Regulators are addressing the growing threat of transnational cybercrimes in the financial industry. The United States faces a growing threat of transnational cybercrime, particularly against its financial system. In what may be the largest prosecution of its kind in U.S. history, the U.S. Department of Justice has charged Texas tech billionaire Bob Brockman in a…
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The proposed EU crypto market regulation will raise many compliance obstacles for the next Libra-like project seeking to operate in Europe. In cryptoland, the fall tends to be regulators’ open season. As unprecedented as it’s been, 2020 is no exception to this trend. Tensions are high on both sides of the Atlantic: As markets were…
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The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules. In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes. The 5AMLD extended the scope of customer due diligence checks, introduced…
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Crypto continues its trek into the mainstream. The European Union, or EU, plans to incorporate crypto and blockchain technology into its main processes by 2024. Over the next four years, the economic union aims to firm up fresh regulations that will promote blockchain and digital asset usage for international money transfers, according to internal documents that Reuters…
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Why we need regulatory frameworks in the crypto space, with a focus on regulating the financial aspects of cryptocurrency-based operations. When Malta set out to provide a regulatory framework for the cryptocurrency sector, policymakers and advisers recognized how blockchain, distributed ledger technology and smart contracts, as well as related technologies, imposed new challenges to providing…
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EU residents are becoming more comfortable with digital and contactless payments. The pandemic has seen consumers adopt digital payments in increasing numbers and the trend was accelerating, said the President of the European Central Bank (ECB) Christine Lagarde. She also indicated a panel of euro-zone central bank officials is set to reveal a verdict on…
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In the EU, getting laws right on Libra could be the best way to speed up a digital euro from the European Central Bank. While Facebook’s Libra project might have shaken the United States government the most, the aftershocks were felt all over the world. The European Union was no exception: The publication of the…
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The crypto industry has the best historical moment to change the discourse about cryptocurrency and its reputation into a successful innovative tech sector. The COVID-19 pandemic has certainly accelerated the digitalization of economies across the globe, opening up discussions on the future of digital financial services and whether our economy should advocate for the financial…
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The European Union’s 5AMLD has been adopted as the first regulation in Romania of virtual currencies, crypto-wallets and fiat-crypto exchange platforms. The European Union and the European Central Bank wanted to create a unitary legal framework that would limit the anonymity of cryptocurrency transactions, especially in the spectrum of money laundering, terrorist financing and tax…
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In early 2018, dozens of experts called the STO the next big thing in fintech. However, in 2020, there still was no big break for STOs. What are the reasons? The ICO boom of 2017 failed thousands of investors worldwide, but it has also demonstrated how technology can improve the way companies raise capital. The…
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