Tagged: fatf

CipherTrace Enlisted to Advise Japanese Regulators on FATF Crypto Travel Rules

CipherTrace, a cryptocurrency research and tracking platform that provides services to both the public and private sector, has distributed a note that it is meeting with Japanese financial regulators to review the relatively new FATF travel rules and its impact on “virtual asset service providers… Read More

Blockchain Regulatory Software Developer Shyft Network to Help Binance Comply with FATF Guidelines

Malta-based digital asset exchange Binance has teamed up with Shyft Network, the developer of a public blockchain protocol, in order to ensure that it is complying with updated Financial Action Task Force (FATF) financial market regulations. The Shyft Network was developed to offer a decentralized… Read More

Regtech: Taiwan’s CoolBitX, a Blockchain Security Firm, Secures $16.75 Million in Funding via Round Led By SBI Holdings

Asia-based CoolBitX, a leading blockchain or distributed ledger tech (DLT) security firm, has acquired $16.75 million in capital through a Series B investment round from several large investors. CoolBitX’s funding round was led by Japan-based financial services company SBI Holdings. Monex Group, South Korean crypto-asset… Read More

Crypto Powwow: FinCEN and Others Meet to Discuss Virtual Assets

Last week, 50 senior officials convened in Paris to discuss “global issues surrounding virtual assets.” Participants included FinCEN, part of the US Department of Treasury, as well as the Financial Intelligence Unit Germany, France’s Tracfin, and other FATF countries. Virtual asset experts from the Financial… Read More

G20 Issues Joint Statement, Questions Big Tech in Fintech, Urges Implementation of FATF Rules for Virtual Assets

Yesterday, the G20 issued a joint communique outlining shared goals for the group of the larget 20 economies in the world. The actual event is being hosted by Saudi Arabia with meetings ongoing. The document, embedded below, recognized the value of “digitalization of the economy”… Read More

Taiwanese Congressman Jason Hsu Lauds Swiss “OpenVASP” Initiative in Speech Delivered in Davos

Taiwanese Congressman and crypto advocate Jason Hsu delivered a speech on AML requirements at the EmTech Investment Meeting 2020 held at Davos this week.  Hsu is also the co-founder and APAC Spokesperson for the Global Blockchain Policy Council of Legislators. Hsu has been vocal on… Read More

Ukraine’s Government Approves Final Draft of New Anti-Money Laundering Laws that Apply to Virtual Assets

Ukraine’s government has reportedly approved the nation’s final draft of a new money laundering law that applies to virtual assets (or cryptocurrencies) and virtual asset service providers (VASPs), according to the Financial Action Task Force (FATF) guidelines. The Rada, the country’s legislative body, released a… Read More

Glenn Austin: Chief Financial Officer at Dash Core Group Explains Why the Cryptocurrency Is Not Considered a Privacy Coin

We recently caught up with Glenn Austin, the chief financial officer at Dash Core Group (creator of DASH or Digital Cash), a major digital currency platform. Austin, a former VP at Morgan Stanley Investment Management who has worked at other big Wall Street names like… Read More

FinCEN Director Kenneth Blanco Says US Government will Strictly Enforce Rule Requiring Cryptocurrency Firms to Share User Data

The US government will reportedly be enforcing a rule which requires companies dealing in cryptocurrencies, including digital asset wallet providers and exchanges, to share details about their clients. This, according to Kenneth Blanco, director of the Financial Crimes Enforcement Network (FinCEN). The “travel rule” for… Read More

OpenVASP Initiative: Consortium Expects to Coordinate Solution to Travel Rule with FATF

Earlier this year there was a good amount of debate and discussion regarding the Financial Action Task Force’s (FATF) move to apply traditional KYC/AML requirements to digital asset transactions.  As one would expect, FATF got what it wanted and now “virtual asset service providers” or… Read More

Crypto Leaders Propose Protocol to Comply with FATF Requirements on VASPs

In the midst of the Blockshow Asia Conference crypto industry representatives have announced a movement create an open protocol designed to comply with FATF  demands impacting VASPs or Virtual Asset Service Providers. According to a release, representatives of the Swiss-based Crypto Valley Association (CVA), International Digital… Read More

Group of Crypto Industry Participants Comment on FATF Travel Rule: Massive Impact, but Will Help with “Transition to Becoming Mainstream”

The Financial Action Task Force (FATF) rules regarding cryptocurrency platforms or virtual asset service providers (VASPs) have been out in the wild for some time now. Initially, there was much industry concern that required KYC/AML rules will undermine VASPs and harm the industry but, over… Read More

Shyft Network Appoints Former FATF Executives as Company Advisors for Its Digital Assets Compliance Product

The developers of the Shyft Network have reportedly hired two former Financial Action Task Force (FATF) officials as company advisors to help with the development of its new regulatory compliance product. FATF’s former executive secretary Rick McDonell has joined Shyft Network’s  board of directors. Josee… Read More

Dash Group’s Omar Hamwi Says Privacy Coin Dash Complies With FATF’s Guidelines, Including “Travel Rule”

A number of concerns have been raised by digital currency exchanges regarding whether certain cryptocurrencies comply with relevant Financial Task Force (FATF) guidelines, including the “travel rule.”  Dash (DASH), one of the largest privacy-oriented crypto assets, has been a popular target for some digital asset… Read More

Financial Action Task Force Says Stablecoins Pose Money Laundering and Terrorism Financing Threat

The Financial Action Task Force (FATF) stated on October 18 that stablecoins pose a money laundering and a terrorism financing threat to the world. The intergovernmental organization considers cryptocurrencies to be a “major strategic initiative.” In documents published following its latest meeting, the FATF noted… Read More

CipherTrace Hosting FATF Crypto Travel Rule Hackathon

Blockchain forensics firm CipherTrace is hosting a Travel Rule Compliance Conference and Hackathon in San Francisco November 5th and 6th. The event has been organized, “to develop open solutions that cryptocurrency exchanges, hedge funds, blockchains and banks urgently need to comply with both the FATF and… Read More

World Federation of Exchanges Ask UK Regulators Not to Ban Crypto Derivatives

An advocacy group representing mainstream stock exchanges and clearinghouses from around the globe, the World Federation of Exchanges (WFE), has asked the UK’s Financial Conduct Authority (FCA) not to ban cryptocurrency derivatives products aimed at retail investors. In a consultation paper issued by the FCA… Read More

Co-Founder of MERJ Exchange Says Delay of SIX Token Platform Likely Due to Regulation

SIX Group, the company behind Switzerland’s largest stock exchange, announced this week that it will not be launching its proposed DLT (distributed ledger technology) platform for “digital assets” until Q4 2020. The platform, designed to manage the issuing, trading, and settlement of digital tokens, was expected to… Read More

Citing Money Laundering Concerns, South Korean Exchange UpBit Delists Privacy Coins Monero (XMR), ZCash (ZEC), DASH

South Korean digital asset exchange Upbit announced on September 20 that it will delist several privacy-oriented cryptocurrencies including Monero (XMR), Dash (DASH), and ZCash (ZEC). Upbit’s management noted in a blog post that it would also cease trading for PIVX, a privacy-focused proof-of-stake (PoS) currency… Read More

New Financial Action Task Force Rules Force OKEx to Delist Privacy Coins Monero, Zcash, Dash

The South Korean arm of Malta-based digital asset exchange OKEx announced that it will no longer support five major cryptocurrencies due to new international financial regulations. OKEx Korea’s management noted that it would suspend trading for privacy-oriented digital currencies including Monero (XMR), Zcash (ZEC), and… Read More

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