Tag: Regulation

US Government Agencies Propose Changes to Funds Transfer Rules-Seek to Broaden Definition of Money to Include Cryptocurrencies

US Government Agencies Propose Changes to Funds Transfer Rules-Seek to Broaden Definition of Money to Include Cryptocurrencies

The U.S. Federal Reserve Board and Fincen are seeking feedback on their proposal to lower the threshold at which financial institutions must collect and retain information on funds transfers. In their joint notice on the rule change proposal, the two U.S. agencies want a new threshold for international transactions to be set at $250 down […]

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China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether. China Drafts Law to Recognize Digital Yuan The People’s Bank […]

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U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along

Quick Take A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule. The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs. Now, the group has to develop a governance structure. This feature story is available to […]

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Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper

Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper

A great number of cryptocurrency businesses are preparing for the upcoming Financial Action Task Force (FATF) rules toward cryptocurrencies, specifically the Travel Rule. This month 25 Virtual Asset Service Providers (VASPs) published a paper that outlines how American-based VASPs aim to comply with the FATF Travel Rule. Digital currency companies, otherwise known as Virtual Asset […]

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Bitcoin Businesses on the Mend: Report Shows 57% of Crypto Execs Expect the Industry to Accelerate, Companies Are Hiring

Bitcoin Businesses on the Mend: Report Shows 57% of Crypto Execs Expect the Industry to Accelerate, Companies Are Hiring

Digital Currency Group (DCG) recently published the firm’s “State of Crypto 2020” report which polls more than 150 portfolio crypto companies. According to the study, 75% of the respondents believe the value of their business has grown this year, while 50% of the startups have seen outperforming start-of-year projections. The state of the cryptocurrency industry […]

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US to Lose Out to Asia in the Innovative Crypto Space Due to Lack of Regulatory Clarity

US to Lose Out to Asia in the Innovative Crypto Space Due to Lack of Regulatory Clarity

The next technology and innovations powerhouse is likely to emerge in Asia rather than the US, said Chief Operating Officer of Bitcoin’s largest ATM operator CoinFlip, Ben Weiss. According to Markets Insider, this new potential equivalent to Amazon and Apple will be one rooted in cryptocurrency and blockchain, so where crypto regulations facilitate the growth […]

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Bitmex Fast-Tracks KYC Program as Regulators Tighten Screws on Anti-Money Laundering Rules

Bitmex Fast-Tracks KYC Program as Regulators Tighten Screws on Anti-Money Laundering Rules

Bitmex said Wednesday that it is fast-tracking its user verification program in order to comply with regulatory requirements. Users must now be fully verified by Nov. 5, 2020 “to continue trading on the platform,” it said. In a statement, the crypto derivatives exchange stated that “unverified users will not be able to open new positions” […]

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CFTC officials publish new crypto advisory for futures commission merchants

CFTC officials publish new crypto advisory for futures commission merchants

The Commodity Futures Trading Commission (CFTC)’s Division of Swap Dealer and Intermediary Oversight published new guidance late Wednesday “regarding the holding of virtual currency in segregated accounts” by futures commission merchants, or FCMs. “The advisory provides guidance to FCMs on how to hold and report certain deposited virtual currency from customers in connection with physically-delivered futures […]

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Working group of U.S. crypto firms unveil their data-sharing solution to FATF ‘travel rule’ compliance

Working group of U.S. crypto firms unveil their data-sharing solution to FATF ‘travel rule’ compliance

Twenty-five U.S.-based virtual asset service providers (VASPs) have come together to publish a white paper on an industry-wide solution to travel rule compliance. In essence, the U.S. Travel Rule Working Group (USTRWG) is proposing a kind of hub through which they can identify customer information and use point-to-point communication channels to transmit that data. The […]

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European Commission Opposes Crypto Fraud Compensation Fund: Victims Say Commission Cozying up to the Industry

European Commission Opposes Crypto Fraud Compensation Fund: Victims Say Commission Cozying up to the Industry

The European Commission (EC) is opposing the creation of the crypto crime victim superfund to be financed with $0.0001 per dollar on all cryptocurrency transactions occurring within the EU. The Commission says that it does not have the competence to set up and administer such a fund. It also argues that most crypto crimes occur […]

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