Tagged: virtual assets

Hong Kong: SFC Warns Against LonShiX and Bitbank Financial Holding Group for Suspected Virtual Asset-related Fraud

The Securities and Futures Commission (SFC) in Hong Kong warned the public to beware of entities operating under the names of “LonShiX” and “Bitbank (Global) Financial Holding Group,” suspected of “engaging in fraudulent activities purporting to be related to virtual assets.” The SFC notes that… Read More

Digital Assets: GC Exchange Secures Virtual Asset Service Provider License in Dubai

GC Exchange FZE (GCEX), a subsidiary of the GCEX Group, has been granted an Operational VASP Licence by Dubai’s Virtual Asset Regulatory Authority (VARA) for VA Broker-Dealer services. This developmens comes after GCEX opened its Dubai office in July 2022 and received a Minimal Viable… Read More

Binance Expands Law Enforcement Training Initiative in Taiwan

Binance, which is being sued by US regulatory authorities for a wide range of issues while also facing major operational challenges globally, says that it is pleased to be promoting the safety of the virtual-asset ecosystem. Following a law enforcement training workshop in collaboration with… Read More

HK’s Financial Secretary Defends Robust Virtual Assets Regulation Amidst JPEX Probe

Hong Kong’s Financial Secretary, Paul Chan Mo-po, has asserted that stringent regulation of virtual assets is crucial for market development, defending the region’s new licensing regime in the wake of JPEX‘s collapse earlier this year. The unlicensed cryptocurrency exchange is currently under investigation, but Chan… Read More

Digital Asset Firm HTX Partners with Blockchain Security Provider CertiK

HTX (previously known as Huobi), the virtual assets exchange, announced a partnership with CertiK, which is focused on blockchain security. This partnership aims “to improve HTX’s existing security infrastructure with asset and data protection by integrating CertiK’s specialized expertise.” Both HTX and CertiK will continue… Read More

Virtual Assets: Gulf Bank Advocates Financial Literacy, Cautions Against Cryptocurrency Risks

As part of its commitment to promoting financial literacy, Gulf Bank is advising its customers on the risks associated with virtual assets like cryptocurrency. The initiative is part of the Let’s Be Aware “Diraya” campaign, now in its third consecutive year, which is spearheaded by… Read More

Investing Platform eToro Obtains Virtual Asset Registration from Bank of Spain

eToro, the multi-asset investing platform, has announced that on 29 June 2023 the Bank of Spain has “approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services.” Tali Salomon, eToro’s Regional Manager for… Read More

FATF: Implementation of Crypto Travel Rule “Relatively Poor”

The FATF (Financial Action Task Force) has just concluded its third Plenary under the Presidency of T. Raja Kumar of Singapore and has posted an update on the gathering. Amongst other hot topics, the group has bemoaned the slow pace of adoption of the FATF… Read More

Hong Kong: SFC Consults on Proposals to Regulate Virtual Asset Trading Platforms

The Securities and Futures Commission (SFC) launched a consultation on the proposed requirements “for operators of virtual asset trading platforms.” Under a new licensing regime to take effect on 1 June 2023, all centralized virtual asset trading platforms “carrying on business in Hong Kong or… Read More

FTX Exchange FZE Obtains Dubai’s First Virtual Asset Service Provider MVP License

FTX Exchange FZE announced that it has received approval “to enter Dubai’s ‘Minimum Viable Product’ (MVP) program for Virtual Assets under the world’s only specialist regime for this sector operated by the Virtual Asset Regulatory Authority (VARA).” As a subsidiary of FTX Europe, FTX Exchange… Read More

FATF Updates Guidance on Virtual Assets and Service Providers

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

Samsung Now Allows Blockchain Users to Manage & Trade Virtual Assets From Third-Party Wallets on Galaxy Smartphones

  Samsung Electronics recently announced blockchain users may now manage and trade virtual assets from third-party wallets on the Samsung Galaxy smartphones. According to Samsung, the new update makes it easier for blockchain users to access and process transactions by importing virtual assets stored on… Read More

Uppsala Security and South Korean Digital Asset Exchange Bithumb Reportedly Helped Victim Recover 20M KRW from Alleged Fraud

Uppsala Security, a provider of tools for Crypto AML, Risk Management, Regulatory Compliance, and Cybersecurity revealed on Monday (April 26, 2021) that with assistance from Bithumb, one of South Korea’s leading digital asset exchanges, it has helped a victim to “recover approximately 20 million KRW”… Read More

Bitcoin, Ethereum, Multi-Strategy Digital Asset Fund Introduced by Huobi Asset Mgmt, Intended for Professional Investors

Huobi Asset Management (Hong Kong) Ltd, a wholly-owned subsidiary of Huobi Technology Holdings Limited, has introduced virtual asset-related funds for professional investors. The new product offering includes three digital asset funds and a private equity fund for blockchain mining-related businesses, according to a release shared… Read More

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

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

US Department of Treasury Comments on FATF Guidance on Virtual Assets

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

Cryptocurrency related Ransomware Attacks “Skyrocketed” Last Year but there May be “Fewer Culprits” than Expected: Report

Ransomware “skyrocketed” last year, however, there might be “fewer culprits” than we may think or expect, according to a report from blockchain analysis firm Chainalysis. Chainalysis acknowledges that 2020 will “forever be known” as the year of COVID-19, but when it comes to cryptocurrency-related crime,… 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

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

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