Category: Regulations

EU Rolls Out Four-Year Plan for Crypto Asset & Blockchain Use

EU Rolls Out Four-Year Plan for Crypto Asset & Blockchain Use

According to Reuters, the European Union (EU) is intending to develop new ways of international payments with the help of blockchain technology and crypto assets, specifically stablecoins in the next four years. By 2024, the EU will not only lead the shift from cash payments to digital finance, but also reformulate laws and policies regarding […]

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“DeFi Can Easily Become a Haven for Money Launderers,” Says CipherTrace

“DeFi Can Easily Become a Haven for Money Launderers,” Says CipherTrace

As DeFi grows to even greater heights, the risks associated with DeFi protocols and projects are beginning to unravel, from questionable governance models to unaudited code and scams due to the decentralized nature of the sector. News of DeFi protocols being hacked or malicious actors exploiting mistakes in the codes of these protocols have been […]

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US Plans to Simplify Regulation Process for Cryptocurrency Firms

US Plans to Simplify Regulation Process for Cryptocurrency Firms

US-based money services businesses, including cryptocurrency companies, will soon be able to enjoy trimmed down regulatory processes. The Conference of State Bank Supervisors (CSBS) reportedly plans to unveil a new joint group of state regulators that will oversee all licensing. Simplified Regulation Processes For Crypto Firms In The US According to the Reuters report, the […]

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Majority of Money Laundering Cases Involve Use of Fiat Currency, Not Crypto

Majority of Money Laundering Cases Involve Use of Fiat Currency, Not Crypto

Cryptocurrency has in recent years become the new face of criminal transactions, from money laundering and fraudulent schemes to financing global terrorism. News of cryptocurrency being seized in raids by authorities are aplenty, while financial regulators and governments contribute to the perception of cryptocurrency and Bitcoin as the main medium of transactions in these illicit […]

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Bitcoin Mining Sector in Russia Under Threat by Proposed New Regulations

Bitcoin Mining Sector in Russia Under Threat by Proposed New Regulations

Russia’s crypto industry is constantly on tenterhooks as the country’s financial regulator and government continues to propose laws which will in no uncertain terms severely impact businesses in the sector. Despite having earned a brief respite from criminalization of the use and possession of cryptocurrency with a considerably more lenient first crypto bill signed only […]

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UK Financial Regulators Proposing Mandatory Monthly Financial Crime Reports from Crypto Exchanges & Wallet Providers

UK Financial Regulators Proposing Mandatory Monthly Financial Crime Reports from Crypto Exchanges & Wallet Providers

The UK Financial Conduct Authority (FCA) is seeking to introduce a new requirement for crypto exchanges and wallet providers operating within its jurisdiction to combat money laundering, which they believe runs rampant in the crypto industry. The REP-CRIM financial report was first rolled out in July 2016 and it was compulsory for selected firms to […]

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Major 2017 Bitcoin Scam Defendant MIA; CFTC Proposing More Than $500 Million in Penalties

Major 2017 Bitcoin Scam Defendant MIA; CFTC Proposing More Than $500 Million in Penalties

The man responsible for an alleged crypto Ponzi scheme back in 2017, Benjamin Reynolds, may be charged with $572 million in penalties for the fraudulent scheme, that is, if the US Commodity Futures Trading Commission (CFTC) can locate him. Reynolds, Director of UK-based firm Control Finance which has ceased operations since 2017, failed to turn […]

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