Tagged: financial action task force

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

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

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

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

Intergovernmental Financial Regulator Calls For Urgent Harmonized Action Against Misuse of Cryptocurrencies

The Financial Action Task Force (FATF), a Paris-based inter-governmental body “representing most major financial centres in all parts of the globe” and tasked with establishing anti-money laundering (AML) and anti-terrorist financing (CFT) standards worldwide has stated in an October 19th release: “There is an urgent need for… Read More

Korean Cryptocurrency Exchange Bithumb Bans Transactions from Blacklisted “Non-Cooperative Territories”

South Korea’s largest cryptocurrency exchange and the fifth largest exchange in the world has announced it will cut off new and existing users trading from 11 countries identified by the Financial Action Task Force (FATF) as lax on money laundering and terrorist financing. Effective May… Read More

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