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. »

Data leaks and crypto hacks: how to mitigate risks?

Key takeaways: Facebook’s recent data breach exposed a lot of users’ information. Such breaches can put crypto funds at risk. Over the last few years, we have witnessed a number of crypto-related hacks. Amongst the most notorious ones, we can take the example of the Kucoin hack in 2020 or »

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 »

OFAC latest sanctioned crypto addresses: How to mitigate ML/TF risks?

Key takeaways: OFAC recently added crypto addresses to its sanction list. It contains BTC, BCH, ETH, LTC, DASH, XVG, and ZEC addresses. Such addresses have a high level of ML/TF risks. The Office of Foreign Assets Control (OFAC) has recently updated its Specially Designated Nationals (SDN) list to include new »

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: 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, »

Scorechain Academy is officially launched

We are very excited to announce the official launch of Scorechain Academy today! With increasing usage and business opportunities for many industries, worldwide regulators have started to include virtual assets under the scope of anti-money laundering and counter-terrorism financing laws. Regulations are evolving, so are the requirements to be competent »