US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests
Customs officers use foreign exchange law to shut down cycle of foreign remittances and arbitrage.
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Key takeaways from FATF’s latest report on virtual assets
The Financial Action Task Force — the global anti-money laundering and counter-terrorist financing standards-setter — this week released its second 12-month review on virtual assets and virtual asset service providers, and called on countries to implement the revised FATF standards, including travel rule requirements “as soon as possible.” “The global nature of the underpinning technology…
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Stablecoins could pose risks to global financial system, Chinese central bank official says
Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.
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Robinhood sees near-threefold rise in women users, COO says
Trading app Robinhood has seen a 369% increase in the number of women using its services in the past year, according to COO Gretchen Howard. According to a report by Business Insider, women now make up 30% of its customer base. Fast facts The result comes following Howard’s setting up of a task force to…
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Blockchain-based digital invoicing rollout continues apace in China
China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces. Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese…
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How is blockchain going to disrupt capital markets?
In the first of a special two-part report, Lucas Schweiger of Blockdata explores what the future of capital markets could look like with blockchain-based infrastructure.
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Chinese blockchain firm Easily Visible reveals US$1.7B loss
Chinese blockchain company Easy Visible has disclosed a loss of more than 11.52 billion yuan (US$1.78 billion) for 2020 in an annual report filed two months late. The loss equates to 1.74 times the company’s July 5 market value of 6.66 billion yuan. Fast facts On May 6 the company was suspended from trading on the…
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South Korea holds firm on AML compliance for banks serving crypto exchanges
The chief of South Korea’s main finance sector regulator has spoken out again against banks that have requested exemptions from anti-money laundering compliance rules in their contracts with cryptocurrency exchanges. Fast facts Eun Sung-soo, the chairman of the Financial Services Commission said yesterday: “Banks should use their own judgement to make decisions and apply for…
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Binance suspends SEPA euro deposits as CZ calls compliance a ‘journey’
Facing an onslaught of regulatory scrutiny, Binance CEO calls crypto regulations ‘positive sign’ of a maturing industry and announces new hires in compliance.
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Will Basel Committee’s proposed rules for crypto banking fly?
The standards-setter for banks around the world wants to subject crypto like Bitcoin to higher capital requirements. What do industry players think?