Bank Innovation

JANUARY 3, 2018

The central bank of China is tightening its grip on bitcoin mining in the state, telling local governments that it has the authority to regulate power usage for that mining. The People’s Bank of China cannot directly regulate power usage, Reuters reported today. However, the bank can ask local authorities to regulate it.

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PYMNTS

JANUARY 10, 2020

Deribit , a popular global cryptocurrency options exchange, is moving to Panama in February to sidestep the Netherlands’ upcoming regulation changes on the industry, according to Bloomberg. In other news, blockchain compliance startup Securrency has received $17.65 million in a Series A funding round, led by WisdomTree.

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PYMNTS

DECEMBER 12, 2018

Bitwala has rolled out digital currency banking services in Germany through a partnership with a regulated FinTech firm that has a banking license, CoinDesk reported. Through the offering, customers can control deposits in both euros and bitcoin (BTC), in the same place, through the “safety and convenience” that a bank account provides.

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CFPB Monitor

MAY 3, 2022

Ultimately, regulated entities must have “policies, processes, and procedures to assess counterparty exposure for virtual currency funds transfers[.]”. T]hese wallet addresses are typically pseudonymous, with nothing on the face of the transfer tying back to the originator, beneficiary, or underlying beneficial owners.”.

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PYMNTS

SEPTEMBER 17, 2019

Compliance is actually one of the biggest barriers to entry for small businesses in any highly regulated industry,” the company wrote in a blog post. Financial services businesses bear some of the highest compliance costs of any industry. The cost of financial compliance has been rising steadily for the past several decades.

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PYMNTS

JULY 10, 2019

Bitcoin continues its roller coaster of ups and downs in 2019 as the cryptocurrency shot back up and breached $13,000 for the first time in about two weeks, according to a report by Bloomberg. Bitcoin climbed for the third straight day and peaked at $13,154, which is a large gain from its drop to under $10,000 just last week.

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PYMNTS

APRIL 18, 2019

Once seen as a tool for the dark web and black markets, cryptocurrencies like bitcoin now want to be a part of the broader economy. Bitcoin at the Center. ” The widespread reliance on bitcoin to facilitate ransomware payouts is a “genuine challenge” for the cryptocurrency industry, he added.

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PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. The research found that only 2 percent of the 200,000 bitcoin transactions in the data set were illicit, while 21 percent were identified as lawful.

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Bank Innovation

DECEMBER 7, 2017

cryptocurrency exchange bitFlyer wants to bridge the trading gap between two of the world’s largest bitcoin markets. Japan is the largest bitcoin trading market in the world, about 50% of it happens in there; the U.S. EXCLUSIVE — With its recent launch in the U.S.,

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PYMNTS

JULY 12, 2019

The move comes after the Canadian government decided to ease up on some of its new anti-money laundering regulations due to feedback from payment service providers and crypto exchanges. Cryptocurrency exchanges in Canada will now only have to report transfers of more than CA$10,000 ($7,663).

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Perficient

SEPTEMBER 16, 2022

The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act. Additionally, the Federal Reserve’s Supervisory Letter also encourages financial institution executives to notify their state regulators prior to engaging in any crypto-asset-related activities. Financial risk.

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Payments Source

MARCH 4, 2021

As the public's interest in bitcoin and other crypto assets gradually spreads, government rules and compliance will follow, says Voyager Digital's Stephen Ehrlich.

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PYMNTS

AUGUST 27, 2018

The initial verdicts of General Data Protection Regulation (GDPR) are in, at least in terms of compliance – or lack thereof. In news this past week, studies have shown that compliance rates are indeed low, three months in. are in compliance. How low are the rates? A bit of optimism: Progress is, well, progressing.

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PYMNTS

FEBRUARY 20, 2019

It will also help us bring more cryptocurrencies and features to more people, while helping ensure compliance with local laws and regulations.” Bitcoin is approaching $4,000 for the first time since the beginning of the year.

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PYMNTS

JANUARY 7, 2020

TaxBit was founded by software developers, tax attorneys and CPAs to automate and simplify tax compliance for crypto users. The commission also suggested that the Korean government should allow companies to release products in the future-based on bitcoin prices, just as in the U.S. ”

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Banking Exchange

DECEMBER 20, 2021

Pressure to regulate the crypto market continues Compliance Feature3 Feature Duties Compliance Management Compliance/Regulatory Blockchain Bitcoin Cryptocurrency.

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PYMNTS

JANUARY 6, 2019

In other news, Vaishali Mehta, who worked as a senior compliance manager at Coinbase, has left the company to become the head of compliance for TrustToken , which produces the TrueUSD stablecoin. In addition, Latvia’s financial regulator imposed a 1.2 Up until now, the focus of regulators had been on the U.S.

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PYMNTS

SEPTEMBER 14, 2020

For example, in April 2020 a RaaS (Ransomware as a Service) group called Sodinokibi (a former affiliate with the GrandCrab RaaS group) stated that future ransom request payments will be in Monero (XMR) rather than bitcoin (BTC) due to transaction privacy concerns," the agency states in its RFP. 1 have just taken effect.

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American Banker

DECEMBER 26, 2023

approval to convert the world's biggest bitcoin trust into an exchange-traded fund, says Silbert has resigned as its chairman. regulators. Grayscale Investments, the cryptocurrency-trust manager vying for U.S. He heads a related company that is the subject of lawsuits by U.S.

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Bank Innovation

NOVEMBER 29, 2016

Bitcoin is anti-establishment. Yet Bitcoin is also a driver of innovation – which drives productivity and wealth creation which is what citizens want their governments to focus on. That is why the relaxed attitude to Bitcoin in wealthy Switzerland, where the Read More. It is feared by most governments and banks.

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PYMNTS

DECEMBER 16, 2020

While Malta passed blockchain-friendly regulations in 2018 to encourage innovation, “traditional banks have written off blockchain at its early stages,” said Malta Finance and Employment Minister Clyde Caruana, Cointelegraph reported, citing Lovin Malta , a media outlet. “It users to avoid running into potential compliance issues.

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Payments Source

DECEMBER 21, 2016

The Philippines is considering regulations for digital currencies as the government seeks to bolster protection for the increasing number of overseas Filipinos using bitcoin and its counterparts to send money home.

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PYMNTS

APRIL 30, 2019

“Scamwatch has also received reports from victims of various types of scams being directed by a scammer to the nearest bitcoin automatic teller machine to convert money to bitcoin and then transfer it to the fraudster,” said the ACCC. A planned luxury development that was going to be sold in bitcoin has been put on hold.

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PYMNTS

DECEMBER 23, 2018

The former senior vice president at Mastercard will oversee tZERO’s legal, regulatory, public policy and compliance functions.

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Payments Source

DECEMBER 18, 2017

Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.

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Bitcoin Regulation Compliance 64

PYMNTS

MAY 10, 2019

“A community-wide effort to improve compliance standards would prevent liabilities that might stem from trading with bad actors or dealers that trade with bad actors,’’ Darius Sit, a Singapore-based managing partner at crypto trading firm QCP Capital, said, according to Bloomberg. “A

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PYMNTS

AUGUST 16, 2020

In other news, the Association of Cryptocurrency Enterprises and Start-ups Singapore ( ACCESS ) has rolled out an official Code of Practice, to help standardize the industry and aid players in meeting regulatory compliance, according to a press release.

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PYMNTS

JANUARY 25, 2019

Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. In other news, Robinhood got the green light to trade seven digital currencies — such as bitcoin and litecoin, among others — in New York state, Reuters reported.

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PYMNTS

AUGUST 21, 2020

While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software. Cryptocurrency has not been without controversy.

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PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. ius noted, this is often because the heart of the cryptocurrency industry is often at odds with the nuances of regulation.

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Bank Innovation

APRIL 4, 2018

South African Reserve Bank (SARB), the country’s central bank, is laying the framework for regulating cryptocurrency by establishing a special unit to monitor developments in the space. The unit’s first task, according to a Finextra report, is to set up a proof of concept (PoC) for DLT-based interbank clearing and settlement.

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PYMNTS

OCTOBER 10, 2019

Alipay revealed that it will be banning any transactions related to bitcoin and other cryptocurrencies. Alipay refuted that claim in a Twitter thread , writing “There’re several reports about @Alipay being used for bitcoin transactions.

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PYMNTS

AUGUST 23, 2019

It is the first compliance alerts solution available across 15 cryptocurrencies. The alerts are designed to help compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources. “As

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PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept. This in the wake of the OCC’s Sept. The Pandemic Pop.

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PYMNTS

FEBRUARY 9, 2018

The world’s first ICO regulations are coming, care of Gibraltar. The rapid global proliferation of initial coin offerings has become an issue of mounting concern among regulators and central banks around the world – in particular, the growth of ICOs has fueled massive growth in the cryptocurrency market in general.

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Payments Source

MARCH 15, 2018

Internet searches for “Bitcoin” have plunged, suggesting public interest has, too.

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Bitcoin Regulation Compliance 77

Bank Innovation

JANUARY 23, 2018

bitFlyer, the first Bitcoin exchange to be regulated in Japan and the U.S., Japanese cryptocurrency exchange bitFlyer today announced its launch in Europe. said it received a Payment Institution (PI) license to operate in the European Union.

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