Japan’s FSA asks cryptocurrency industry group to introduce FATF travel rule
Japan has been a member of the FATF since 1990. Go to Source Powered by WPeMatico
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New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs
On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets.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
South Korea faces strict crypto regulation and fears of centralization
The growing cost of compliance in South Korea could push smaller crypto businesses out of the country. Go to Source Powered by WPeMatico
Experts say new South Korean crypto rules will create a monopolized market
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
CZ responds to reports of Binance investigation: story has no “teeth”
The Binance CEO vigorously defended the company’s KYC/AML practices, dismissing reports of an investigation Go to Source Powered by WPeMatico
Korean crypto exchanges could soon face fines for gaps in due diligence measures
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
Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures
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
BitGo receives trust license from New York regulators
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
SEC’s Division of Examinations issues Risk Alert on digital assets
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
Merging traditional finance and DeFi is critical for mass adoption
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