Regulation on cryptocurrency / virtual assets/ digital assets
Le développement du marché des crypto-monnaies amène les entreprises à développer des services autour de ces actifs numériques pour satisfaire les besoins des investisseurs et consommateurs. De fait, les régulateurs du monde entier cherchent désormais à garantir un cadre légal afin de protéger les investisseurs et d’empêcher la fraude, le »
Last week, Hong Kong’s Securities and Futures Commission (SFC) stated in the Fintech Week that all cryptocurrency trading platforms operating in HK, or targeting HK investors, will be required to be regulated, even if they don’t trade securities. This is a step further to the opt-in approach of last November »
The New Swiss Blockchain DLT Laws have been approved by the Swiss Parliament on 25 September 2020. Finalised last week, laws are expected to come into effect in early 2021: What is important to know? A specific category of tokenised rights named “Uncertificated Register Securities” regarding security token issuers; A »
Implement a risk-based approach to comply with the source of funds & transaction monitoring requirements according to FATF Virtual Assets Red Flag Indicators report for ML/TF. Download here: https://scorechain.com/FATF-redflag-indicators-report Cryptocurrencies and digital assets have raised many concerns for regulators over the past few years. With increasing usage and increasing business opportunities for many industries, »
Issue crypto transaction in case of a ransomware attack may violate OFAC regulation This Advisory has been published following the surge of ransomware during COVID-19 pandemic License applications involving ransomware payments will be reviewed by OFAC on a case-by-case basis with a presumption of denial In case of ransomware, OFAC »
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 »
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 »
