Tag: Regulations

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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Fidelity-Affiliated DIgital Assets Firm Obtains Hong Kong Regulatory Approval

Fidelity-Affiliated DIgital Assets Firm Obtains Hong Kong Regulatory Approval

Digital assets firm OSL Digital Securities, backed by investment company Fidelity, has been granted a principal license from Hong Kong’s Securities and Futures Commission (SFC), the first crypto business to do so under Hong Kong’s new crypto regulations, according to Reuters. Introduced in November 2019, under the new laws, it is not compulsory for crypto […]

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Major Singapore Bank Says Adoption of Digital Currency Inevitable, But Demise of Cash Unlikely

Major Singapore Bank Says Adoption of Digital Currency Inevitable, But Demise of Cash Unlikely

Singapore’s DBS Bank recently released a quarterly report on the state of cryptocurrency and central bank digital currency (CBDC) with a focus on how this nascent industry will possibly impact the global economy. The COVID-19 pandemic, in particular, has catapulted CBDCs into the spotlight, where the use of digital payments is no longer just simply […]

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Singapore Crypto Association Releases New Standards to Oversee Crypto Practices 

Singapore Crypto Association Releases New Standards to Oversee Crypto Practices 

The Association of Cryptocurrency Enterprises and Start-ups Singapore (ACCESS) has introduced a Code of Practice for crypto-related businesses in the country in collaboration with the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), aimed at standardizing guidelines to “help digital asset players strengthen regulatory compliance”. This is supplementary material that […]

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US Department of Justice Confiscates Millions in Crypto Used to Fund Terrorism

US Department of Justice Confiscates Millions in Crypto Used to Fund Terrorism

The US Department of Justice (DOJ) has reportedly seized assets used to fund three terrorism campaigns, namely the al-Qassam Brigades, Hamas’s military wing, al-Qaeda, and the Islamic State of Iraq and the Levant (ISIS), of which includes millions worth in cryptocurrency stashed in over 300 digital wallets. The DOJ also confiscated four websites and four […]

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Investors Can Now Purchase Security Tokens from Anchorage Without Considering Custodial Options

Investors Can Now Purchase Security Tokens from Anchorage Without Considering Custodial Options

Digital assets custodian Anchorage has partnered with security token platform Tokensoft to bring investors greater access and security with the purchase of security tokens already approved by the US Securities and Exchange Commission. Anchorage is offering both institutional and retail investors the opportunity to hold securities ARCoin, issued by the Arca US Treasury Fund and […]

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Russia Plans to Track BTC & Crypto Transactions with New AI Tool

Russia Plans to Track BTC & Crypto Transactions with New AI Tool

According to Russian news media RBK, Bitcoin and crypto transaction tracking will soon be under the purview of the Russian Financial Crime Agency Rosfinmonitoring in a new project, where the agency intends to utilize artificial intelligence (AI) technology to render these transactions transparent to authorities.  The agency was established in 2001 to oversee anti-money laundering […]

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