UK AML Regulations for Cryptocurrency - Much Needed and Well Balanced
As you all know, United Kingdom recently released a treasury report that explained plans for regulating bitcoin and other cryptocurrency based businesses by bringing in Anti-money Laundering (AML) regulations. This report received mixed response from the bitcoin startup community across the country. The Her Majesty's Treasury report - Digital currencies: response to the call for information is a comprehensive report created after due consultation with 120 respondents. These 120 respondents viz. digital currency using public, developers, businesses involved in digital and cryptocurrency....
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Balanced, a San Francisco-based company that provides a payment API for online marketplaces has today announced plans to integrate bitcoin into its system. The company's co-founder and CEO Matin Tamizi told CoinDesk that its marketplaces will benefit, as Balanced takes the payments layer off their hands: "We create value by having one API and one platform to do that." The payment API has begun trialling bitcoin integration with two of its customers: CrowdTilt and Gittip. Lower fees. Tamizi confirms that the company has partnered with Coinbase to launch the effort. He added: "There's a 1%....
I was reading the news this afternoon and saw this article that caught my eye. It was notable due to it dealing with Bitcoin, and its use as an investment tool. Balanced Energy, a small oil company, run by Kirk Johnson was recently told by Texas State Regulators they are not to accept Bitcoin payments. They served them with an Emergency Cease and Desist order. Balanced Energy had announced in a pitch at the Texas Bitcoin Conference that they are the first company to accept Bitcoin for exploration investments. Texas State Regulators wasted no time in telling Balanced Energy that they could....
BitPhone, cryptocurrency based voice and video calling platform has shut down due to increasing regulatory pressure. Poorly drafted regulations have again started to haunt Bitcoin businesses. Many cryptocurrency platforms have fallen victims to the fiasco, choosing to either move away from a particular market/location or shut their shops entirely. BitPhone is the latest company to succumb to the injuries inflicted by regulations. The cryptocurrency-based encrypted voice and video calling platform has announced the end of its brief 1.5-year stint. According to BitPhone’s announcement, the....
Texas-based Balanced Energy LLC has reportedly been told by the Texas State Securities Board to stop getting itself involved with bitcoin, according to a number of reports. The Southlake company was reportedly raising capital using the digital currency and selling unregistered securities - something the Board says took place at the Texas Bitcoin Conference in Austin recently. "Balanced Energy and Johnson are accepting payment through Bitcoin, a digital currency that incorporates cryptography and is designed to enable users to send money over the Internet without using a credit card or bank....
As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....