Consolidation of law enforcement activity sends a clear message to the industry: It is time to comply. On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after…
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“It is key that the scope of the new EU authority explicitly includes crypto-assets,” said Luis Garicano, a member of the European Parliament. The European Commission, in coordination with other authorities, reportedly plans to have its financial watchdog group potentially oversee illicit transactions at crypto firms. According to a Tuesday Bloomberg report, a group of…
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A group of EU nations have reportedly been lobbying to entrust oversight of the crypto space to a new anti-money laundering (AML) agency. Behind the move are concerns that companies dealing with digital assets can be engaged in the processing of illicit funds. Germany Leads Push to Place Crypto Firms Under EU Anti-Money Laundering Supervision…
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RegTech enhances compliance for financial services institutions. This guide explains how blockchain works in banking to achieve this goal. What are the key areas where blockchain is adding value to the RegTech ecosystem? Financial regulators and service providers are looking for the best and most cost-effective solutions to help the banks and other financial institutions…
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“We … adding new members so that TRUST can provide comprehensive compliance across the crypto industry,” said the joint announcement. Many major crypto companies based in the United States have released a solution for the Financial Action Task Force’s Travel Rule. In a Wednesday blog post, crypto services provider Paxos announced the launch of the…
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What happened with the Bitfinex hack? What does it mean now that the U.S. has the Bitcoin? Why is LEO token mooning and why is Netflix involved? It’s the Netflix script that wrote itself. A story so outlandish, it’s stunned the crypto community; an industry accustomed to apparent suicides in Spanish jail cells and nonfungible…
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From money laundering concerns to the categorization dilemma, these topics will define the emerging regulatory discussion around NFTs. On Feb. 6, the United States Department of the Treasury released a report under the headline “Study of the facilitation of money laundering and terror finance through the trade in works of art.” In fact, only a…
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Findings from Chainalysis shows the NFT space to be prone to wash trading, but most traders are not profiting. Nonfungible tokens (NFT) have taken the world by storm, resulting in mainstream interest and greater adoption of cryptocurrency. According to blockchain analysis firm Chainalysis, NFT popularity skyrocketed in 2021. Chainalysis’ “NFT Market Report” shows a minimum…
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The Department of the Treasury suggested that the increasing use of art as an investment or financial asset could make the high-value art trades vulnerable to money laundering. The U.S. Department of the Treasury released a study on the high-value art market, highlighting the potential in the nonfungible tokens (NFT) space to conduct illicit money…
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The question facing nonfungible token regulation: Should NFTs be considered as digital assets? Nonfungible tokens (NFTs) are constantly in the news. NFT platforms are springing up like mushrooms and champions are emerging, such as OpenSea. It is a real platform economy that is emerging, like those in which YouTube or Booking.com gained a foothold. But…
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