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On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while … Read more
The growing cost of compliance in South Korea could push smaller crypto businesses out of the country. Go to Source Powered by WPeMatico
Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators’ new requirements. Go to Source Powered by WPeMatico
The Binance CEO vigorously defended the company’s KYC/AML practices, dismissing reports of an investigation Go to Source Powered by WPeMatico
South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges. Go to Source Powered by WPeMatico
The operator of South Korean cryptocurrency exchange Bithumb has placed restrictions on trading accounts registered in jurisdictions that are deemed to be too lax in curbing money laundering. Go to Source Powered by WPeMatico
Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state. Go to Source Powered by WPeMatico
The Risk Alert seemed to take particular aim at broker-dealers, who have been “inadequate” in their AML compliance Go to Source Powered by WPeMatico
If we want to achieve mainstream adoption, we must move toward an industry where DeFi can also serve legacy financial institutions. Go to Source Powered by WPeMatico
During the last two years, there’s been a lot of interest in Facebook’s cryptocurrency diem (formally libra) and rumors of a nearing launch date went viral last November. Now the social media giant is advertising the crypto asset’s pre-sale heavily on the platform, as people can now purchase diem with U.S. dollars and three different … Read more
