Keep you updated with latest news in blockchain industry and cryptocurrencies.
Last Friday the Singapore based crypto-exchange, Kucoin, was hacked with an estimated loss of around $150 million, including BTC along with BSV, LTC, XLM, Omni and EOS based tether (USDT), ether and ERC20 tokens, and XRP. During the early morning of last Sunday, the hacker started to launder a part »
This August, the Financial Conduct Authority (FCA) in the UK published a consultation paper. The paper proposes to extend the scope of firms required to provide Annual Financial Crime Report (REP-CRIM) information. It should include firms that carry on regulated activities considered to potentially have higher money laundering risk, such »
Up to now, both personal (resident & non-resident) and foreign corporations in South Korea don’t pay any tax on their crypto profits under the current tax law. Back to the end of last year, the Ministry of Economy and Finance clarified that profits from individual virtual asset transactions are not »
As the new dominant value transfer layer, Ethereum network is becoming more and more popular, so are the ERC20 tokens, especially stablecoins. Recently, Tether alone is the most traded coin in the crypto world. With the wide use of ERC20 tokens and the development of global AML/CTF regulations that put »
This article was published on the Cointelegraph website on July 22, 2020. Read the original article here: https://cointelegraph.com/news/can-compliance-and-aml-software-improve-cryptocurrency-business-sustainability Cryptocurrency businesses are facing increasing challenges as new regulations are introduced globally, which is changing the face of the industry and forcing companies to search for effective solutions. Anti-Money Laundering and Combatting the »
On July 15th, Twitter Hack Scam became the focus of the day. The attackers had access to 130 accounts and used 45 of these to ask the public to send bitcoin.1 Many high-profile personal and company accounts such as Bill Gates, Joe Biden, Barack Obama, Jeff Bezos, Apple and Uber »
Further to the FATF Plenary Session on 24 June, FATF published the full 12-month review of the implementation of its revised Standards of AML/CFT requirements on virtual assets and virtual asset service providers (VASPs). This article gives an overview of the report with some important points highlighted. KEY TAKEAWAYS: Overall, »
On 24 June 2020, FATF President Xiangmin Liu chaired the third and last Plenary meeting under the Chinese Presidency. During the lockdown due to the COVID-19 pandemic, the FATF keep working hard especially as the new money laundering and terrorist financing threats is emerging. AML/CTF risks for virtual currencies and »
As a cryptocurrency friendly country compared to its neighbors, Singapore is being active in developing and enhancing the regulatory framework for cryptocurrency firms. It’s all about balance between regulations to ensure consumer protection and keeping attractive projects. To help crypto companies doing business, Scorechain provides a clear overview of the »
On April 21, the Dutch Upper House passed the Implementation Act in order to transpose the fifth Anti-Money Laundering Directive (AMLD5) to comply with the European regulations and standards set by the Financial Action Task Force (FATF). Registration obligation by May 18th Last week, De Nederlandsche Bank (DNB) enhanced this »
