Financial Watchdog Rethinks AML Guidance for Banks and Bitcoin
The Financial Action Task Force (FATF) has taken note of the issues hindering partnerships between bitcoin businesses and banks. At a Brussels meeting with industry figures last Friday, the anti-money laundering policy maker proposed a risk-based approach that ensures every digital currency business is evaluated on an individual basis. A risk-based approach means that banks identify and assess the money laundering and terrorist financing risks they are exposed to, setting the appropriate mitigation measures accordingly. Securing a banking partner has proved to be notoriously difficult for....
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U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.” The watchdog insisted that since none of the crypto firms that it....
The OCC published guidance allowing U.S. banks to work with stablecoin issuers. Meanwhile, the ECB thinks the term stablecoin can be "misleading."
Russian financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international settlements, the head of the agency, Yuri Chikhanchin, has indicated. The statement adds to growing support for the legalization of international crypto payments in Russia amid financial restrictions imposed over its invasion of Ukraine. Top Financial Regulator in Russia Welcomes International Crypto Payments The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, fully accepts that cryptocurrencies can be employed for settlements with....
The Superintendency of Corporations in Colombia has explained in an official note that companies in the country are legally allowed to buy cryptocurrencies, specifically bitcoin (BTC), to inject capital as long as they abide by local regulations. Colombian Watchdog: Local Firms Can Use Capital to Buy Bitcoin if Companies Demonstrate Tokens Are ‘Intangible Assets’ According to the publication, the Colombian watchdog pointed out that although crypto assets usage in the financial sectors is “still” not regulated, there are no legal prohibits to inject capital via....
UK’s Financial Conduct Authority (FCA) has posted a warning today ordering all crypto ATMs in the country to be shutdown as they are operating illegally. UK’s FCA Says None Of The Crypto ATMs In The Nation Have Gotten Approval As per an announcement on the financial watchdog’s website, the FCA has warned any crypto ATMs […]