New EU proposal looks to tighten regulations for sending cryptocurrency
The European Commission looks to block large, anonymous transfers of cryptocurrency in an effort to limit money laundering activity. The European Commission has submitted a new proposal that would require crypto-asset service providers to collect additional Anti-Money Laundering information from those who utilize cryptocurrency for money transfers. The stated purpose of this proposal is to prevent the further propagation of money laundering activity within the European Union.Under this proposal, service providers conducting transfers must have the name of the originator of the transfer,....
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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,....
Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The Monetary Authority of Singapore (MAS) has put forward draft regulations that aim to restrict crypto trading for retail investors with the stated goal of reducing risks for consumers associated with....
The new EU proposal for amending existing AML and CFT regulation may increase pressure on Bitcoin platforms. The European Union has renewed calls for stricter cryptocurrency regulations. Europe is one of the most prolific markets for cryptocurrencies and cryptocurrency technology-based products and services. The proposal for the amendment of existing Directive (EU) 2015/849 believes that Bitcoin exchanges, due to lack of strict controls may become a potential route for money transfer among terrorist groups and organizations. In order to prevent misuse of virtual currency platforms, the EU....
Following a series of terrorist attacks before the Winter Olympics, Russian legislators are likely prepared to pass new bills that severely tighten regulations around electronic payments in the country. News agency RIA Novosti reports online payment systems that allow anonymous usage like Russia's Yandex (which is basically their version of PayPal) will no longer allow money to be sent abroad electronically. That aside, the new rules dictate that no more than 15,000 rubles (or about $450 USD) may be sent in a single month - down from 40,000 rubles ($1,200 USD). An open or closed door for....
A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote. White House Urged to Tighten Crypto Regulation A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim....