Search results: anti money laundering

Traditional banks are failing the nearly 2 billion people in the world without access to financial services, writes Khalid Howladar. But DeFi can be a lifeline.

MaiCoin, Taiwan’s largest cryptocurrency exchange, is considering a Nasdaq listing within two years, Bloomberg reported on Friday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts MaiCoin is also completing its Series C funding round which would value the company at US$400 million. MaiCoin expects […]

Cryptocurrencies have won credit for their role in Ukraine’s war, showing utility that will drive them beyond the battlefield, says Amber Group’s Michael Wu.

The Monetary Authority of Singapore (MAS) has imposed financial measures targeting designated Russian banks, entities and activities in Russia, and fundraising activities benefiting the Russian government, in response to Russia’s invasion of Ukraine. See related article: Singapore prohibits crypto, NFT transactions in sanctions against Russia Fast facts An MAS notice named the designated banks as […]

Ripple, a blockchain-based digital payment network, has made a proposal for South Korea to make clear distinctions in cryptocurrencies between payment tokens, utility tokens, and security tokens, in a policy paper released on Tuesday. Read related article: Amid SEC lawsuit, Ripple buys back stock and raises value to US$15B Fast facts Ripple’s policy paper says […]

Cryptocurrency is being used both to fund Ukraine’s defense and prevent Russia’s ability to skirt sanctions in what may become a pivotal moment for the industry.

Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.

War-mongering Russia is finding itself increasingly isolated. What if the rogue state tries to regain its financial footing via cryptocurrency?

BitMEX founders Arthur Hayes and Benjamin Delo pleaded guilty to violating the Bank Secrecy Act’s anti-money-laundering provisions, the U.S. Attorney’s Office in Manhattan said on Thursday. See related article: BitMEX pays US$100M to settle AML, KYC compliance breach charges Fast facts Under the terms of the plea agreement, Hayes and Delo will each pay US$10 […]

As more countries announce plans for central bank digital currencies, will that break crypto’s promise as the future of money?

The Hong Kong government intends to propose a licensing system for crypto exchanges, according to a discussion paper published on Monday. Fast facts The proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing bill will designate any crypto exchange as a “regulated virtual asset activity” and any person who seeks to engage in this work […]

In a first for the country, the Sovereign Yidindji Government in Australia has issued a CBDC with its first transaction occurring this week.

Boston Consulting Group (BCG), one of the Big Three global management consulting firms, says the South Korean crypto market will be worth around 1,000 trillion won (about US$835 billion) in 2026, while calling for a brand new regulatory framework. Fast facts The number comes from BCG Korea’s Future of Asset 2022 report, which said South […]

Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?

Malaysian exchange will offer equity tokens representing direct shares on the blockchain, claiming it will be the world’s first fully regulated equity-token IPO.

Pakistan’s top investigation agency is looking to block crypto websites over fraud and money laundering concerns, according to a news report, less than a week after the country’s central bank recommended an outright ban on cryptocurrencies.  Fast facts Federal Investigation Agency (FIA) Director-General Dr. Sanaullah Abbasi said on Saturday the agency would approach the Pakistan […]

If 2021 was a breakout year for crypto, this year may mark a similar advance for regulation of the industry, says Caroline Malcolm, Chainalysis’ new policy chief.

The current technologies in use do little to deter crypto money laundering, writes Dr. Mark van Staalduinen. What can nations do about this?

The CFTC is asserting greater regulatory powers over the crypto industry than ever before. But does the agency have the statutory backing to do so?

In South Korea, a new presidential administration will be chosen in March. Here’s where the four major candidates stand on Korea’s booming virtual asset space.

The world’s largest crypto exchange continues struggling to stay compliant, but it has seen some luck in the Middle East.

A regulatory hurricane swept away half of South Korea’s crypto exchanges in 2021. Who are the survivors — and are there larger lessons for the rest of the world?

It’s a myth that crypto transactions are anonymous, writes Warren Paul Anderson of Discreet Labs. Confusing anonymity with privacy is what causes trouble.

Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.

From China’s ban to FATF’s travel rule, crypto regulations have been top of mind this year. How might regulatory impulses and current trends play out?

Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?

Who in the crypto world deserves Santa love this year, and whose chimney should be snubbed? The elves at Forkast.News help the big man with his list.

China tries to stamp out Bitcoin mining while increasing its influence over blockchain technology and preparing the digital yuan for launch. What lies in store for 2022?

An investor who received $1.25M in Bitcoin by accident will not be criminally penalized, raising questions on the legal status of cryptocurrencies.

Federal regulators have turned their sights on stablecoins. But is the attempt to tame this digital currency too late?

Crypto 1 will consider acquisition targets worldwide but steer clear of digital assets companies in China and Hong Kong. Are the lights dimming on a major crypto hub?

Blockchain intelligence firm TRM Labs has raised US$60 million in a Series B funding round led by investment firm Tiger Global, the company announced on Tuesday. Fast facts Also participating in the financing round were American Express’ Amex Ventures, Visa, B Capital Group, Citi Ventures, DRW Venture Capital, Blockchain Capital, Jump Capital, Marshall Wace, Block […]

Kotak Mahindra Bank, a leading private bank in India, has struck a partnership with crypto exchange WazirX, the Economic Times reported. Fast facts WazirX has opened an account with Kotak that can be used to pay and receive money from investors, according to the ET report. The account will be activated after the completion of […]

Tourism officials want to attract more crypto-wealthy travelers to Thailand’s shimmering shores. But will the crypto faithful come if Thailand still has a ban on SHIB and Dogecoin?

Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.

In the long run, the new rules may ‘lay the perfect foundation’ to improve risk management, says an ICBC expert.

The director of China’s central bank’s anti-money laundering office said the People’s Bank of China will establish a tracking system for the virtual assets, such as cryptocurrencies and NFTs, for cracking down on virtual-related crimes, adopting technologies such as artificial intelligence and machine learning, mainland China local media reported. Fast facts Gou Wenjun said at […]

South Korea’s Financial Services Commission (FSC) compiled a set of proposals for a new crypto law including criminal punishment to unfair actors in the market. The compiled report has been submitted to the national assembly for review. Fast facts Yesterday, the FSC submitted a basic outline for the national assembly’s consideration in constructing the new […]

The Australian Securities and Investments Commission (ASIC) has accused the owners of Gold Coast-based business A One Multi of scamming 92 investors out of AU$25 million (US$18 million) and are now in possession of a cold wallet believed to hold almost US$20 million in Bitcoin purchased with the defrauded funds, according to a report by […]

Three U.S. agencies released a joint statement outlining a plan to fast-track crypto-asset regulation in 2022.

The promise of financial democratization forms the bedrock of DeFi’s appeal. But who’s in charge — and who to hold responsible when things go south?

Billions have been stolen through hacks from decentralized finance protocols, with Ethereum seeing the bulk of losses, according to a report by Elliptic.

Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.

The projects topped 300 rivals in their potential to improve the future digital Singapore dollar in payment services and financial inclusion. Who were the other winners?

Chinese police have busted yet another tele-fraud case related to e-CNY money laundering as the country continues to test the digital currency.

As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.

Developing regulations for decentralized finance is easier said than done. Attorneys Victor Ho, Andre Da Roza and Saranpaal Calais discuss the many legal and practical hurdles.

The Financial Intelligence Unit (FIU) has accepted Coinone’s compliance report with South Korea’s latest crypto regulations, while Bithumb is left as the only crypto trading platform out of the country’s four major exchanges to not be officially registered under the FIU. Fast facts Coinone became the third official cryptocurrency exchange of South Korea, following Upbit […]

Ethereum’s sprawling Web 3.0 ecosystem — which includes the majority of the decentralized finance (DeFi), stablecoins, non-fungible tokens (NFTs) and blockchain gaming worlds — continues to expand and draw users, with 3.4 million Ethereum addresses interacting with DeFi protocols, according to ConsenSys’ Web 3 Q3 2021 report published this week. Led by Ethereum co-founder Joseph […]

From China’s crackdowns to El Salvador’s Bitcoin adoption, where is the world headed in how governments regard crypto? An expert panel explores the future of decentralized finance in the global economy.

e-CNY scam investigated meanwhile S Korea gets metaverse bug

Yi Gang reiterates the PBOC’s stance to protect data, while failing to address privacy concerns over digital yuan.

The highly awaited report outlines recommendations for stablecoin regulation and asks regulatory bodies to combat risks until Congress introduces new laws.

The global AML watchdog provides clarifications on how crypto is to be regulated — and why DeFi could see more scrutiny.

While the government signals it is ready to promote the industry, the country’s banks remain unimpressed. ANZ has already settled its de-banking case with Allan Flynn, but as the tribunal with Westpac concluded over the weekend, what should we expect from the outcome?

Australia’s Senate report into fintech regulations includes 12 recommendations for a clear digital assets framework.

A lawmaker claims authorities gave the country’s largest crypto exchange privilege in meeting government requirements.

The Senate unveiled its most comprehensive look at blockchain regulation, hoping to transform the country into a global industry leader.

“For now, we do not have any plan for using e-CNY in the Belt and Road Initiative (BRI) countries yet,” China’s central bank chief said at the 2021 G30 International Banking Seminar, regarding the electronic yuan (e-CNY), the world’s first major central bank digital currency that is being slowly rolled out in China. Meanwhile, authorities […]

In a special Q&A, CEO Louis Liu describes the hoops FOMO Pay jumped through to win Singapore’s first crypto license and calls its regulator a ‘collaborator.’

How the crypto economy is engaging with legislators, what policy makers need to know about Web 3.0 and what role the U.S. infrastructure bill has played in kickstarting better cryptocurrency education.

After iron-fisted regulations closed down many exchanges, remaining trading platforms look for alternatives to transaction fees.

Some are registering companies overseas, via — you guessed it — Taobao vendors.

Singapore is a major crypto hub. But for whom? In this primer, Malcolm Tan explains the island-state’s regulatory evolution and which groups are no longer in its favor.

Estonia revoked more than 70% of all crypto licenses last year. Its recently appointed anti-money-laundering chief wants to nullify the rest.

Conglomerates including Samsung continue to invest in blockchain and crypto startups despite a government crackdown on the industry.

Traditional finance evolved over centuries while DeFi is coming into its own in a few years, writes Adi Ben-Ari of Applied Blockchain. Are its risks inevitable?

As international regulators seek to implement oversight, crypto industry players say it is a positive sign that regulators are now considering including stablecoins in banking regulations.

Sri Lanka has formed a panel to recommend a regulatory framework covering the growth of digital banking, blockchain and cryptocurrency mining, the government has announced. Fast facts Developing an integrated system of digital banking, blockchain and cryptocurrency mining is crucial for Sri Lanka to keep up with its regional neighbors while expanding international trade, the […]

Notabene, a travel rule solution provider, this week announced that it has successfully completed travel rule test transactions between four Abu Dhabi Global Market (ADGM)-licensed firms and three crypto companies in Singapore. Fast facts In July, the Financial Action Task Force (FATF) — the global anti-money laundering (AML) and counter-financing of terrorism (CTF) standards-setter — […]

A lawmaker claims Upbit earned hundreds of millions by listing sketchy cryptocurrencies, while the exchange rebuts that it follows fair and strict standards.

This week, FTX announced it is moving its headquarters from Hong Kong to the Bahamas, as the larger Caribbean region takes on a bigger role as host to virtual currency exchanges.