New Law in Germany Allows German Banks to Offer Crypto-Related Services

New Law in Germany Allows German Banks to Offer Crypto-Related Services

German banks have so far not been allowed to conduct their various businesses in cryptocurrency. However, a new law called the fourth EU Money Laundering Directive is going to revolutionize the way banks and customers interact. At its basic, the new law will empower banks to become the primary custodians of digital currency for their customers. Local news agency Handelsblatt reports: “Starting in 2020, financial institutions will be able to offer their customers online banking,…

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Social Trading Platform eToro: Facebook Needs to Leave Stablecoins to Third Parties

Social Trading Platform eToro: Facebook Needs to Leave Stablecoins to Third Parties

eToro, the crypto-oriented social trading and brokerage provider, recently published a position paper that stated that in order to get a cryptocurrency project launched, Facebook should focus on stablecoins that are distributed by regulated third parties instead of the company’s own digital currency. Facebook’s cryptocurrency project, Libra, has faced many obstacles since the announcement of its launch in June this year. Politicians and regulators across the United States, the United Kingdom and Europe have expressed…

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Thailand’s SEC Examines If Regulation Impedes Crypto Businesses

Thailand’s SEC Examines If Regulation Impedes Crypto Businesses

The regulators at Thailand’s Securities and Exchange Commission (SEC) are exploring possible obstacles for digital asset businesses in a prior crypto royal decree. According to Secretary General of the Thai SEC, Ruenvadee Suwanmongkol, the regulators must be flexible for rules and regulations to be applicable in line with the digital market environment. The amendments are expected to take place by next year as the SEC aims to cater the growth of virtual assets and protect…

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Wyoming Accelerates Pro-Crypto Legislation to Woo Blockchain Businesses

Wyoming Accelerates Pro-Crypto Legislation to Woo Blockchain Businesses

Wyoming is leading the race to enact crypto friendly legislation to stir crypto activity in the US state. Before 2019, the western state has been conservative with its approach towards money-transmission. However, a new generation of lawmakers are turning the tide and transforming the financial thread of the state to allow for more space for digital currency to breathe in a state which has been knocking down crypto consistently until this year. A few years…

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US Congress Introduces Bill Classifying Facebook’s Libra a Security

US Congress Introduces Bill Classifying Facebook’s Libra a Security

On Thursday, US congress has introduced a bill that would classify Facebook’s cryptocurrency Libra as a security. The new proposed law is likely to bring up larger issues of regulation and inspection to Facebook’s crypto project that the company introduced as an electronic payment system. Representatives Sylvia Garcia and Lance Gooden (Democrat and Republican from Texas) proposed the bipartisan bill titled ‘Managed Stablecoins and Securities Act of 2019’ during the same day of a committee…

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South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

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Featured: The Connection Between Cryptocurrency and Money Laundering

Featured: The Connection Between Cryptocurrency and Money Laundering

In recent years, cryptocurrency has become one of the most important components of the global financial system, as it can be considered as a significant form of personal wealth. Many businesses that have emerged over the past decade are involved with cryptocurrency trading and development. Though the use cases of cryptocurrency for illegal purposes are much less compared to legitimate transactions, crypto crime cannot be ignored. As per recent academic analysis, in 2019 only $829…

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US Presidential Candidate Andrew Yang Presents his Crypto Regulation Approach

US Presidential Candidate Andrew Yang Presents his Crypto Regulation Approach

In one of his several pro-Bitcoin letters, the Democratic Party’s presidential candidate Andrew Yang carefully laid out the groundwork on how technology should be regulated, including of course crypto. Reflecting on the negative impacts of technology on the nation, the philanthropist and entrepreneur Yang touched on how much technology has affected the minds of the young and how much worse it is now to regulate the space. Yang further pinpointed the struggle through which government…

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Financial Crimes Enforcement Network Head: Crypto Exchanges Must Verify Identities

Financial Crimes Enforcement Network Head: Crypto Exchanges Must Verify Identities

In a conference hosted by the blockchain analysis company Chainalysis, the Director of Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco stated that the U.S government will be observing a strict implementation of the “Travel Rule.” According to the “travel rule,” any entity engaging in cryptocurrency exchange is required to share their customer’s identity, beneficiaries and identity of the original parties if the exchanged amount is $3,000 or higher. These entities can range from wallet service…

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Iran Proposes Rewards to Informers Against Illicit Crypto Mining

Iran Proposes Rewards to Informers Against Illicit Crypto Mining

Iran has introduced a new policy, proposing that anyone who shares information about illegal and unauthorized mining of cryptocurrency in the country will receive a bounty. This was surfaced following the country’s new introduced regulations regarding the calculation of price of electricity that is utilized by crypto miners. Iran’s Energy Ministry’s spokesperson announced that anyone who will go on record and expose people who have wielded electricity for the mining of digital currencies will receive…

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