According to the Financial Action Task Force (FATF), we are now closer to the establishment of a global set of anti-money laundering (AML) standards for cryptocurrencies. This is the latest viral crypto news in the industry, mostly because of the importance of such standards in preventing hackers and manipulators from laundering money through Bitcoin and other altcoins.
The news was first reported by Financial Times. According to it, the FATF is now more aware of the possibilities regarding anti-laundering in the crypto space and currently comprises of 35 member jurisdictions and 2 regional organizations.
The president of the agency, Marshall Billingslea, said that he expects the coordination of a series of standards that will apparently “close the gaps” in global AML standards at an FATF plenary in October.
It is expected that FATF in October will discuss which existing standards should be adapted to the world of digital currencies, and how they can assess proper methods to implement those standards. When asked about the current AML standards and regimes for cryptocurrencies, Billingslea labeled them as “very much a patchwork quilt or spotty process” and noted that despite the risks related to this kind of assets, cryptocurrencies as an asset class present “a great opportunity.”
Earlier this month, the Belgian think-tank Bruegel also called for unified legislation on cryptocurrencies and their distribution to investors, noting that their virtual nature limits the development of regulations.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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