After some confusion, South Korea’s government has laid out which state and regulatory bodies are charged with the oversight of various aspects of crypto-related activities. Over the past year or so, the crypto community in South Korea has had to adapt to a suite of new regulations and government frameworks tailored to the growing industry.…
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Only five crypto firms have received FCA AML registration after the authority became the official money laundering supervisor for crypto businesses last year. Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. John Glen, a member of U.K. parliament…
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Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy. On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi…
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Emerging technology such as blockchain can change the world for the better, but regulation and innovation must work in tandem. There is often a perceived tension between regulation and innovation. A pervasive narrative has emerged that these two important parts of our society are at odds with each other. In reality, it’s when these two…
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Crypto.com has chosen CipherTrace’s specialized compliance tool to help it fulfill the complex requirements of the FATF’s industry-shaping “travel rule.” Crypto.com — the creator of a cryptocurrency exchange, wallet, debit card program and crypto app — is strengthening its compliance toolkit by implementing a commercial solution developed by crypto intelligence firm CipherTrace. CipherTrace’s tool, called…
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Questions around cryptocurrency assessments gain momentum, which brings some nuanced challenges in assessing crypto’s place in M&A. Fintech, cryptocurrency and mergers and acquisitions are poised to intersect significantly in the coming year. M&A activity is expected to rebound quickly — more than 60% of decision-makers at large companies who were surveyed by FTI Consulting for…
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Japan has been a member of the FATF since 1990. Japan has made another step toward adopting cryptocurrency Anti-Money Laundering regulations developed by the Financial Action Task Force, Cointelegraph Japan reports. The Japanese Financial Services Agency announced Wednesday that it will adopt the FATF’s travel rule — a set of regulations requiring virtual asset service providers to…
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Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators’ new requirements. South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency…
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Irish companies operating with crypto, and the firms servicing them, will have to adhere to AML and CFT for the first time starting next month. Irish lawmakers will impose an anti money laundering regime on crypto for the first time in April The Central Bank of Ireland has extended the nation’s anti-money laundering, or AML,…
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Lawyers for the former CEO of crypto derivatives exchange BitMEX are proposing Hayes’ voluntary appearance on April 6, with his potential release on bail subject to a $10 million personal recognizance bond. Lawyers negotiating on behalf of Arthur Hayes, one of four BitMEX executives and co-owners accused of violating the Bank Secrecy Act by United States…
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