Tagged: vasps

Crypto Miners, Staking Platforms Won’t Have to Report Transactions to IRS: Report

IRS Internal Revenue Service Bitcoin Cryptocurrency

In a bit of good news for the crypto mining sector and staking platforms, it is being reported that crypto miners and stakers will not have to report transactions to the US Internal Revenue Service (IRS). The news was posted by Bloomberg who stated it… Read More

US Department of Treasury Reports on Money Laundering in the Art Market, NFTs May Present New Risk

US Department of Treasury

Yesterday, the US Department of Treasury issued a statement on illicit activity in the “high-value art market.” More specifically, activities that include money laundering and terrorist financing risks. The study found that while there is some evidence of money laundering risk in the high-value art… Read More

ComplyAdvantage Predicts More Debates About Definition of VASPs, More Discussions on Environmental Crime in 2022

Swami Psychic Future Prediction Guess Anticipate

The team at ComplyAdvantage, an AI-enhanced financial crime detection firm, notes that from regime change in Myanmar and Afghanistan to a “spotlight on environmental crime at COP26 and the explosive Pandora Papers leak, 2021 has been another landmark year for compliance professionals.” ComplyAdvantage writes in… Read More

Regtech: Uppsala Security Launches TOMS 2.0, an Updated Version of Threat Reputation Database On-Premise Management System

Fire Alarm Warning Danger

Uppsala Security has announced the launch of TOMS 2.0, which is an updated version of the already deployed Threat Reputation Database On-premise Management System (introduced at the end of March 2021). As mentioned in a release, the product was initially created to “address an increased… Read More

Regtech Firm Uppsala Security to Expand its Operations to Cover NFT Custody Area

NFTs Non Fungible Tokens

Uppsala Security, a provider of security tools and services for Crypto AML/CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking, and Cyber Security announced the expansion of their business in the NFT Custody area, a service that was “not available until now in South Korea.” As… Read More

FATF Updates Guidance on Virtual Assets and Service Providers

Janet Yellen 2

The Financial Action Task Force (FATF) has “advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks,” according to a public statement. The FATF has approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets… Read More

Crypto Exchange Independent Reserve Acquires In Principle Approval to Offer Digital Payment Token Services in Singapore

Singapore Money 100

Digital currency exchange Independent Reserve revealed on Monday (August 2, 2021) that it had acquired an “in-principle approval” letter for a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) “to operate as a regulated… Read More

Blockchain Analysis Providers’ Data Reveals Dramatic Variations on Details About P2P Crypto Transactions: Report

Bitcoin Research Investigate Scrutiny

Leading blockchain analysis firm Chainalysis has released an update titled, “Not All Blockchain Analysis Providers Are the Same and Other Insights from FATF’s Second 12-Month Review.” The Financial Action Task Force (FATF) is the inter-governmental entity that’s responsible for establishing international standards relating to anti-money… Read More

FATF Review Finds that Many Jurisdictions Still Don’t Have Basic Regulatory Framework for Virtual Asset Service Providers: Report

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On July 5, 2021, the Financial Action Task Force (FATF) had completed its second 12-month review of the implementation of its updated Standards on virtual assets and virtual asset service providers or VASPs. A review from CipherTrace examines how different jurisdictions and the private sector… Read More

After Unprecedented Regulatory Crackdown, Binance Deploys CipherTrace Traveler to Address Money Laundering, Illicit Activity Issues

Money Cyber Crime Hack Ransom Theft

As part of its commitment to compliance, Binance, the world’s largest crypto exchange that has been under investigation by US regulators and other international authorities due to allegations of engaging in recognized markets without authorization (and also contributing to money laundering and other illicit activities),… Read More

FATF Meeting Says Challenges Remain for AML/CFT, Updates on Virtual Asset Standards and Implementation

Hands Up Arrest Halt Stop

A plenary of the Financial Action Task Force (FATF), under the German Presidency of Dr. Marcus Pleyer took place this past week. The meeting provided several updates on key regulatory items including standards set for “Virtual Asset Service Providers” or VASPs. According to a statement… Read More

Hong Kong Authorities Release Findings, Feedback of Consultation Paper on Digital Asset Regulations

Hong Kong Boat Junk Asia China Unknown Wong on Unsplash

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has published a paper that reveals the key findings and conclusions reached after a consultation on a proposed licensing requirement for digital asset trading platforms. Hong Kong‘s government has reportedly proposed certain regulatory changes in order… Read More

FATF Posts 6th Draft of Guidance in Dealing with Virtual Assets, VASPs

Rules Regulations

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

CipherTrace and Blockchain Industry Insiders Comment on Updated FATF Guidelines on Virtual Assets and VASPs

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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 Partners Blockchain Analysis Firm Chainalysis to Bring Scalable Travel Rule Solution to Crypto Businesses

Travel Suitcase Bag Luggage Airport Roll on Valet

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

Illicit Activities involving Bitcoin and other Cryptos May Now be Prevented with New Tech from Elliptic, CoolBitX

Bitcoin Reverse

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

CipherTrace Explains how its Traveler Product Assists VASPs with Following Global Travel Rule Regulations

Rules Regulations

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

South Korean Authorities are Reportedly Planning to Impose Heavy Fines on Businesses Violating Crypto Regulations

Seoul South Korea mathew schwartz unsplash

South Korean authorities have stated that they’re planning to impose heavy penalties or fines on individuals and businesses violating applicable guidelines for cryptocurrency transactions. The Korean financial regulator stated that it would impose a fine on virtual currency exchanges if they fail to report suspicious… Read More

US Department of Treasury Comments on FATF Guidance on Virtual Assets

US Department of Treasury

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

Global Digital Finance Broadly Agrees with Hong Kong Proposal to Regulate VASPs but Worries that Blocking Retail from Crypto is Wrong Move

Hong Kong China florian wehde unsplash

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

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