Financial crime rules 'choke' bitcoin exchanges
Forget price volatility and hacker attacks. The biggest threat to bitcoin's future - at least in the United States - could be the little-known Financial Crimes Enforcement Network (FinCEN). Writing in American Banker, Ecoins researcher and Bitcoin Foundation board member Jon Matonis describes how at least three US exchanges that trade bitcoins have shut down as a result of guidance recently issued by FinCEN. Citing a podcast from The Daily Bitcoin, Matonis quotes Bradley Jansen, a former assistant to Ron Paul and director of the Center for Financial Privacy and Human Rights, as saying,....
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FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) is working on a regulation plan for Money Services Businesses (MSBs) dealing in virtual currencies, a series of rules that will most likely come to force in 2015. The Canadian financial regulator said that changes to the Proceeds of Crime and Terrorism Financing Act, a list of rules that facilitate combatting the laundering of proceeds of crime and combating the financing of terrorist activities, "will aim to cover entities such as virtual currency exchanges, not individuals or businesses that use virtual currencies for....
In the long run, this news will be positive for the bitcoin ecosystem as a whole. The bitcoin world was rather shocked to find out the PBOC had another meeting with exchange operators. Although that had been announced weeks in advance, the market responded in a rather negative manner. As it turns out, this meeting took place to inform domestic exchanges about the AML and forex rules affecting all Chinese companies. Not adhering to these rules can result in the exchanges being shut down, albeit no one is violating the rules right now. It is not surprising to learn AML and foreign exchange....
Welcome to another Bitcoin News in Review, where we feature our top Bitcoin and cryptocurrency stories of the week. This week, we analyzed the Bitcoin price, saw troubles at Sean's Outpost, saw the results of the DOJ's “Operation Choke Point”, and more. Calvin Tran‘s back with another excellent video, which you can watch below. After that, keep scrolling to see our biggest stories this week on CryptoCoins News. Bitcoin is considered by many to be one of the most volatile investments possible. However, for the past few weeks, the price seems to have been dancing around $450 on most....
Thailand has reportedly revised its net capital rules which help securities firms launch cryptocurrency exchanges. The country now has 15 licensed crypto service providers. New Thai Rules and Crypto Exchanges The Thai Securities and Exchange Commission (SEC) has revised its net capital (NC) rules which help securities companies provide crypto services, the Bangkok Post reported Wednesday. “The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication conveyed,....
Citing unnamed but informed sources, Japanese publications are reporting that a working group under the Financial System Council have complied a draft of Japan's first ever cryptocurrency regulations. Under the new proposed rules, bitcoin exchanges and those dealing with virtual currencies must register with the government to fall under a regulatory framework. The rules, as reported by The Japan Times, are drafted by a working group under the Financial System Council (FSA). The proposals and discussion for the new rules began yesterday, while the bills required to enact the new rules and....