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” Consolidation and centralization: How Europe’s new AML regulation will affect crypto “ According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain,…
“# What the launch of the FBI crypto task force means for the digital asset space ” 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…
“# EU members reportedly plan for AML watchdog to oversee crypto firms by 2024 ” 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 European Union member nations led by Germany and…
“# Uphold becomes registered crypto-asset firm in UK post-FCA approval ” A European subsidiary of United States-based crypto trading platform Uphold has received approval from the United Kingdom’s Financial Conduct Authority (FCA). According to the FCA website, Uphold’s U.K. subsidiary Uphold Europe Limited gained regulatory approval on Thursday, joining the select list of 32 firms…
“# Want to weed out ransomware? Regulate crypto exchanges ” Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up…
“# US-based crypto firms join forces for travel rule compliance ” 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 Travel Rule Universal Solution Technology, or TRUST, with members…
“# Making sense of the Bitfinex Bitcoin billions ” 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 token auctions for dead rappers. The plot involves the United States Department of Justice (DoJ), a crypto exchange…
“# Crypto and NFTs meet regulation as Turkey takes on the digital future ” In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Turkey — the…
“# How should DeFi be regulated? A European approach to decentralization ” Decentralized finance, known as DeFi, is a new use of blockchain technology that is growing rapidly, with over $237 billion in value locked up in DeFi projects as of January 2022. Regulators are aware of this phenomenon and are beginning to act to…
“# NFTs and compliance: Why we need to be having this conversation ” “Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.” — Plato The above quote has withstood the test of time. Across industries, markets, communities and ideas, people ultimately will…