Tagged: fatf

Japanese Crypto Exchange Coincheck Suspends New Orders for Margin Trades, Will Cut Existing Margin Trades by 20%

Japanese cryptocurrency trading platform Coincheck has suspended new orders for margin trading and will reduce margins on pending trades from 5X to 4X on October 31st, 2019. The company also warns (according to an automated translation): “The amount of margin required will change constantly, so… Read More

15 Governments Collaborating on Global Crypto Monitoring Network

About 15 countries are collaborating on a system to collect and share identifying data about individuals trading cryptocurrencies, Nikkei Asian Review reports. The news follows other reports this week that Japan’s Ministry of Finance and Financial Services Agency (FSA) have offered to build a regulated global network… Read More

To Align With FATF Guidelines, South Korea Will Directly Regulate Crypto Exchanges

South Korean financial regulators are planning to align the country with widely adopted FATF global guidelines by directly regulating crypto exchanges in the country under a licensing regime, Business Korea (BK) reports. The new FATF guidelines require crypto exchanges to report transactions that exceed a certain… Read More

Regulated Japanese Crypto Exchange SBI VC is Now FATF Compliant in Partnership with CoolBitX

Regulated crypto exchange SBI VC (spun out from SoftBank), based in Japan, is now FATF compliant. Earlier this year FATF announced a set of requirements regarding “virtual asset service providers” or VASPs (mainly crypto exchanges). These new rules require the tracking and storing of all… Read More

Report: Japan Moving to Implement Regulated Global Cryptocurrency Trading Network

Japan financial authorities are building a regulated global network for cryptocurrency transfers and trades similar to SWIFT, an anonymous source from the Japanese governments has told Reuters. The system will be developed in cooperation with other countries sand should launch within a few years. Reuters… Read More

A Global Phenomenon: The Benefits of Coordinated International Regulation for the Blockchain Industry

“Regulation” is not often a word associated with “benefits” in blockchain and cryptocurrency circles. Indeed, many governments have been sharply criticised following the roll-out of regulatory guidelines addressing the flourishing blockchain industry. Some even suggest that it is a lack of regulation which has allowed… Read More

Hackers Sell Bitcoins Stolen from Binance…on Binance

Binance, a major cryptocurrency exchange that suffered a $44 million USD hack in May, recently processed some of the Bitcoins stolen from it on behalf of the hackers, digital currency Regtech firm Coinfirm reports. According to data Coinfirm furnished to Coindesk, hackers have been moving… Read More

Dutch Finance Ministry “Intensifying” Cryptocurrency and Anti-Money Laundering Rules Ahead of FATF Evaluation in 2021

The Dutch Finance Ministry and Ministry of Justice have vowed to regulate cryptocurrencies as part of the Netherland’s comprehensive new plan to combat money-laundering in the region. “Our goal is to guarantee an honest and safe financial system,” co-authors Minister of Finance Wopke Hoekstra and Minister… Read More

Here is the Guidance by FATF on VASPs Presented at G20

As has been widely reported, the Financial Action Task Force (FATF) presented a report providing guidance for financial services at the G20 last week. FATF is an independent inter-governmental body that develops policies to protect the global financial system. This includes strategies against anti-money laundering,… Read More

V20 Looks to Pull Global Crypto Industry Together, MOU Signed by National Trade Associations

The V20 Summit, a crypto focused event taking place alongside the G20 in Japan, has announced a Memorandum of Understanding (MOU) signed by a “group of key national trade associations” to create a single association to provide a unified, global voice representing “Virtual Asset Service… Read More

US Secretary of the Treasury Steven Mnuchin on Crypto: “VASPs will be required to implement the same AML/CFT requirements as traditional financial institutions”

Last week, FATF President Marshall Billingslea of the US, chaired the Plenary meeting under the U.S. Presidency in Orlando.  US Secretary of Treasury Steven T. Mnuchin was on hand to provide remarks on the accomplishments of the group. As part of his speech at the… Read More

Bitbond CEO Says FATF is Going Too Far with Global Guidelines for Crypto Industry

Bitbond, a Germany-based global online lending platform that is in the process of issuing one of the first security tokens, says guidelines issued by FATF impacting “virtual asset service providers” or VASPs – has gone too far. Bitbond, licensed by BaFin, is in the midst… Read More

V20 to Discuss Challenges from FATF Guidance Impacting Virtual Asset Service Providers

The Financial Action Task Force (FATF) is out with their “Guidance for a Risk-based Approach: Virtual Assets and Virtual Service Providers.” This guidance, which was widely expected to be released today, should be rubber-stamped at next week’s G20 meeting in Japan. The proposals included in… Read More

Report: Incoming FATF Rules for Crypto Will Be Costly and Better For the Sector’s Long Term Prospects

Last weekend in Japan, G20 Finance Ministers “…reaffirm(ed)” their support of incoming “amended” FATF Standards requiring strict KYC/AML compliance in the cryptocurrency sector. The rules are expected to impact cryptocurrency exchanges, crypto wallet providers, custodians, hedge funds and brokers. G20 ministers also stated that they… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

Chainalysis Partners with Lendingblock on AML/KYC in Advance of FATF Guidance

Crypto forensics firm Chainalysis has partnered with Lendingblock, the institutional lending exchange for digital assets. Chainalysis will provide AML/KYC technology to Lendingblock. Lendingblock allows hedge funds, exchanges, asset managers, etc. to find liquidity and facilitate strategies, in the digital asset sector. Lendingblock is regulated by… Read More

Killing VASPs: G8 Swatting VASPs Globally (Crypto Exchanges, Custody, Tokens)

G8’s AML Body FATF Seeks Killing Crackdown on Crypto Exchanges and Tokens of All Types Crypto exchanges of all types and similar services (virtual asset service providers or ‘VASPs’) should be absorbed by traditional banks or disappear altogether. This seems to be the view of… Read More

Discussion on Digital Assets at Financial Action Task Force Meeting said to be Disappointing as Requests are “Unworkable”

This week, the Financial Action Task Force (FATF) held the annual meeting of its Private Sector Consultative Forum in Vienna, Austria. The event was hosted by the United Nations Office on Drugs and Crime (UNODC). Part of the discussion addressed the growing crypto market and… Read More

Crypto Valley Regulatory & Policy Working Group Task Force Publishes Recommendations Addressing FATF Virtual Asset Statement

Last February, the Financial Action Task Force (FATF) issued a statement on “virtual assets” recognizing the need to mitigate risk associated with money laundering and terrorist financing when it comes to cryptocurrency. The “draft interpretive note” regarding a segment on pending recommendations was open for… Read More

Florida Granted Right to Appeal Previously Dismissed Case Against LocalBitcoins Trader

The State of Florida has been granted the right to appeal Judge Theresa May Pooler’s dismissal of a case of alleged unlicensed money transmission brought against a LocalBitcoins trader called Michell Espinosa. In 2013, Espinosa became the focus of a sting operation for “operating an… Read More

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