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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New Law in Ukraine Obliges Citizens to Report Cryptocurrency Holdings

New Law in Ukraine Obliges Citizens to Report Cryptocurrency Holdings

The Ukrainian government has passed a new law that ensures that the citizens of the country reveal the amount of cryptocurrency they hold. The new law is part of Ukraine’s efforts to tackle the issue of corruption. One part of the new law forces citizens to disclose if them or any of their close relatives hold cryptocurrency. The aim of this legislation is for the Ukrainian government to legalize digital currencies so they can implement…

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US Senator Mitt Romney Claims Crypto Could Be a Threat to National Security

US Senator Mitt Romney Claims Crypto Could Be a Threat to National Security

Senator Mitt Romney, former Presidential candidate who has been making headlines for his opposition of President Trump as impeachment proceedings are being carried out, has expressed criticism of cryptocurrency in United States as well. The Republican senator stated that his opposition to crypto is due to the threat it present to the nation’s security. During a conference in the United States Senate Committee on Homeland Security and Government Affairs, Senator Mitt Romney questioned individuals from…

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Russia Contemplates Law to Allow Cryptocurrency Confiscation by Government Agencies

Russia Contemplates Law to Allow Cryptocurrency Confiscation by Government Agencies

According to Russian media publication RBC, Russia has started working on changing the law that currently grants permission to the law enforcement agencies in confiscating and seizing digital currencies such as Bitcoin(BTC)trade. The Ministry of Internal Affairs of Russia have set the agenda to create a structure of legal mechanism for the confiscation of cryptocurrency and other such digital assets, as reported by the media outlet. The Ministry of Internal Affairs is working on developing…

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Crypto Exchange Bitfinex Cancels the K.im Token Sale Over Regulatory Issues

Crypto Exchange Bitfinex Cancels the K.im Token Sale Over Regulatory Issues

The infamous cryptocurrency exchange and trading platform Bitfinex has announced on November 5 that it has halted the sale of K.im token on its Bitfinex Token Sale platform for an uncertain period of time due to regulatory issues. Bitfinex further affirmed that the developer of K.im will keep users notify about the token sale once the K.im platform will be fully functional and that everything that surrounds it will comply with current regulations. K.im might…

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Crypto Exchanges in Hong Kong to Need Regulatory License to Operate

Crypto Exchanges in Hong Kong to Need Regulatory License to Operate

The Chief Executive of Hong Kong’s Securities and Futures Commission, Ashley Alder, announced at a fintech conference in Hong Kong that the region’s financial regulator is going to develop a framework for digital asset exchanges. The framework was to be released on Wednesday. Hong Kong is the hub for many of the largest cryptocurrency ventures, with several of the largest crypto exchanges operating in the region. Alder says that until now these exchanges had not…

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Canadian Regulator Seizes Assets of Defaulting Einstein Crypto Exchange

Canadian Regulator Seizes Assets of Defaulting Einstein Crypto Exchange

The British Columbia Securities Commission (BCSC) announced through a blog post that it has taken action against a Canadian crypto exchange firm called Einstein Exchange. The BCSC is an independent provincial government agency that is in charge of regulating capital markets in the Canadian state of British Columbia. The BCSC said that it has taken the steps in order to protect the customers of the cryptocurrency exchange, which had stored their funds with the exchange….

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