Tagged: virtual currencies

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

Twitter and Square CEO Jack Dorsey Expresses Concerns Regarding FinCEN’s Proposed Bitcoin and Crypto Regulations

Payments company Square‘s (NYSE:SQ) Jack Dorsey has expressed concerns regarding recently proposed Bitcoin (BTC) related regulations. The bitcoin regulations proposed by FinCEN give few useful powers to regulators, greatly roll back economic freedoms while pointlessly surveilling law-abiding people, and create databases of info about who… Read More

Monero (XMR), Zcash (ZEC), and Dash (DASH) Cryptocurrency Markets to be Removed from Bittrex by Jan 15

Digital currency exchange Bittrex has announced that Monero (XMR), Zcash (ZEC), and Dash (DASH) cryptocurrency markets will be “removed on Friday, January 15th at 23:00 UTC.” The Bittrex team confirmed that the following markets will be removed on January 15, 2021: BTC-XMR, ETH-XMR, USDT-XMR BTC-ZEC,… Read More

Blockchain Firm Chainalysis and Digital Asset Exchange OKCoin Express Concerns Regarding FinCEN’s New Crypto Rules

This past Friday, the US Department of the Treasury published a Notice of Proposed Rulemaking (NPRM) to the Federal Register that may require financial institutions and cryptocurrency-related firms to submit updated reports, maintain records, and accurately verify the identity of customers in relation to transfers… Read More

Developers of Digital Currency Platform Dash are Releasing 4 Improvement Proposals for DashPay

Samuel Westrich, Head of Mobile Team at Dash Core Group, an organization focused on the development of Dash (DASH), a widely-adopted digital currency platform and ecosystem, reveals that he’s been active in Dash’s ongoing development since 2015. Westrich notes that his team is getting closer… Read More

Coinbase Requests that FinCEN Apply Traditional 60-Day Notice-and-Comment Period for its Proposed Rulemaking for Crypto Transactions

On December 19, 2020, the Financial Crimes Enforcement Network (FinCEN) published a 72-page notice of proposed or suggested rulemaking, titled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets,” which could impose new and “onerous” reporting and recordkeeping requirements for virtual currency transactions,… Read More

FinCEN Rulemaking for Crypto Transactions: A “Rushed” and “Problematic” Reporting Requirement, Coin Center Research Director Says

Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that during the past few years we’ve seen countries like Switzerland, Singapore, and the Netherlands adopt a technology-focused approach to regulating… 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

UK’s FCA Issues Warnings about Loan Fee Fraud, Cryptoassets-related and Coroanvirus Scams, especially During Holidays

The UK’s Financial Conduct Authority (FCA) has issued “Three Wise Warnings” for the nation’s consumers. The financial regulator has cautioned that customers should look out for loan fee fraud this Christmas or holiday season. The FCA notes that if you’ve been asked to pay some… 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

CBDCs: China to Distribute $3M of Virtual Yuan as JD.com Is Now the First Major Online Service to Accept the Digital Currency

China is reportedly handing out around $3 million of digital yuan as JD.com notably becomes the first online platform to begin accepting the virtual currency. As first reported by CNBC, Chinese digital commerce company JD.com confirmed that it will become the first major online platform… Read More

Bitcoin and Other Cryptocurrencies Now Account for Significantly Lower Percentage of Darknet Market Transactions: Report

Blockchain analysis firm Chainalysis notes that global darknet markets have long “fascinated” the general public, beginning with the infamous Silk Road, which represented around 20% of all Bitcoin (BTC) related activity during its “heyday” back in 2013. But since that time, these illicit activities account… Read More

Chainalysis Explains Why Authorities Must Look Beyond Direct Counterparties to Understand Risks Associated with Crypto Addresses

Chainalysis, a leading blockchain research firm, says that the best way to assess or determine the risk of a virtual currency address or group of associated addresses (e.g., like a wallet) is to analyze all the other addresses with which it has conducted transactions. According… Read More

Cypherium, an Interoperability Solution Provider for Blockchain based Digital Currencies, has Launched its Mainnet

Cypherium, an enterprise-focused distributed ledger tech (DLT) platform that aims to facilitate interoperability between blockchains and central bank digital currencies (CBDCs), has launched its mainnet. The Cypherium main network launch has come after the project raised $28 million in capital which includes $4 million from… Read More

Tourism Industry has Struggled due to COVID, and now Many Tourism focused Countries May Adopt Digital Currencies to Boost Economy

The COVID-19 pandemic has created many different socioeconomic challenges. It has definitely been a really tough year for the travel and tourism industry as most people were forced to cancel their travelling plans and stay at home (to prevent the further spread of the virus)…. Read More

Ledger Vault Chosen by Societe Generale-Forge to Offer Security Services for its Central Bank Digital Currency or CBDC Tests

Ledger Vault, a cold or offline storage solution provider for digital assets, has reportedly been chosen by France’s Societe Generale-Forge to offer security solutions for its central bank digital currency (CBDCs) project. As noted by the Ledger Vault team, Societe Generale-Forge, the digital capital markets… Read More

Sky Guo, Co-Founder at Cypherium, will be Representing Blockchain Sector at 75th United Nations General Assembly

Sky Guo, a founding member of OMFIF, an independent forum for central banking, economic policy and public investment, has reportedly been invited by the United Nations (UN) to talk about how foreign policy experts can take advantage of the latest digital technologies to address the… Read More

Governor of Saudi Arabian Monetary Authority Says Central Bank Digital Currencies Seem Promising and are Worth Exploring

Dr. Ahmed Abdulkarim Alkholifey, the Governor of Saudi Arabian Monetary Authority (SAMA), the nation’s reserve bank, says that central bank digital currencies or CBDCs seem to be promising and are worth further exploration. Dr. Ahmed’s comments came during a recent webinar held by the International… Read More

Chainalysis Explains How it Uses Reactor Tool to Track and Analyze Blockchain based Digital Currency Transactions

Blockchain analysis firm Chainalysis notes that its Reactor tools lets researchers and investigators track and analyze the movement of virtual currencies between different crypto addresses. The Reactor tool is also used to identify transactions that may involve stolen or otherwise illicit digital currency. Cybercriminals might… Read More

CBDCs Might Help Reduce Fraud, Streamline Auditing Processes, and Enable Financial Inclusion, NEM Group Executive Explains

Antony Welfare, Chief Commercial Officer at NEM Group, an organization supporting the development of NEM, a blockchain or distributed ledger technology (DLT) based platform for building enterprise-grade applications, states that blockchain tech is now more than 10 years old (as far as its application is… Read More

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