262.png 500w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/12/54339adb-crypto-chargebacks-50x26.png 50w" sizes="(max-width: 1200px) 100vw, 1200px" /></a>
If you’re unfamiliar with the concept, a chargeback is essentially bank-initiated reversion of payment. If consumer files for a chargeback, bank pulls the funds from the merchant’s account and puts them back into cardholder’s account.
For businesses, credit card chargebacks have always been painful. But it is not without reason – chargeback policies established back in the 1970s were there first to protect cardholders from merchants that could potentially abuse the system’s flaws and not vice versa. 
<h2 style="text-align: justify;">State of credit card chargebacks today</h2>
From the consumer’s perspective, it’s might seem like a must-have security measure – it is expected that anyone would be able to call the bank and ask to flick the “reverse” switch on credit card charges that were fraudulent. 
There’s no doubt that these chargeback policies were a crucial necessity back then as they efficiently served as a fraud shield. Without them, nothing else would deter businesses from adding fraudulent charges to credit card purchases, disappearing without delivering the service or product. Also, consumers would have no way out if someone steals their credit card information.
In other words, without such a way to fix issues and prevent fraud, credit cards simply wouldn’t be safe enough to rely on daily. 
As of today, chargebacks are expected and accepted as an unavoidable part of every business that processes credit card payments. But from the merchants’ perspective, this must-have security measure is not working as well as a few decades ago. The tides have turned, and the policies established years ago seem to have failed to adapt to the e-commerce climate we have today. 
It turns out merchants are now seeking solutions on how to protect themselves from the damage that so-called friendly fraud is causing.
<h2 style="text-align: justify;">How chargebacks turn into friendly fraud</h2>
Chargebacks served quite efficiently for a long time, and, to a certain degree, they still do. Cardholders still can protect themselves in situations when merchants do not carry out their end of the bargain and refuse to give a refund, assuming you’re entitled to one. 
<a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback.png"><img loading="lazy" class="aligncenter size-full wp-image-3882" src="https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback.png" alt="most common reasons for initiating chargeback" width="1200" height="628" srcset="https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback.png 1200w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-150x79.png 150w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-768x402.png 768w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-1024x536.png 1024w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-860x450.png 860w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-680x356.png 680w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-500x262.png 500w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/12/c7e688e3-resons-for-chargeback-50x26.png 50w" sizes="(max-width: 1200px) 100vw, 1200px" /></a>
But the problem begins when lots of people can’t tell the difference between a refund and chargeback, resulting in <a class="keychainify-checked" style="color: #000000;" href="https://responsecrm.com/testversion/blog/?p=154" target="_blank" rel="noopener">80% of all chargebacks being filled wrongfully</a>. Most of these instances include a consumer calling bank for a chargeback rather than contacting the merchant for a refund, which results in (sometimes unwilling) friendly fraud.
Fighting fraudulent chargebacks is hard although necessary because each undisputed chargeback carries a hefty fine from the bank and a loss of entire profit from that purchase. If that’s not enough, when a merchant has a lot of chargebacks compared to the total amount of his orders, a credit card processor might even stop processing his payments whatsoever. 
There isn’t much that merchants can do at this point but to try and dispute the chargeback claims if they know and believe they are filled for no real reason. Unfortunately, studies show that card issuers usually <a class="keychainify-checked" style="color: #ff6600;" href="https://en.wikipedia.org/wiki/Chargeback" target="_blank" rel="noopener">tend to favour consumers</a> rather than vendors. Besides, disputes take a lot of effort and time to sort out, which might quickly get overwhelming and overall insufferable.
However, there are measures vendors can take to minimize the risks of fraudulent chargebacks (whether intentional or not), and one of them includes accepting cryptocurrencies alongside traditional currencies.
<h2 style="text-align: justify;">Cryptocurrency chargebacks do not exist</h2>
Once you start accepting cryptocurrency payments, chargebacks simply cease to exist because cryptocurrency transactions do not work the same way as those made with credit cards. For example, if someone makes a Bitcoin transaction, no authority can step in and stop or reverse it – once the payment is made, it is recorded on an immutable ledger and remain there forever. 
It might sound like a significant drawback for consumers side, but in reality, it’s not. The reason is that there’s no way that businesses or any other entities could charge the cryptocurrency wallet against someone’s will. 
Besides, we as a company do everything to protect shoppers by identifying and verifying every single company that wants to use our payment tools, which serves as another layer of protection against possible fraud cases.
<a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd.png"><img loading="lazy" class="aligncenter size-full wp-image-3883" src="https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd.png" alt="avoic chargebacks crypto" width="1200" height="628" srcset="https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd.png 1200w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-150x79.png 150w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-768x402.png 768w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-1024x536.png 1024w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-860x450.png 860w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-680x356.png 680w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-500x262.png 500w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/12/27dcf533-2nd-50x26.png 50w" sizes="(max-width: 1200px) 100vw, 1200px" /></a>
But, in general, it’s not that easy to fraudulently spend someone else’s crypto assets as you’d need access to the person’s private keys. With those two reasons out of the way, in most cases there is no need for chargeback at all as asking for a refund remains an option.
<h3 style="text-align: justify;">More benefits of cryptocurrency payments</h3>
As for merchants, the main benefit of accepting cryptocurrencies is obvious. However, by implementing a crypto payment method, not only do they lift the burden of chargebacks off their back but also get to enjoy numerous additional benefits. 
We talk all about those more extensively on another article of ours called <a class="keychainify-checked" style="color: #000000;" href="https://coingate.com/blog/post/bitcoin-vs-credit-card-payments" target="_blank" rel="noopener">Credit card vs. Bitcoin payments: what is better for merchants?</a> Make sure to check that out as well.
<h2 style="text-align: justify;">Cryptocurrency payment method is an excellent addition to existing solutions 
</h2>
More and more people than ever prefer paying with digital assets rather than fiat currencies. Even now, thousands of businesses already use cryptocurrency payments as an alternative way of doing business and reaping the rewards for it. 
However, in most cases, it is not enough to accept only cryptocurrencies if you wish to prosper as a business. However, what we see for the past ten years is that the financial paradigm is slowly but surely shifting to the economy of cryptocurrencies, and it’s just a matter of time before it becomes a norm.
Can you say that you’re prepared for it?

If you own a business, chances are you accept payments with credit and debit cards. Why wouldn’t you if it’s the most popular payment method in the world by far?

CoinGate in 2019: highlights of the year!

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