Global Digital Finance (GDF), an organization that advocates on behalf of the digital asset industry, has distributed a letter sent to the Financial Action Task Force (FATF) pertaining to guidelines regarding the regulation of virtual assets and virtual asset service providers or “VASPs.” FATF is… Read More
The team at Banking Circle, a leading financial infrastructure developer, notes that as the first quarter of 2021 comes to an end, anti-money laundering or AML measures have been “a key focus in the industry.” The company writes in a blog post that following the… Read More
Digital currency exchange Binance is celebrating the launch of Tether (USDT)-margined quarterly futures contracts by introducing a related Referral Bonus Campaign with their affiliate community beginning on April 1 (00:00 UTC) to June 30 (11:59 UTC), 2021. The Binance team noted that a 30% commission… Read More
The Financial Action Task Force (FATF) has posted its 6th draft guidance as to how countries should deal with virtual assets (digital assets) and virtual asset service providers or VASPs. Several years ago, FATF announced an initiative to tackle possible money laundering or the financing… Read More
Blockchain security firm CipherTrace has provided an analysis on the proposed Financial Action Task Force (FATF) guidance for digital assets and virtual asset service providers (VASPs). On March 19, 2021, global anti-money laundering watchdog, the FATF, released a public consultation for its latest Draft Guidance… Read More
Notabene has teamed up with blockchain analysis firm Chainalysis to bring a “scalable” Travel Rule solution to cryptocurrency-focused businesses. Crypto-related businesses are working consistently to meet updated regulatory guidelines involving counterparty risk. According to a blog post by Chainalysis, the most notable of these requirements… Read More
Earlier this year, the team at Elliptic, which works to assist with categorizing financial crime typologies while protecting legitimate crypto-asset users from illicit activities, had explained how proper and effective compliance can prevent (potential) money laundering activities using Bitcoin (BTC) or other digital currencies. Elliptic… Read More
Blockchain security firm CipherTrace notes that its Traveler product has been developed to assist virtual asset service providers or VASPs with adhering to the international “Travel Rule” regulations by securely sharing digital currency transaction details with other “vetted” VASPs. CipherTrace explains that its tools are… Read More
The US Department of Treasury has issued a statement on the Financial Action Task Force’s (FATF) second plenary meeting during the German Presidency of the global regulatory agency. According to Treasury, FATF advanced its work on several issues, including finalizing a non-public report on terrorist… Read More
Last November, Hong Kong kicked off a consultation pertaining to anti-money laundering (AML) and counter finance terrorist (CFT) regulation that will impact cryptocurrency exchanges or virtual asset service providers (VASPs). The deadline for comments delivered to the Hong Kong Financial Services and the Treasury Bureau (FTSB),… Read More
Last week, Christine Lagarde, the President of the European Central Bank (ECB) commented on the need to regulate Bitcoin on a global level last week during a virtual event hosted by Reuters. Speaking at the Reuters Next conference, Lagarde pointed to the “funny business” affiliated… Read More
Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that during the past few years we’ve seen countries like Switzerland, Singapore, and the Netherlands adopt a technology-focused approach to regulating… Read More
Phil Liu is Chief Legal Officer and co-founder of Arca – a regulatory compliant digital asset investment platform that is building financial products utilizing blockchain. Arca is the first firm to offer a registered fund with shares issued as a digital security. The Fund… Read More
Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More
Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More
Sygna Bridge, the “market-ready” solution provider developed specifically for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has confirmed that Switzerland-based online bank Dukascopy Bank SA has joined its network of over 20 VASPs operating across… Read More
In 2019, the Monetary Authority of Singapore (MAS) launched a consultation on the Payment Services Act (PS Act) that in relation to AML/CFT, and other amendments in respect of digital payment token (DPT) service and certain technical amendments. The consultation address certain proposed amendments to… Read More
The Hong Kong Government has launched a consultation to gauge public opinion on legislative proposals designed to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulation in Hong Kong. The targets include cryptoassets (digital assets) with the introduction of a licensing regime for virtual asset services… Read More
The Financial Crimes Enforcement Network (FinCEN) and the US Federal Reserve Board has invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. The travel rule is affiliated with the Financial Action Task Force’s (FATF)… Read More
Last week, the G20 Finance Ministers and Central Bank Governors welcomed the efforts of the FATF to identify the money laundering and terrorist financing risks that have arisen during the COVID-19 pandemic. The G20 said that the COVID health crisis is being exploited by criminals… Read More
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