The Securities and Exchange Commission of Cyprus is calling for the implementation of the European Union’s Anti-Money Laundering Directive into the national law that will bring crypto regulation under its provisions according to the CySEC’s announcement that reached our crypto news today.
The EU directive first came into force last year on July 9 and set a new legal framework for the financial regulators in the European Union that monitor the crypto-related businesses in order to be able to protect the users, investors, and citizens from money laundering and financing terrorism.
Further, the directive extends its influence to crypto exchanges and wallet providers in order to enhance their transparency requirements that are conducted by anonymous parties whether that is payments done via exchanges or prepaid cards. All of the EU member states must adopt the directive into their national laws by 2020.
CySEC notes that its innovation hub received multiple reports from crypto-related entities that don’t fall under the existing regulatory framework. The agency is proposing to bring multiple additional areas of crypto-related activity in Cyprus under AML obligations such as:
“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”
Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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Fake Trezor Crypto Wallet Emerges On Google Play Store
“If bitcoin continues its growth trend, we can expect more cryptocurrency scam apps to emerge in the official Android app store and elsewhere.”As mentioned on other altcoin news, the users of the apps are urged to only trust a legitimate app with the company’s official website links and branding. They should also check for a regular update on their devices and ask around before entering sensitive information into any blank space. Also, they are urged not to complete online forms that come from apps that have a dubious background. The company behind the crypto wallet told the researchers that the fake app was not a threat to their users but they also made clear that the addresses that some of the users provided could be collected through the software and used for phishing attacks in the future. Google Play removed the app instantly from the marketplace. Last year, Trezor issued multiple warnings to users after scammers tried to make a counterfeit version of the wallet.
Binance CEO CZ Claims Sequoia Capital Hurt His Reputation
"I won, but the case was very damaging. First, Sequoia took out an injunction against me which prevented me from raising finance for Binance at the end of 2017 which was a critical time in the market and when there was huge interest in Binance from other VCs and investors."Zhao stated previously that he was unable to publicly defend himself because of the confidentiality of the arbitration. Also, Sequoia paid about $2.4 million in legal fees for their part and lost the case. Zhao on the other hand as the best cryptocurrency news report had to pay up to 779,043 for more than a year to cover his legal expenses. He stated:
"For most entrepreneurs, they will not be able to: front USD 779,000 to fight a lawsuit; secure additional funding for their startup given a pending lawsuit, even one that’s clearly without proper base and where the claimant will surely lose.’’Zhao concluded that there is a weakness in the legal system and unprofessional behavior by the VC giant. He noted that such companies should help entrepreneurs and startups. Luckily, there are many entrepreneurs today that offer better options such as blockchain based fundraising as he pointed out. Sequoia did not comment but as we know the company sued Zhao’s company over a funding deal. The court filings show that there was a negotiation on investment between CZ and Sequoia since August 2017 which should have given the VC giant 11$ stake of the company. Zhao denied these allegations at that time.
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