In light of the recent arrest of the founders of Tornado Cash, a decentralized private payments protocol built on top of the Ethereum network that severs the link between sending and receiving wallets, some are questioning whether Know Your Customer (KYC) laws and permissionless money can co-exist. “Does bitcoins lightning network help facilitate untraceable anonymous…
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The world’s leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance. Binance, the world’s leading crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC). The FSC reportedly informed dozens of…
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The Australian government is addressing the risks of cutting banking services to crypto exchanges amid a flurry of banks restricting certain services over scams. The growing trend of banks cutting services to cryptocurrency companies in Australia could lead to undesired consequences like making the industry less transparent, according to the country’s Treasury Department. On June…
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The XC platform could operate domestically using tokenized assets, including deposits, with or without CBDCs. The International Monetary Fund has presented the outlines of a “new class” of cross-border payment system that uses a single ledger to record central bank digital currency (CBDC) transactions, programmability and improved information management. IMF officials chose a roundtable on…
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While adopting restrictions on transactions between exchanges, bitFlyer still supports transactions to and from self-custody wallets like MetaMask. Cryptocurrency exchanges in Japan are preparing for the enforcement of the Financial Action Task Force’s Anti-Money Laundering (AML) regulations known as the Travel Rule. On May 30, major Japanese crypto exchange bitFlyer announced the adoption of measures in…
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Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions. As more institutions explore digital assets, the need for on-chain analytics platforms has never been higher. Compliance experts, investigators and regulators employ these blockchain analytical tools to better understand the patterns and entities in cryptocurrency transactions.…
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Stricter anti-money laundering (AML) measures for the crypto sector in Japan will enter into force next month, local media reported. The new rules were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field. Japan to Enforce Legislation Allowing the Tracing of Crypto Transactions The Cabinet of Japan, the executive…
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The integration will allow users to instantly convert cash to stablecoin for use in DeFi protocols. The Federal Reserve’s forthcoming instant payment service FedNow will be integrated with Metal Blockchain, according to a May 11 announcement from the Metal Blockchain team. The announcement said that the integration will allow Metal users to instantly convert funds…
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The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389…
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Estonia’s money laundering regulator highlighted a number of issues it found within local crypto firms, such as dodgy execs and nonsensical business plans. Almost 400 Virtual Asset Service Providers (VASPS) have voluntarily shut down or had their authorizations revoked in Estonia following the government’s recently enhanced Terrorist Financing Prevention and anti-money laundering laws (AML) that…
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