Tagged: virtual asset service providers

September 14, 2020 @ 9:02 am By Omar Faridi  |  

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

July 17, 2020 @ 8:59 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, recently concluded its year long review of its Travel Rule standards for virtual asset service providers (VASPs). The FATF confirmed that it will be extending its… Read More

June 21, 2020 @ 12:23 pm By Omar Faridi  |  

  Blockchain analysis is quite useful when conducting investigations into cryptocurrency-related transactions. It has also become essential when determining whether digital asset service providers are complying with application regulatory and compliance guidelines. Blockchain security and analysis firm Chainalysis says that it uses special software tools… Read More

May 16, 2020 @ 5:50 pm By JD Alois  |  

FinCEN Director Kenneth A. Blanco delivered a speech at virtual Consensus this past week addressing several hot topics of the day – including the “Travel Rule”; the FATF requirement that virtual asset service providers (or VASPs – think crypto exchanges) maintain information on purchasers and… Read More

May 8, 2020 @ 4:22 pm By Omar Faridi  |  

  CoolBitX, a blockchain security firm that’s developing the infrastructure needed to bridge the gap between the mainstream financial market and cryptocurrency sector, recently presented its findings of Sygna Bridge’s production report to Financial Action Task Force (FATF) Contact Group members. As mentioned in a… Read More

May 8, 2020 @ 8:31 am By JD Alois  |  

The Financial Action Task Force (FATF), the global anti-money laundering and terrorist financing organization, posted requirements for virtual asset service providers or VASPs in 2019. The guidelines required intermediaries to maintain information on digital asset transactions from both buyers and sellers – called the Travel… Read More

February 25, 2020 @ 11:19 am By Omar Faridi  |  

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

February 25, 2020 @ 8:44 am By JD Alois  |  

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

January 2, 2020 @ 4:34 pm By Cali Haan  |  

International Investment (II) is reporting that Qatar’s financial regulator, the QFC, has banned the use of cryptocurrencies in the region. The ban appears to be comprehensive. It covers, “anything of value that acts as a substitute for currency, that can be digitally traded or transferred… Read More

December 8, 2019 @ 6:26 pm By Omar Faridi  |  

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

June 29, 2019 @ 8:59 am By JD Alois  |  

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

June 24, 2019 @ 12:35 pm By JD Alois  |  

Later this week the V20 conference will take place alongside the bi-annual G20 event being hosted in Japan. The G20 is, of course, the global powwow of 19 leading nations plus the EU. While mostly a lot of hobnobbing and back-room policy wrangling, while in… Read More

June 7, 2019 @ 1:46 am By Cali Haan  |  

Leaders from the 20 most powerful economies in the world may discuss creating a global regulatory framework for “crypto assets” at their forthcoming meeting in Osaka in June (G20 2019 Japan), and “Virtual Asset Service Providers” (VASPSs) are holding their own concurrent meeting (V20), “…to deliver… Read More