US Government Agencies Propose Changes to Funds Transfer Rules-Seek to Broade...
The U.S. Federal Reserve Board and Fincen are seeking feedback on their proposal to lower the threshold at which financial institutions must collect and retain information on funds transfers. In their joint notice on the rule change proposal, the two U.S. agencies want a new threshold for international transactions to be set at $250 down from the current $3,000. The rule for domestic transactions remains unchanged. Agencies Want Cryptocurrencies Defined as Money In a press statement, the two agencies are also seeking comments on the proposition to broaden the definition of money to....
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An Indian official has reportedly confirmed that the country’s government will propose a ban on holding or using cryptocurrency.
The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels. The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks “to help identify the users who trade in virtual currencies”, as well as end “the anonymity....
Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.
Japan to Tighten Stablecoin Regulation
Japan’s Financial Services Agency (FSA) is planning to tighten the regulation of stablecoins by imposing strict rules on their issuers, Nikkei reported Monday, stating:
The Financial....
The Japanese government should introduce rules that target criminals using crypto from crypto exchanges to launder money. Reportedly, these remittance rules are supposed to be introduced by next springtime. The Act on the Prevention of the Transfer of Criminal Proceeds is supposed to be revised so that it is mandatory to share customer information between […]
Despite Europol’s statement that anonymous currencies are hardly used by terrorists, the European Commission will propose stricter rules on encryption and payment privacy in a bid to curb the financing of terrorism. Why are government officials afraid of Bitcoin? Government officials explain that “there seems to be a risk that virtual currencies may be used by terrorist organizations to conceal financial transactions, as these can be carried out more anonymously.” By being able to track financial flows, authorities hope to cut off terrorists’ access to funds and thus prevent attacks such....