VASPs – Page 2 – Ƀitsell X

US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto

April 6, 2023

The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight.…
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Oman Capital Markets Regulator Plans to Establish a Virtual Assets Regulatory Framework

February 16, 2023

The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and investment platform for issuers and investors while mitigating the risks associated with this asset…
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Binance to Increase Presence in Poland in Compliance With Local Regulations

January 20, 2023

Binance has unveiled intentions to broaden its activities in Poland, another EU member state where the global cryptocurrency exchange is registered. The coin trading platform plans to develop its Polish entity, recruit local talent and launch educational initiatives. Crypto Exchange Binance Moves Forward With Plans to Expand Operations in Poland Binance, the world’s largest digital…
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Georgia to Update Crypto Regulations to Incorporate EU Rules, Legalize Industry

September 1, 2022

The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions. Parliament of Georgia to Vote on Crypto Legislation in Coming Months A legislative package expanding the regulatory framework for…
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Paypal adds to list of crypto heavy hitters on the TRUST network

August 23, 2022

Paypal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule.” Crypto-friendly digital payments giant Paypal has been added to the Travel Rule Universal Solution Technology (TRUST) network, joining a host of big names in crypto that have moved to comply with digital asset…
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Brazil Might Approve Its Cryptocurrency Law This Week

August 3, 2022

This week, the Chamber of Deputies in Brazil might approve a cryptocurrency bill introduced earlier this year. According to the leader of the Federal Government in the Chamber, Ricardo Barros, the bill is set to be discussed, but there are still no reports on a possible vote as the Chamber is set to also discuss…
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Financial Superintendence of Colombia Presents Project to Regulate Crypto Service Providers

July 20, 2022

The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers.…
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Hong Kong to Introduce Licensing for Crypto Platforms Through AML Law

July 11, 2022

New legislation tailored to regulate the crypto space in Hong Kong aims to implement a licensing regime for crypto service providers. The respective changes to the region’s anti-money laundering (AML) rules have been submitted to its legislature while a recently published report examines relevant threats. Hong Kong Lawmakers to Review Bill Aligning Crypto Sector…
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Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform

June 26, 2022

Coinbase has announced that the company plans to introduce a number of changes for customers in the Netherlands in order to comply with the 1977 Sanctions Act, a law that recently applied know-your-customer (KYC) guidelines to non-custodial wallets. If the person living in the Netherlands wants to send crypto to a third-party wallet via Coinbase,…
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New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory

June 22, 2022

The incoming governor of the Philippine central bank, Felipe Medalla, has suggested that people that invest in cryptocurrencies like bitcoin are adherents of the Greater Fool Theory. He also argued that people investing in cryptocurrencies are doing so because they want to “hide their money from the government.” A ‘Very Scary’ Investment Strategy The new…
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Category: VASPs