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FinCEN Extends Comment Period for Controversial Crypto Wallet Rule

The Financial Crimes Enforcement Network (FinCEN) said Thursday it would reopen its proposed rulemaking period for an additional 15 days for its reporting requirements, and another 45 days for a requirement on recordkeeping and counterparty reporting requirements. First submitted Dec. 18, the proposals would require exchanges to store name… Read More

President of the European Central Bank Christine Lagarde calls for global regulation of bitcoin

Bitcoin is a “funny business” asset that is used for money laundering and needs global regulation, the president of the European Central Bank has said. Christine Lagarde was unequivocal in her criticism. “For those who had assumed it might turn into a currency — terribly sorry, but this is a… Read More

US Sentences Bulgarian Owner of BitCoin-Laundering Hub

By Jullet Pineda Sleinan, OCCRP, 13 January 2021 OCCRP — A court in the United States has sentenced a Bulgarian national for his role in a multi-million dollar cyber-fraud and money laundering racket, according to a statement from the Department of Justice. OCCRP previously reported… Read More

11th January 2021

Bitcoin holders barred from depositing profits in UK banks

Bitcoin has surged to record highs this week but anyone who wants to take profits might struggle to cash in their gains. Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to… Read More

7th January 2021

Swedish bankers face identity crisis over digital currency plans

A new way to pay is causing existential angst among Swedish bankers who worry that the e-krona, an electronic equivalent of Sweden’s currency, could cost them their deposit base. Sweden launched a review into the e-krona’s feasibility in December after a pilot programme at the central bank, making the Nordic… Read More

6th January 2021

U.S. regulator says banks can use stablecoins, connect to blockchains

Cryptocurrency prices briefly popped late Monday, after a federal banking regulator said in an interpretive letter that U.S. financial institutions are allowed to use stablecoins for payment activities, and can participate as nodes in a blockchain. The letter from the Office of the Comptroller of the Currency is the latest… Read More

5th January 2021

Singapore: New measures against terror financing, money laundering

Measures to better counter money laundering and terrorism financing were approved yesterday, under changes to the law that regulates virtual payment service providers. These changes will also strengthen laws governing digital payment tokens (DPTs) to ensure that companies issuing such tokens protect the assets of their users, said Transport Minister… Read More

5th January 2021

The Tax Man is Coming for Bitcoin: IRS “Enforcement” Impending in 2021

Bitcoin is entering 2021 in the best place its ever been. With strong movements past $30,000, the whole world is waiting to see how high Bitcoin will go. But while BTC hodlers’ pockets are busting with cash, the United States’ tax arm, also known as the Internal Revenue Service (IRS),… Read More

1st January 2021

A Shady Israeli Intel Genius, His Cyber-Spy Van and Million-dollar Deals

“Meet Tal Dilian, one of the oldest hands in the often murky world of cyber surveillance. The ex-Israeli intelligence officer is showing us one of his new toys, a 9 million dollar van full of NSA level surveillance kit that he claims can hack a smartphone and snoop on all… Read More

29th December 2020

US regulator alleges crypto fraud by Australian

The top US securities regulator has obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies. The Securities and Exchange Commission said it took action “in connection with an alleged securities fraud relating to Virgil Capital’s flagship cryptocurrency trading fund, Virgil… Read More

28th December 2020

China Envisions Its Digital-Currency Future, With Lotteries and a Year’s Worth of Laundry

The People’s Bank of China on Sunday concluded its second digital-currency pilot program, as the central bank moves closer to a formal rollout that would make China the first major world economy to introduce such a system. This month, authorities in the eastern Chinese city of Suzhou handed out 20… Read More

25th December 2020

New anti-money-laundering regulations should exclude Hong Kong’s bitcoin ATMs to sustain innovation, says industry body

As Hong Kong’s financial regulators tighten their scrutiny of cryptocurrencies, the machines that dispense bitcoin and other digital tokens may soon be among the last remaining avenues for individual retail traders. A broader set of rules currently being considered would subject the city’s virtual currency exchange platforms to licensing requirements… Read More

24th December 2020

U.S. Warns Crypto Stablecoins on Money Laundering, Risk Controls

Top U.S. financial regulators are warning firms behind an important part of the cryptocurrency market to tighten protections against money laundering. At issue are so-called stablecoins that traders rely on to facilitate payments for digital tokens. In a Wednesday statement, the Treasury Department and other agencies said they should be… Read More

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