Part of the FATF’s ‘Travel Rule’ includes recommendations that financial institutions obtain information on the originators and beneficiaries of certain crypto transactions. The Financial Action Task Force, or FATF, reported its delegates had come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrencies. In a Feb. 24…
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Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated…
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After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the…
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Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation. Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency Nikkei. The changes will bring Japan up-to-date…
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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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“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example,” said the organization. The Financial Action Task Force (FATF) reported that 11 out of 98 responding jurisdictions have started enforcing its standards on Combating the Financing of Terrorism, or CFT, and Anti-Money Laundering,…
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Laurentino Cortizo, president of Panama, has exercised his veto powers to make a series of objections to the recently approved cryptocurrency law. The observations of the president only touch on certain articles and do not affect the law in its entire scope. However, these articles of the bill will have to be re-discussed, taking into…
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Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious activity, which could ostensibly lead to penalties of $15,000 for its customers.
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Regulation will touch every person in every jurisdiction worldwide; crypto must find ways to preserve its decentralization and privacy. We have all been there. You see something, hear something, or feel something, and want to share that feeling or observation with someone else. Do you pick up the phone? Send over a text? Record a…
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The Brazilian Congress is trying to approve a cryptocurrency legal framework before the end of Q2. According to reports from local media, The proponents of the different law projects presented in the Senate and the Congress have stated they will seek the unification of the projects due to their similarity. This new unified project presents…
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