British Bitcoin Startups Confident About AML Regulations
Ever since the news broke out that the British government was planning to apply AML regulations to Bitcoin, the community has undergone a sea change in fundamental ways. The UK government intends to impose anti-money laundering regulations, as well as KYC to Bitcoin and other cryptocurrencies. The digital currency enthusiasts were all praise for the Treasury Report which was made public on the eve of Chancellor of the Exchequer George Osborne's 2015 Budget. The co-founder & COO of Bitcoin storage service provider Elliptic, Dr. Tom Robinson saw the government's action as a big positive....
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Regulations or lack thereof can be tricky for businesses, especially if you are involved in Bitcoin startups or cryptocurrency related business. Bitcoin and other cryptocurrencies are relatively new introductions to the economy and there isn't enough clarity amongst people regarding its inner working and implications. The companies that are into Bitcoin based businesses are doing so based on their belief and the emerging trends which indicate that Bitcoin might just be the digital currency that future will embrace and appreciate. Some of them have been really lucky so far, some not so much....
The divided regulatory policies and frameworks on digital currencies, including Bitcoin, in the United States have created an impractical ecosystem for startups to operate in. The country’s state-by-state regulations for money transmission licensing has led to an unclear regulatory framework for digital currencies, with some states, including North Carolina, New Jersey and California, establishing regulations in favor of digital currency startups and businesses, while others, such as New York and Connecticut, require startups to obtain expensive licenses to operate as legal entities. This....
The South Korean Financial Services Commission (FSC) has established a task force to design regulatory framework for Bitcoin companies and users. The government states that regulations will be introduced by the first quarter of 2017. Several meetings have taken place since the FSC’s initial announcement of a potential introduction of Bitcoin regulation. South Korean media reported that the task force agreed to design its regulatory frameworks for Bitcoin companies based on the regulations in Japan and the U.S. While regulations greatly vary between states in the U.S., Japan has a unified....
Switzerland takes another large step in the direction of a crypto paradise with the introduction of a motion to redefine client deposits, exempting Bitcoin businesses from the stringent financial regulations banks face. Members of the Swiss parliament moved to lessen regulations on Bitcoin- and blockchain-based startups. Federal Assembly member Franz Grüter, along with 23 of his colleagues across several parties, filed the motion last Wednesday (though a vote would likely not take place until the fall). The motion aims to clarify the definition of financial institutions. Currently,....
To facilitate the development and implementation of the Blockchain technology in Ireland, a non-profit advocacy group called the Blockchain Association of Ireland (BAI) will launch on Dec. 14. Reuben Godfrey, the co-director of the BAI, stated that the organization will bridge the gap between startups and large-scale institutions to establish Ireland as a global FinTech hub. Dealing with regulations and frameworks. One of the major aspects of Blockchain implementation which most startups and corporations struggle to deal with is regulatory conflicts. Because the Blockchain technology is a....