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“# FATF updates guidance on crypto service providers, calls for public comments ” The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a catch-all term including exchanges, wallet providers, and custody platforms, among others. This updated document will also be made…
“# Exchanges warn that Hong Kong’s crypto retail trader ban could backfire ” Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market. In comments to the South China Morning…
“# The United States updates its crypto AML/CFT laws ” Against great push back from the crypto industry and as the price of Bitcoin (BTC) reached new all-time highs several times during the last couple of months, the United States has updated its cryptocurrency Anti-Money Laundering/Combating the Financing of Terrorism laws. Related: COVID-19 pandemic spurs…
“# Crypto anti-terrorism bill introduced in the US House of Representatives ” U.S. Representative Ted Budd (R-NC) has sponsored a new piece of legislation aimed at creating an agency tasked with combating the use of cryptocurrencies in terrorist financing. The bill — H.R. 296 — is co-sponsored by Reps. Warren Davidson (R-OH), Stephen Lynch (D-MA),…
“# France moves to ban anonymous crypto accounts to prevent money laundering ” French financial authorities are strengthening the country’s cryptocurrency regulations in a move to prevent illicit activities like money laundering and terrorism financing. On Dec. 9, several ministries in France jointly introduced an order aiming to prevent anonymous digital asset transactions by banning…
“# Crypto firms still not widely adopting ‘travel rule,’ says FATF deputy ” In 2019, the Financial Action Task Force asked jurisdictions worldwide to adopt its regulatory guidelines for virtual assets. At the V20 conference today, held online, David Lewis—executive secretary and G20 deputy at the organization—gave an overview of how implementation and business response have gone…
“# Cybercrime task force monitoring the global digital financial system ” 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 39-count indictment…