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The European Union is preparing to set up an anti-money laundering agency to coordinate national supervisory authorities. According to a media report based on EU documents, the bloc also plans to impose new rules to increase transparency for cryptocurrency transfers. Europe Steps Up Anti-Money Laundering Efforts on Union Level In response to calls for enforcement … Read more
The Financial Crimes Enforcement Network (FinCEN) has named “cybercrime, including relevant cybersecurity and virtual currency considerations” a national priority. In particular, the Treasury is concerned about the “misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.” FinCEN, a bureau of the U.S. Department of the Treasury, published … Read more
FinCEN will soon issue regulations on how financial institutions should incorporate its priorities on crypto considerations into their AML programs. Go to Source Powered by WPeMatico
Following bans in Japan, the U.K. and Ontario, Binance is ramping up its compliance efforts with a specialized tool developed by crypto intelligence firm CipherTrace. Go to Source Powered by WPeMatico
With many crypto exchanges in South Korea now on a precipice as a new regulatory framework kicks in, some are threatening to sue the government over its alleged shirking of key responsibilities. Go to Source Powered by WPeMatico
Mike Novogratz suggests DeFi projects add KYC and AML features now instead of waiting on regulators to crack down on the entire sector. Go to Source Powered by WPeMatico
Mode’s crypto arm Fibermode is now an official crypto asset firm in the United Kingdom, pursuant to FCA’s amended AML regulations. Go to Source Powered by WPeMatico
South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the regulation of crypto … Read more
Cryptocurrency is a promising asset class for people and investors, but the lack of proper regulation slows down its innovation. Go to Source Powered by WPeMatico
India’s Enforcement Directorate will probe crypto exchange WazirX for alleged violations of AML laws and FEMA, in connection with crypto transactions worth $389 million. Go to Source Powered by WPeMatico