Regulation on cryptocurrency / virtual assets/ digital assets
Key takeaways: Ireland transposed the 5AMLD to national law. It extends the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 to VASPS. The law will impose AML/CFT standards on VASPs starting April 2021. In September 2020, the Irish government approved the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) »
Key takeaways: Stablecoins held on exchanges recently reached an all-time high. More and more jurisdictions are planning to regulate them. FATF issued guidance on how to apply its standards to stablecoins. Lately, stablecoin usage has been increasing significantly. According to the market data provider CryptoQuant, stablecoins held on exchanges rose »
Scorechain released its latest guide to help UK-based crypto businesses to comply with AML/CTF regulations by implementing a risk-based approach on transaction monitoring. Download the FREE Guide here: https://www.scorechain.com/UK-cryptoassets-regulation Regulators around the globe are more and more concerned about digital assets and virtual asset service providers in particular. It is »
Key takeaways: The law enters into force on March 25, 2021. It sets new AML requirements on virtual asset service providers including real-name verification, customer due diligence, reporting requirements, travel rule, etc. Concerned entities are granted a 6-month grace period to fully comply by September 24, 2021. On March 5, »
Key takeaways: The new law regulates the issuance and trading of digital assets and digital asset service providers (DASPs). National Bank of Serbia (NBS) and the country’s Securities Commission (SEC) will play the supervisory role. DASPs are required to apply for a license with minimum capital requirements. The law will »
Scorechain releases the latest Guide to help crypto businesses in Singapore to comply with AML/CTF regulations by implementing the risk-based approach on transaction monitoring. Download the FREE Guide here: https://scorechain.com/Singapore-MAS-Virtual-Assets-Red-Flags Cryptocurrencies and digital assets have raised concerns from worldwide regulators. With increasing usage and business opportunities, regulators have started to »
Key takeaways: The Philippines Central Bank has issued on Jan. 25 2021 new guidelines for the crypto industry to prevent money laundering The guidelines expand the current virtual currency exchange (VCE) regulations to new crypto-related activities. It will come into effect 15 days after being published in the Official Gazette. »
If you are a US person holding assets worth more than $10,000 (including cryptocurrencies) overseas, you may be concerned with this topic. If you are a US bank or money service business dealing with cryptocurrencies, you may be concerned as well. Key takeaways: In a recent notice, FinCEN proposed to »
Last month, FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) issued a guidance on ML (Money-Laundering) and TF (terrorist financing) indicators related to virtual currency transactions. Key takeaways: It applies to all entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Reporting entities should »
En France, le statut des PSAN a changé. De nouveaux services sont soumis à l’enregistrement obligatoire et les règles KYC à suivre sont désormais plus strictes. Téléchargez notre guide afin d’être à jour et de prendre les mesures appropriées si nécessaire : https://scorechain.com/AMF-PSAN-license-guide Le développement du marché des crypto-monnaies amène »
