The Ultimate Guide for implementing a RBA based on FATF latest guidelines on virtual assets indicators

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, »

Payback for ransomware may violate OFAC’s regulations

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 »

FCA: Annual Financial Crime Report to be extended; cryptoasset businesses included

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 »

Crypto taxation in South Korea should be expected this autumn

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 »

Cryptocurrencies Regulatory Landscape in Singapore

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 »

Crypto Assets Regulation in France

In the context of growing interest in the Distributed ledger technology (DLT) shown by blockchain ecosystem players and also traditional financial actors, the regulation of crypto assets in the world is changing quickly.  This article aims to give an overview of the current status of regulations of crypto assets in »