The members of the Joint Chiefs of Global Tax Enforcement are updating their crypto laws to prevent financial crimes and money laundering. Cybercriminals are taking full advantage of the COVID-19 pandemic, which has forced life into a digital realm, by leveraging increased fear and uncertainty to steal money and launder it through the complex cryptocurrency…
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As the European Commission finished its crypto consultation in March, France’s major financial regulator expressed its stance on the matter. As the European Commission finished its public consultation on cryptocurrency assets in March, France’s major financial regulator stepped in to express its stance on the matter. The Autorité des Marchés Financiers (AMF), the stock market…
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The Financial Action Task Force analyzed U.S. compliance to its recommendations, arguing that some of the enforcement is not specific enough for cryptocurrency. The Financial Action Task Force (FATF) has reevaluated the United States on its compliance with global anti-money laundering (AML) and counter-terrorist financing (CFT) regulations. According to the report published on March 31,…
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Canada’s financial regulator has announced that it will soon implement new anti-money laundering laws including stringent reporting requirements for crypto. The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) has announced it will soon implement new anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. The laws including updated guidelines for virtual currencies. In a…
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Singapore’s central monetary authority issued a new set of guidelines for digital payment token service providers on March 16. Some countries have been late to the party when it comes to recognizing and regulating digital assets. The first time that Singapore’s central bank issued a framework for the regulation of payment-related activities was on Jan.…
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A new report from OXT Research shows the alleged PlusToken scam dumped BTC on regulated exchanges with KYC. A new report on the PlusToken Ponzi scheme shows regulated exchanges are being used to dump coins, despite stringent Know Your Customer (KYC) identify verification rules. Investigative company OXT Research has released a second edition of their…
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Russia’s relationship with blockchain and cryptocurrency wasn’t clear, but the country is making steps toward digital economic development. The volume of cryptocurrency flows on darknet markets — which are involved in illegal drug and arms trafficking, remittance and transfer of illicit funds — have doubled for the first time in four years, a new report…
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The National Police Agency of Japan is reporting a record high of 537 cases involving money laundering. Anti-money laundering regulations on cryptocurrency and blockchain transactions may be having a positive outcome in East Asia. According to an article released by the Japanese newspaper Nikkei on Mar. 3, the National Police Agency of Japan brought criminal…
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Ukrainian officials are urged to disclose their cryptocurrency holdings as one of the national anti-corruption agencies publishes a manual on how to report crypto assets. The Ukrainian National Agency on Corruption Prevention (NACP) detailed how cryptocurrencies must be reported on yearly income declarations. Cryptocurrencies are categorized under the “intangible asset” section, though they are also…
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The German financial watchdog BaFin has issued a summary instruction manual for businesses that wish to offer cryptocurrency services that require its custody. The German financial watchdog (BaFin) issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. The instructions are presented as BaFin’s interpretation of the new German…
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