How to monitor DeFi activity and mitigate the related risks?

Key takeaways: DeFi attracts more and more users, bringing AML and fraud risks to the crypto industry though. Regulators might be issuing DeFi regulations soon. The decentralized finance (DeFi) industry has been booming since mid-2020 and gathers more and more users. Indeed DeFi platforms such as decentralized exchanges (DEX), lending, »

Banks and cryptos: How to fulfill AML/CTF requirements?

Key takeaways: Cryptocurrency usage is increasing which leads to a growing demand for crypto services. Financial institutions are moving to crypto services to satisfy this growing need. They should satisfy crypto AML/CTF requirements and mitigate risks from their crypto exposure. With the recent expansion of cryptocurrencies and cryptocurrency usage, more »

South Korea: Latest developments on crypto and regulation

Key takeaways: It could be tricky for Korean exchanges to comply with the newly implemented AML/CTF regulations. South Korea could start its CBDC pilot test later this year. The country is also focusing on preventing crypto from being used for ML purposes. Crypto taxation will be implemented in January 2022. »

State of crypto regulation in Turkey

Key takeaways In April, two of the country’s exchanges collapsed. On April 30, Turkey implemented a ban on cryptocurrency payments. On May 1, AML/CTF requirements were imposed on crypto trading platforms. In the last few weeks, Bitcoin and cryptocurrencies have been a heated topic in Turkey as two of the »

Ireland: AML/CFT Law on Virtual 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) »

Stablecoins: Understanding ML/TF Risks and Regulatory Developments

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 »

Implement a risk-based approach on transaction monitoring to comply with UK cryptoassets regulation: download the Guide for free

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 »

South Korea: Updated crypto law enters into force today

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, »

How to implement a risk-based approach on transaction monitoring to comply with Singaporean regulations? Download the Guide for free

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 »