FATF

The Tightrope of Regulation

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Time Stamp: September 26, 2023 7:07 AM - Modified On: September 26, 2023 - Published By:
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In a significant move at the recent G20 meeting in India, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint paper outlining a framework for the global regulation of cryptocurrencies. While the proposals mostly tread familiar territory, what’s new is their conviction in crypto’s unstoppable growth and success. A flurry of optimism greeted the G20’s endorsement of the report because it advocates that countries don’t ban crypto. Hidden in its text, however, are some worrying signs. For example, on the first page, they state, “Widespread

The Fight for Financial Freedom

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Time Stamp: July 10, 2023 5:30 AM - Modified On: July 10, 2023 - Published By:
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As the grasp of regulators tightens on the global cryptocurrency market, exchanges such as KuCoin are being compelled to implement mandatory pre-purchase checks. In tandem, several prominent banks are limiting funds transferred to cryptocurrency exchanges under the guise of protecting customers from fraudulent activities. In the background, the Financial Action Task Force (FATF) is looming over these rapidly evolving regulations. The FATF underscores the significance of Know Your Customer (KYC), Know Your Business (KYB), Know Your Transaction (KYT), and Anti-Money Laundering (AML) regulations applicable to all financial transactions, cryptocurrencies included.

Government Blockchain Association (GBA) Rates AXES.ai’s Casino Technology as a Trusted Blockchain Solution

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Time Stamp: April 21, 2023 5:57 AM - Modified On: April 21, 2023 - Published By:
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Las Vegas – AXES.ai’s land-based casino management platform became the first blockchain solution in history to be independently evaluated and rated by the Government Blockchain Association (GBA) in accordance with the Blockchain Maturity Model (BMM). “Why would a casino management system need blockchain? Because according to the US Financial Action Task Force (FATF), casinos are high-risk areas for money laundering and terrorist financing,” said Gerard Dache, GBA Executive Director. “Regulators world-wide need to have confidence that financial and compliance reports have not been falsified or altered. By writing data to

ING spins out Pyctor digital assets technology to GMEX Group

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Time Stamp: July 11, 2022 3:59 PM - Modified On: July 11, 2022 - Published By:
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Leading fintech provides regulatory compliant digital assets network & custody technologyStrengthens GMEX’s MultiHub platform, integrating traditional and decentralized finance London and Amsterdam, 11 July 2022 - ING announced today that it has spun out Pyctor to GMEX Group (‘GMEX’), a leader in digital business and technology solutions for exchanges and post-trade market infrastructure. Pyctor’s digital post-trade market infrastructure technology is designed for firms operating in regulated environments. It provides highly secure digital custody and transactional network services for a broad range of digital assets, as well as delivering interoperability between

Israel adds more teeth to crypto and money laundering regulations

Source Node: https://bitcoinerx.com/blockchain/israel-adds-more-teeth-to-crypto-and-money-laundering-regulations/
Time Stamp: November 18, 2021 4:21 AM - Modified On: November 18, 2021 - Published By:
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In its campaign against cryptocurrency fraud, Israel is upping the ante. New legislation has gone into action to prevent illegal behavior and normalize the use of bitcoin and other FinTech products, according to the Authority for Combating Terrorism Financing and Money Laundering’s director.  The execution of these regulations, as stated by the leader, Shlomit Wegman, will help to establish order and clear norms. New restrictions and benefits The regulations are a direct result of the Financial Action Task Force’s 2018 requirements. The Financial Action Task Force (FATF) is made up

FATF Guidance: NFTs Should Be Regulated Case-by-Case

Source Node: https://bitpinas.com/regulation/fatf-nft-guidance-2021/
Time Stamp: November 14, 2021 9:59 PM - Modified On: November 14, 2021 - Published By:
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Share some Bitpinas love:By Hans DoringoIn a recently released updates to the Financial Action Task Force’s (FATF) guidance for virtual assets and virtual asset service providers (VASPs), the body clarified that Non-Fungible Tokens (NFT) does not fit the definition for virtual assets (VA) but would still be covered by FATF standards under certain cases.What is the FATF’s Position on NFTs?Last March 2021, FATF published a draft of the guidance addressing concerns about NFT as its market grows. In the said draft, it was vaguely stated that NFTs can be considered

What is the FATF Guidance on DeFi?

Source Node: https://bitpinas.com/regulation/fatf-defi-guidance/
Time Stamp: November 14, 2021 9:41 PM - Modified On: November 14, 2021 - Published By:
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Share some Bitpinas love:By Hans DoringoThe Financial Action Task Force (FATF), an intergovernmental anti-money laundering watchdog, released last October 28, 2021, revisions and updates to its virtual asset guidance for virtual asset service providers (VASPs) which was first issued in 2019.In keeping with the feedback and reviews concerning the uncertainty of how the FATF would apply its VASP standards to decentralized finance (DeFi), the body proceeded on finalizing the guidance during its plenary meeting that lasted until October. The updated version of the guidance includes clarifications on FATF’s proposal to

US Treasury Proposal Applies Travel Rule to Crypto

Source Node: https://beincrypto.com/us-treasury/
Time Stamp: December 20, 2020 2:57 PM - Modified On: May 21, 2021 - Published By:
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On Dec. 18, an office within the US Treasury Department released a set of proposals regarding cross-border transfers of digital assets. The US Treasury Financial Crimes Enforcement Network (FinCEN) released a proposal that aims to close loopholes regarding the movement of digital assets. In the announcement on the release, FinCEN also requested input from the public. The measure, called the Travel Rule, affects cross-border transfers. Know thyself The major thrust of the proposal is a change regarding privately owned digital wallets. Virtual Asset Service Providers will now have to require

Slow But Steady: FATF Review Highlights Crypto Exchanges’ Struggle to Meet AML Standards

Source Node: https://cointelegraph.com/news/slow-but-steady-fatf-review-highlights-crypto-exchanges-struggle-to-meet-aml-standards
Time Stamp: August 8, 2020 9:00 AM - Modified On: May 21, 2021 - Published By:
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In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs —  the term mainly referring to cryptocurrency trading platforms — must eventually implement in their day-to-day operations. The guidelines are framed as recommendations, and the FATF leaves it to the participating nations’ governments to develop their own regulations in accordance with suggested principles.The watchdog has also set a 12-month review timeframe to monitor the public and

FATF Grades U.S. Government on Crypto Regulation Enforcement 

Source Node: https://insidebitcoins.com/news/fatf-grades-u-s-government-on-crypto-regulation-enforcement/256607
Time Stamp: April 5, 2020 12:32 PM - Modified On: May 21, 2021 - Published By:
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The Financial Action Task Force, one of the most prominent Anti-Money Laundering (AML) enforcers in the world, has called out the United States government for being lax on policy enforcement. On March 31, the body published a report in which it explained that the United States is only “largely compliant” with its AML and Counter-Terrorist Financing (CTF) regulations – especially when it comes to the issue of virtual currencies. Higher Awareness is Good, but Loophole Still Exist In the report, the FATF outlined the United States’ degree of compliance with the recommendations it issued last

Amid Widespread Privacy Coin Delistings, Bitstamp Considers Zcash Support

Source Node: https://cointelegraph.com/news/amid-widespread-privacy-coin-delistings-bitstamp-considers-zcash-support
Time Stamp: April 3, 2020 12:00 PM - Modified On: May 21, 2021 - Published By:
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Bitstamp, one of the longest-running active cryptocurrency exchanges, is considering launching a batch of new crypto asset listings.Curiously, Bitstamp is contemplating support for Zcash (ZEC), despite an increasing number of exchanges seeking to distance themselves from privacy coins due to associated regulatory risks.Bitfinex considers first new listings in 3 yearsOn March 31, Bitstamp announced it is “actively exploring” support for seven crypto assets, including two stablecoins and one privacy coin.The prospective listings comprise Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM), Paxos Standard (PAX), 0x (ZRX), USD Coin