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Kuwait Capital Markets Authority Reaffirms Comprehensive Crypto Asset Ban
20.7.2023
In a circular released by the Capital Markets Authority of Kuwait, the regulator reaffirmed its position that Kuwait strictly prohibits the use of virtual currencies and bans mining activities within the Gulf state. The authority also emphasized the importance for businesses to inform customers...
Crypto travel rule implementation ‘remains relatively poor,’ says FATF
26.6.2023
The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation
Paris FATF Plenary: Global Implementation of Virtual Asset Standards Remains ‘Relatively Poor’
25.6.2023
The third plenary of the Financial Action Task Force (FATF), held in Paris, found a lack of global adoption of the virtual asset recommendations established by the institution. According to evaluations, almost three-quarters of the jurisdictions are partially compliant or non-compliant with these...
Qatar Didn’t Properly Enforce Its Crypto Ban, Global Money Laundering Watchdog Says
1.6.2023
The central bank should proactively identify and sanction service providers breaching its 2019 prohibition, according to the Financial Action Task Force
South Africa’s Perceived Pro-Russia Stance May Result in Secondary Sanctions Which Threaten Financial Stability — Central Bank
30.5.2023
The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses...
FATF President Urges G7 to Lead in Shutting Down ‘Lawless Crypto Space’
19.5.2023
It is necessary to put an “end to the lawless crypto space,” according to the head of the Financial Action Task Force (FATF). G7 nations must set an example in implementing global standards on combating money laundering, the executive insisted, as little progress has been made in regards...
South African Rand Plunges to New 2023 Low Versus the US Dollar
12.3.2023
Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial...
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
26.2.2023
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa...
Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards
26.2.2023
The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements...
Argentina to Revamp Anti Money Laundering Law, Proposes Creation of VASP Registry
28.11.2022
Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that...
Countries ignoring crypto AML rules risk placement on FATF's 'grey list' — Report
8.11.2022
Reports suggest the Financial Action Task Force will conduct annual checks to ensure countries are enforcing anti-money laundering rules for crypto providers
Terrorists are funding their horrible deeds with crypto: UN officials
31.10.2022
Cash and hawala remain the “predominant methods of terror financing,” according to a UN official, however, "advanced" terror organizations are turning to cryptocurrencies
After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts in Chile
30.10.2022
After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied...
South African Financial Sector Regulator Declares Crypto Assets a Financial Product
20.10.2022
According to a general notice published in a government gazette, crypto assets are now treated as financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act. Declaration of the crypto assets as financial products means crypto asset service providers...
India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report
21.9.2022
The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrency by the first quarter of next year in order to become Financial Action Task Force (FATF) compliant. “We will finalize our responses by February-March 2023. We have to respond to the FATF...
Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
11.8.2022
The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains
Regulator Says UAE ‘Closer to Issuing the Regulatory and Supervisory Framework’ for VASPs
10.3.2022
The United Arab Emirates (UAE) is getting closer to issuing a regulatory and supervisory framework that will govern the country’s virtual asset industry, the Securities and Commodities Authority (SCA) has said. FATF Recommendations A UAE securities regulator, the SCA has said it is getting...
Coinbase and 17 Other Crypto Firms Launch ‘Travel Rule Universal Solution Technology’
17.2.2022
On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with...
Botswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament
22.1.2022
The Botswana government is set to present a “Virtual Asset Bill” to the country’s parliament, a move that could see it become one of the first countries in Africa to have laws regulating cryptocurrencies. Preventing the Proliferation of Risks Associated With Cryptos A Botswana...
India’s Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection
2.1.2022
India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that...