Japan’s financial watchdog is reportedly planning to force improvements at a number of licensed cryptocurrency exchanges over perceived issues with internal systems, including anti-money laundering (AML) measures.
According to a report from Nikkei on Tuesday, the country’s Financial Service Agency (FSA) intends to ensure full compliance with current AML rules at larger exchanges as their holdings of customer funds rapidly increases.
The report suggests at least five exchanges, including bitFlyer, Quoine, and Bitbank, are on the FSA’s list to receive “business improvement orders” this week.
The report said that, based on its recent inspections, the FSA found that some licensed exchanges still do not have sufficient measures in place for spotting suspicious transactions.
Formed in the aftermath of the Coincheck hack, the Japanese Virtual Currency Exchange Association consists of major exchanges such as bitFlyer, Bitbank and Quoine, and is chaired by Taizen Okuyama, CEO of bitFlyer.
South Korea’s leading financial regulator, the Financial Services Commission (FSC), among other watchdogs in the country, is gearing up to shut down multiple crypto exchanges in the coming days.
One of the main regulatory agencies of South Korea under the command of the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU), has recently decided that the cryptocurrency exchanges of the country would start to be under its guidance.
The different prices of bitcoin and other cryptocurrencies between countries and exchanges have led investors to seek arbitrage opportunities, a trend noticed by financial regulators around the world.
It’s been a turbulent time for the cryptocurrency markets, so now is a good time to reflect on how and why we got here in the first place. First, an op ed makes the ideological case for Bitcoin.
The recent announcement that Bittrex will allow investors to buy digital coins with the U. S. dollar is the latest in a string of crypto trading trends to move West from Asia.
Fortunately, the continued loss in value for cryptocurrencies at exchanges in the past week does not appear to have an impact on regulatory processes. In fact, there has been progressing, as the guidelines have been tweaked sufficiently to allow Paxos Trust Company to commence OTC trading, by the New York Department of Financial Services (NYDFS).
The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This is the first time a government agency has said it will oversee crypto exchanges.
The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This will obligate crypto exchanges to follow anti-money laundering directives like banks do.
The Financial Action Task Force (FATF) – a multi-national agency tasked with combating global financial criminal activity, will discuss developing and introducing legally binding rules for governing cryptocurrency exchanges later this month.
Coinbase dominated headlines across the space this week with a pair of significant developments. The San Francisco–based exchange announced on Monday, June 11, its intention to add Ethereum Classic to its trading platform and then quickly followed the news on Tuesday with the official opening of a crypto index fund.
Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.
The hacking of exchanges and relentless attacks from financial powers have, in the short run, adversely affected the price of Bitcoin. For example, frequent exposure to hacking will eventually make Bitcoin and other cryptocurrencies immune to such attacks.
The Financial Action Task Force (FATF), the international group that combats money laundering and terrorism financing, will start developing binding rules for crypto exchanges in June, a Japanese official familiar with the matter told Reuters June 12.
The hacking of exchanges and relentless attacks from financial powers have, in the short run, adversely affected the price of Bitcoin. However, once the news about these adverse effects fades, investors will be able to turn their focus to several bright ongoing developments.
The international financial crime watchdog, the Financial Action Task Force (FATF), will hold discussions later this month to develop rules for governing cryptocurrency exchanges. It will primarily make sure effective countermeasures are in place to prevent money laundering and terrorist funding, according to a Japanese government official familiar with the matter.
On Friday, June 8th Financial Magnates reported that Huobi (the world’s third-largest crypto exchange by trade volume) has created a brand new digital currency trading marketplace in the US. As it competes with leading rival crypto exchanges Binance and OKEx, Huobi has been vigorously diversifying its investment products and services while also now announcing the […]
A fundamental link between the world of digital currency and the long-established, traditional way of banking is Ripple, credibly designed to revamp how financial companies deal with moving money.
Most cryptocurrency exchanges and purses in the US and the European Union do not fulfill the requirements for the identification and verification of users of financial services, the study says.
The city council of Lebrija has created a virtual currency ‘Elio’ that can only be used for payments made to small and medium businesses, according to a report by Diario de Sevilla. Read more: Spain’s Second-Largest Bank Will Soon Launch Crypto Services: Sources
Close to a year ago last July, the U. S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes.
Bitcoin Press Release: An online player based in the Philippines has won the equivalent of $300,000 (Php15,000,000) on the Pnxbet casino game LIVE baccarat. 29th April 2020, Curacao – A lucky online casino player from the Philippines has won a massive Php15,000,000 playing the game of Baccarat on popular betting website Pnxbet.
Bitcoin Press Release: Leading Bitcoin casino and sportsbook Cloudbet has unveiled its impressive new website. The updated site offers a slew of new advancements including faster load times, new language options, live eSports betting, and more.
Bitcoin Press Release: The only Australian owned global holiday rental website “EzyStayz” has released their own cryptocurrency “EZY” which will be launching on the Korean exchange Foblgate on the 20th April at an introductory price of 0.
Bitcoin Press Release: Leading bitcoin casino Bitcasino has added support for the third largest cryptocurrency XRP, allowing all platform users to bet with ripple. 16 April 2020 – The world’s first licensed Bitcoin-led casino operator, Bitcasino, now accepts Ripple payments, making XRP the next cryptocurrency to enjoy the casino’s wide range of games.
