Tagged: virtual asset service providers

South Korea Warns Unregistered Virtual Asset Service Providers (VASPs) to Stop Providing Services

The Financial Services Commission of Korea has issued a warning to 16 unregistered “Virtual Asset Service Providers” or VASPs – the term utilized by the FATF for crypto exchanges. According to a statement by the Commission, the Korea Financial Intelligence Unit (KoFIU) has notified 16… Read More

FATF Issues Update on Virtual Asset Standards, Virtual Asset Service Providers (VASPs)

FATF (Financial Action Task Force) has issued an update on virtual assets (VAs) and virtual asset service providers (VASPs) and approved standards and implementation. FATF is a global entity but does not have rule-making authority as regulations must be set by members. FATF has pursued… Read More

Digital Assets: Bit2Me Becomes First Spanish Firm to Obtain VASP License from Bank of Spain

Bit2Me has reportedly become the first Spanish firm to successfully obtain registration from the Bank of Spain as a provider of services for exchanging digital currency for fiduciary currency and custody of electronic wallets. Bit2Me was notably the first exchange to apply for registration with… Read More

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Philippines Reserve Bank Updates Regulatory Framework for Virtual Currency Exchanges as Crypto Industry Continues to Expand

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has reportedly reviewed and approved the applicable guidelines for virtual asset service providers (VASP) and other entities that facilitate financial services by using VASPs (also referred to as cryptocurrencies). The new guidelines have updated the… Read More

ECB President Christine Lagarde Wants Global Regulation of Bitcoin Due to Money Laundering Concerns, FATF Plans Update on Implementation of VASP Rules

Last week, Christine Lagarde, the President of the European Central Bank (ECB) commented on the need to regulate Bitcoin on a global level last week during a virtual event hosted by Reuters. Speaking at the Reuters Next conference, Lagarde pointed to the “funny business” affiliated… Read More

Blockchain Security Firm CipherTrace Clarifies how Virtual Asset Service Providers, Money Service Businesses are Categorized by Regulators

Blockchain security firm CipherTrace recently explained and discussed the differences between virtual asset service providers (VASPs), money service businesses (MSB), money transmitters, digital asset customers, and how they impact crypto-related compliance measures. CipherTrace noted that cryptocurrency, digital assets, convertible virtual currency, and other terms seem… Read More

FinCEN Proposes Rule Change for Unhosted Convertible Virtual Currency Wallets

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports… Read More

Only 22% of Banking Professionals and Financial Investigators Feel “Confident” Identifying Crypto related Transfers: Survey

Blockchain security firm CipherTrace reports that only 22% of banking industry professionals and financial investigators “feel confident” in their ability to accurately identify cryptocurrency -related payments. In a December 9, 2020, CipherTrace-ACFCS Webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” more… Read More

FATF Travel Rule Solution Sygna Bridge Completes Assessment by Association of Cryptocurrency Enterprises and Startups, Singapore

Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More

Number of Virtual Asset Transactions Triggering Travel Rule Thresholds Could Increase Significantly Under FinCEN’s New Rules: Report

Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More

FINMA Regulated Dukascopy Bank to Join Sygna Bridge which Helps Virtual Asset Firms Meet FATF Travel Rule Requirements

Sygna Bridge, the “market-ready” solution provider developed specifically for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has confirmed that Switzerland-based online bank Dukascopy Bank SA has joined its network of over 20 VASPs operating across… Read More

Send this to a friend