Tagged: fatf

November 16, 2019 @ 8:48 am By Omar Faridi  |  

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

November 15, 2019 @ 9:53 am By JD Alois  |  

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

November 15, 2019 @ 1:00 am By JD Alois  |  

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

November 5, 2019 @ 11:19 am By JD Alois  |  

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

October 30, 2019 @ 8:37 am By Omar Faridi  |  

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

October 27, 2019 @ 4:26 pm By Omar Faridi  |  

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

October 20, 2019 @ 6:20 pm By Omar Faridi  |  

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

October 12, 2019 @ 9:08 am By Cali Haan  |  

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

October 9, 2019 @ 1:42 am By Cali Haan  |  

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

September 27, 2019 @ 1:58 am By Cali Haan  |  

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

September 21, 2019 @ 11:52 am By Omar Faridi  |  

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

September 16, 2019 @ 8:05 am By Omar Faridi  |  

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

September 4, 2019 @ 10:51 am By Cali Haan  |  

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

August 10, 2019 @ 3:26 pm By Cali Haan  |  

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

August 8, 2019 @ 10:28 pm By Cali Haan  |  

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

August 8, 2019 @ 10:31 am By JD Alois  |  

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

August 7, 2019 @ 4:03 am By Cali Haan  |  

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

August 1, 2019 @ 4:44 pm By Michael Ou  |  

“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

July 17, 2019 @ 8:29 pm By Cali Haan  |  

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

July 4, 2019 @ 2:18 am By Cali Haan  |  

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