Tagged: vasps

Blockchain Security Firm CipherTrace Clarifies how Virtual Asset Service Providers, Money Service Businesses are Categorized by Regulators

Blockchain security firm CipherTrace recently explained and discussed the differences between virtual asset service providers (VASPs), money service businesses (MSB), money transmitters, digital asset customers, and how they impact crypto-related compliance measures. CipherTrace noted that cryptocurrency, digital assets, convertible virtual currency, and other terms seem… Read More

FinCEN Proposes Rule Change for Unhosted Convertible Virtual Currency Wallets

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports… Read More

Only 22% of Banking Professionals and Financial Investigators Feel “Confident” Identifying Crypto related Transfers: Survey

Blockchain security firm CipherTrace reports that only 22% of banking industry professionals and financial investigators “feel confident” in their ability to accurately identify cryptocurrency -related payments. In a December 9, 2020, CipherTrace-ACFCS Webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” more… Read More

FATF Travel Rule Solution Sygna Bridge Completes Assessment by Association of Cryptocurrency Enterprises and Startups, Singapore

Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More

Number of Virtual Asset Transactions Triggering Travel Rule Thresholds Could Increase Significantly Under FinCEN’s New Rules: Report

Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More

FINMA Regulated Dukascopy Bank to Join Sygna Bridge which Helps Virtual Asset Firms Meet FATF Travel Rule Requirements

Sygna Bridge, the “market-ready” solution provider developed specifically for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has confirmed that Switzerland-based online bank Dukascopy Bank SA has joined its network of over 20 VASPs operating across… Read More

Hong Kong Government Launches Consultation on Regulating Cryptoassets

The Hong Kong Government has launched a consultation to gauge public opinion on legislative proposals designed to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulation in Hong Kong. The targets include cryptoassets (digital assets) with the introduction of a licensing regime for virtual asset services… Read More

FATF Releases Updated Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing Report

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

Over 90% of Actual Cryptocurrency related Transactions within a Financial Institution Might Not Even be Detected: Report

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

Elliptic and CoolBitX Partner on FATF Travel Rule Fix for VASPs – Sygna Bridge

CoolBitX and Elliptic have partnered to launch Sygna Bridge. a solution for virtual asset service providers (VASPs) to comply with the Financial Action Task Force (FATF) travel rule for crypto. CoolBitX is a blockchain security company. Elliptic is a crypto risk management firm. The collaboration… Read More

The EU has Fallen Behind on FATF’s Timelines, including Adopting Rules for Virtual Asset Service Providers, Elsa Madrolle from CoolBitX Claims

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, recently concluded its year long review of its Travel Rule standards for virtual asset service providers (VASPs). The FATF confirmed that it will be extending its… Read More

Former Fintech Lead at Milken Institute, Jackson Mueller Takes New Role at Digital Asset Firm Securrency

Jackson Mueller has long been a key voice and industry participant in the policy realm in regards to the Fintech ecosystem. Until recently, Mueller was the Associate Director, Fintech Program at the Milken Institute, Center for Financial Markets. Mueller’s reports have long been a solid… Read More

FATF 12 Month Review on Digital Assets and Virtual Asset Service Providers

The Financial Action Task Force (FATF) has published a 12 month review on digital assets, or virtual assets, addressing global standards regarding anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). VASPs are mainly digital asset exchanges (cryptoasset… Read More

FATF Meeting Addresses Virtual Assets, Study Continues on Crypto with Focus on Stablecoins

The Financial Action Task Force (FATF) completed a meeting this week calling on members to “tackle new threats and vulnerabilities posed by criminals during the COVID-19 crisis.” The FATF is an international policy-making and standard-setting body, headquartered in Paris, dedicated to combating money laundering and… Read More

60% of Bitcoin Is Held by Entities that have Never Sold More than 25% of their BTC Holdings: Report

  Blockchain analysis is quite useful when conducting investigations into cryptocurrency-related transactions. It has also become essential when determining whether digital asset service providers are complying with application regulatory and compliance guidelines. Blockchain security and analysis firm Chainalysis says that it uses special software tools… Read More

FinCEN Director Kenneth Blanco Discusses Travel Rule for Crypto, COVID-19 is a Lure for the Bad Guys

FinCEN Director Kenneth A. Blanco delivered a speech at virtual Consensus this past week addressing several hot topics of the day – including the “Travel Rule”; the FATF requirement that virtual asset service providers (or VASPs – think crypto exchanges) maintain information on purchasers and… Read More

Regtech: Blockchain Security Firm CoolBitX Presents Findings of Sygna Bridge’s Production Report to FATF Contact Group

  CoolBitX, a blockchain security firm that’s developing the infrastructure needed to bridge the gap between the mainstream financial market and cryptocurrency sector, recently presented its findings of Sygna Bridge’s production report to Financial Action Task Force (FATF) Contact Group members. As mentioned in a… Read More

Coalition of International Blockchain Groups Agrees to Standard to Comply with FATF Travel Rule for VASPs

The Financial Action Task Force (FATF), the global anti-money laundering and terrorist financing organization, posted requirements for virtual asset service providers or VASPs in 2019. The guidelines required intermediaries to maintain information on digital asset transactions from both buyers and sellers – called the Travel… Read More

CipherTrace Enlisted to Advise Japanese Regulators on FATF Crypto Travel Rules

CipherTrace, a cryptocurrency research and tracking platform that provides services to both the public and private sector, has distributed a note that it is meeting with Japanese financial regulators to review the relatively new FATF travel rules and its impact on “virtual asset service providers… Read More

Regtech: Taiwan’s CoolBitX, a Blockchain Security Firm, Secures $16.75 Million in Funding via Round Led By SBI Holdings

Asia-based CoolBitX, a leading blockchain or distributed ledger tech (DLT) security firm, has acquired $16.75 million in capital through a Series B investment round from several large investors. CoolBitX’s funding round was led by Japan-based financial services company SBI Holdings. Monex Group, South Korean crypto-asset… Read More

Send this to a friend