US crypto regulations will return Bitcoin to its digital cash origins
The inconvenience of using Bitcoin directly may soon be dwarfed by the headache of moving it on and off exchanges. The United States Financial Crimes Enforcement Network, or FinCEN, recently proposed a series of new regulations applying to financial institutions dealing with digital currencies, such as Bitcoin (BTC). To summarize the proposed regulations, exchanges would essentially be required to file a report with FinCEN when a customer makes a purchase in excess of $10,000, and gather Know Your Customer information any time a transaction of $3,000 or greater is conducted using a....
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Tornado Cash is a crypto mixer that recently came under sanction from the United States government. The reasoning given for this was the fact that it was a protocol used by criminals to hide the origins of their funds. Most notably used by South Korean hackers who have stolen millions of dollars in hacks over […]
Ethereum developer Preston Van Loon encouraged GitHub to fully restore Tornado Cash’s repositories after partial unbanning. Crypto mixer Tornado Cash has returned to the software development platform GitHub after several weeks of being banned on the website.Ethereum developer Preston Van Loon took to Twitter on Thursday to report that GitHub has partly unbanned the Tornado Cash organization and contributors on their platform. The developer suggested that Tornado Cash’s code repositories are now in read-only mode, which means that GitHub is yet to restore full functionality.“But that is....
French Finance Minister Michel Sapin has announced increased control of “the use of cash in France.” Starting from September 2015, French daily Le Parisien reports, all cash transfers will be monitored, leading mostly likely to cryptocurrency regulations being tightened. The restrictions proposed by Sapin planned to take effect this September will include a 1000-euro limit on cash payments and mandatory reporting by banks of accounts which exceed 10,000 euros per month to the Money Laundering Authority TRACFIN. Regulations will also be refocused for “financial instruments that escape the....
Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon. Digital payments and financial technology (Fintech) solutions have caught on rampantly amongst the Indian society in recent times, particularly after a sweeping, unprecedented cash....
The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control....