UAE regulators to allow Dubai-licensed VASPs to service entire country

The agreement between UAE regulators covers the mutual supervision of crypto providers, penalty imposition, information exchange and employee training. 

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New Travel Rule Regulations Impacting Crypto Transactions

In a recent podcast, Alice Nawfal discusses how new Travel Rule regulations are shaping the crypto industry and the compliance challenges faced by VASPs. (Read More)

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Nigerian SEC mandates local offices for crypto firms

The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits and monitoring.

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Enforcement of South Korean virtual assets law prescribed in decree

The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.

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Nigerian SEC announces new rules, compliance program for digital assets

While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date.

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Taiwan proposes tougher AML measures for crypto service providers

Taiwans Ministry of Justice proposed four amendments to the countrys AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

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Turkish crypto bill: 5 things to know before its introduced

Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process.

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Nigeria to tighten crypto regulation in wake of Binance disputes

The Nigerian Securities and Exchange Commission (SEC) has disclosed plans to introduce new regulations for crypto operators following recent challenges with Binance. New regulations The planned regulation would include licensing, registration, and screening guidelines for digital and virtual asset services providers (VASPs). In addition, the new guideline would ensure that malicious actors are not registered […]

The post Nigeria to tighten crypto regulation in wake of Binance disputes appeared first on CryptoSlate.

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BSP Makes it Easier to Report Problems with Locally-Licensed Crypto Exchanges

BSP said any customer can report local VASPs to the central if the company fails to address their concerns.

The post BSP Makes it Easier to Report Problems with Locally-Licensed Crypto Exchanges appeared first on BitPinas.

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EU Issues Bitcoin, Crypto Ban On Russia With New Sanctions

Previously-limited transactions between Russian bitcoin wallets and EU service providers are now completely banned.

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Estonia Approves First Bitcoin, Crypto Bank After New Legislation

Striga is the first VASP to be approved since Estonia enacted a new legal framework restricting service providers in the bitcoin and crypto ecosystem.

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Paypal adds to list of crypto heavy hitters on the TRUST network

Paypal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule.”

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UAE to Strive for Virtual Service Provider Licenses before Q2

In a bid to become a global crypto hub, the United Arab Emirates (UAE) is gearing up to issue federal licenses to virtual asset service providers (VASPs) by the end of Q1 2022. (Read More)

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FATF Updates its Guidance to Service Providers to Include DeFi

The Financial Action Task Force (FATF) has updated its guidance governing Virtual Assets and Virtual Asset Service Providers (VASPs) with the inclusion of decentralized finance (DeFi). (Read More)

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Crypto Exchange Okx Gets MVP Preparatory License From Dubai Regulator

Crypto exchange platform Okx Global has been granted the minimal viable product (MVP) preparatory license by the Dubai regulator, the Virtual Assets Regulatory Authority (VARA). The latest VARA license has been granted almost a year after Okx received the “provisional virtual assets license.” Crypto Exchange to Increase Dubai Office Staff The Dubai digital assets regulator, [...]

The post Crypto Exchange Okx Gets MVP Preparatory License From Dubai Regulator appeared first on Crypto Breaking News.

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BSP Expands Use of Digital Regulatory Platform for VASPs

BSP is expanding its ASTERisC* platform to all banks and VASPs by January 2025 to enhance cybersecurity and streamline compliance.

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Southeast Asia Faces New Crypto Crime Wave, UNODC Calls for Regional Cooperation

The United Nations Office on Drugs and Crime (UNODC) has released a report urging Southeast Asian nations to take stronger crypto measures against unlicensed virtual asset service providers (VASPs). The call comes amid an unprecedented campaign against organized crime, especially in fields with a high potential for money-laundering, like online gambling, casinos, and virtual currencies. […]

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Taiwans new AML laws put crypto firms on notice

The Taiwanese FSC has released new Anti-Money Laundering laws that will replace its current regulations and require full compliance of VASPs. 

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Estonia squeezes out 400 crypto firms after new laws

Estonia’s money laundering regulator highlighted a number of issues it found within local crypto firms, such as dodgy execs and nonsensical business plans.

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US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto

The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. [...]

The post US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto appeared first on Crypto Breaking News.

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