UK crypto firms must now submit yearly financial crimes reports
Financial crimes reporting obligations are irrespective of a crypto firm’s total annual revenue. The United Kingdom's Financial Conduct Authority has included cryptoasset businesses under the financial crimes reporting umbrella eight months after initially announcing plans to do so.The FCA made this known via a policy statement issued on its website on Wednesday. This move comes as the country’s financial regulator has increased the number of firms required to submit annual financial crime report known as “REP-CRIM” from 2,500 to about 7,000.According to the policy statement, the FCA....
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The Monetary Authority of Singapore (MAS) has instructed certain crypto firms to submit data concerning their business activities. The Central Bank is supposedly going to make certain amendments to the present crypto regulation policies after the collapse of crypto-hedge fund Three Arrows Capital, Terraform Labs and even Vauld. This change in cryptocurrency regulation will primarily […]
The New York State Police won formal recognition this week for its work tracing bank deposits back to a number of drug deals conducted in bitcoin on an online dark market. The Financial Crimes Enforcement Network (FinCEN) presented an award to the New York State Police Suspicious Activity Review (SAR) Team and the New York State Police Financial Crimes Unit during an event held at the US Department of the Treasury in Washington, DC. In a statement to announce the award and five others, outgoing FinCEN director Jennifer Shasky Calvery spoke to the increasing sophistication of financial....
Some jurisdictions have put mandatory regulations for BTC and crypto-related companies. For example, a law demands that all crypto service firms and exchanges have a financial license. Such laws are appropriate as more criminal activities and scams are rampant through the use of cryptocurrencies. As digital assets and crimes grow, many governments are on edge. […]