Half of assessed jurisdictions don't have 'adequate laws and regulatory struc...
The organization reported that only 9% of countries were “substantially effective” in areas including having banks and VASPs verify users’ information. The Financial Action Task Force, or FATF, reported that many countries, including those with virtual asset service providers (VASPs), are not in compliance with its standards on Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML).In a report released Tuesday on the "State of Effectiveness and Compliance with the FATF Standards," the organization said 52% of the assessed jurisdictions in 120 countries had “adequate....
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The total number of jurisdictions with an absolute ban or severe restrictions on crypto has more than doubled over the past three years, and there are few signs that this trend is slowing down. Although 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning crypto has more than doubled since 2018.A report by the Library of Congress (LOC) details the nine jurisdictions that have now applied an absolute ban on crypto and the 42 with an implicit ban. This is up from eight and 15 respectively in 2018 when the report was first....
As mentioned in a recent piece regarding Coinbase having to police its users’ gambling activity, having to deal with the various regulations of multiple jurisdictions is a minefield, particularly for Bitcoin businesses, whose models are theoretically border-agnostic. Still, if a Bitcoin payments processor wants to attract customers in the US, it has to abide by relevant US laws, as court cases have demonstrated. And if it would rather avoid those headaches, then it has to come up with creative workarounds to disqualify it from US jurisdictions. That is the very basic summary of the Bitcoin....
“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example," said the organization. The Financial Action Task Force (FATF) reported that 11 out of 98 responding jurisdictions have started enforcing its standards on Combating the Financing of Terrorism, or CFT, and Anti-Money Laundering, or AML.In an update released Thursday on the “Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers,” the FATF reported the “vast majority” of jurisdictions assessed by the organization’s....
“We want to make sure that we believe that if all things are equal, we win," said Mayor Francis Suarez. Francis Suarez, who has served as the mayor of Miami since 2017, wants to make the city the most attractive in the United States for those in the crypto and blockchain industry.In an interview with Forbes published Sunday, Suarez said lawmakers in Miami were looking into the policies of crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida. “[Miami is] making sure that we have the most progressive crypto laws,”....
An increase in crypto popularity triggers the moves from different jurisdictions to regulate digital assets. They see the need to control most activities within the space to secure investors’ funds. Hence, lots of regulatory measures come into the crypto space. But through the several regulatory requirements for crypto activities, many uncertainties are gradually manifesting. On […]