The UK government is in the altcoin news for its regulatory attempt and action plan with which it aims to combat financial crimes that will include “action on cryptoassets” as it said. The tougher crypto regime will set out to “tackle fraud, money laundering, bribery and corruption” both at home and abroad.
The new Economic Crime Plan from H.M. Treasury and the Home Office aims to overhaul the way economic crime is tackled. As such, it will also build better cooperation between the government, law enforcement as well as the private sector – an official announcement showed on Friday.
What’s most interesting, as the latest cryptocurrency news show, is the fact that the plan includes £6.5 million in backing from Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK – all in order to reform the Suspicious Activity Reporting regime.
“All parties will work together on longer term funding for developing richer intelligence and improving operational effectiveness in the fight against dirty money,” the announcement reads.
The agencies also want to take action and ensure that cryptocurrencies are not used for money laundering and/or other illicit activity. The tougher crypto regime is designed to ensure that, officials say.
The illicit activities will crypto will be regulated by the establishment of a new crypto assets regime in conjunction with the UK’s Financial Conduct Authority. The tougher crypto regime stated that this will “go beyond international standards to create one of the most comprehensive global responses to the use of crypto assets in illicit activity.”
Furthermore, an Asset Recovery Action Plan will be set in place to help and recover the proceeds of crime, including funds held outside the UK. The announcement shows that £1.6 billion was clawed back from criminals between 2010 and 2018.
“The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud. This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth. By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business,” the Chancellor Hammond said in the coming altcoin news.
OKEx Korea Delisted Monero, Dash, And Other Privacy-Cryptos Over FATF Demands
“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated.”As the news site reported, the sweeping changes to crypto transaction rules currently demand businesses to identify the two parties which are sending funds to each other - if a transaction exceeds the limit of $1,000.
"According to the statement corresponding to FATF R.16, OKEx Korea has restricted its implementation as the ' travel rule' recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset. privacy-oriented cryptocurrency, aka that ' the dark Coin "has decided to take the deal end-of-support measures of the corresponding event," the blog post showing that OKEx delisted the five altcoins shows.This comes in period when more than 200 countries are forced to theoretically implement the rules by June 2020. Still, the altcoin news show that there are concerns that doing so is physically impossible for a lot of decentralized blockchains. Now that OKEx Korea delisted the five cryptocurrencies, all of them make it possible to identify the sender and recipient of a transaction by design. An OKEx representative was also featured on many best cryptocurrency news sites a while ago, telling that the coins will only be delisted on OKEx Korea (OKEx.com.kr) but will remain listed on the global OKEx platform. The value of these coins, as the coming altcoin news show, has remained unchanged.
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First Crypto Banks In Switzerland Are Seen As A “Game Changer”
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role. We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”Other members of the bank and officials agreed that crypto will apparently "come out of the shadows once these assets are done in a 100% compliant manner" This, according to the official who runs the group's Singapore operation, is a "game changer." What is very interesting is the fact that Swizerland has been one of the leading players in the global adoption of tokenized digital assets and DLT technology. The country is in the process of updating its financial legislation to incorporate the new technology. To remind you with a piece from our altcoin news, Switzerland is also the home to Facebook's Libra cryptocurrency foundation - which was set up in Geneva. Other established players such as the Swiss stock exchange and state owned telecom giant Swisscom are also involved, as well as a number of startups. The benefits of tokenizing all types of financial assets in a purely digital format and then trading them on DLT ledgers are believed to be manifold - and instantaneous settlement might help big time in the future. Even though there are some critical voices about the adoption, the fact that Swizerland houses the first crypto banks is definitely a positive sign for the entire industry.
China Plans Crackdown On Crypto Mining In Inner Mongolia
“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported," the report summed up, indicating that China plans crackdown.China's regulatory approach towards crypto mining has been somewhat inconsistent, sources reported. This left it unclear what exactly what the recent notice will mean for miners operating in the province of Inner Mongolia. In a tweet with a reaction to the ChainNews' report, a partner at Primitive Ventures and popular crypto commentator (featured on many best cryptocurrency news sites) named Dovey Wan wrote:
“I doubt this will have any impact.”What's also interesting is that as of the end of May, China was responsible for 70% of the global BTC mining. At the time, reports showed that China plans crackdown and that regulators were investigating illegal mining operations in Sichuan - a province which is responsible for 70% of the Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin. In April this year, reports in the altcoin news also showed that the National Development and Reform Commission in the country was considering a ban on crypto mining throughout the country. This tentative ban led to speculation that mining would be forced to leave the country or go underground - which was clearly a troubling proposition for the Chinese regulators. China currently houses the majority of the world's hash power and so far, no ban like this has entered into law. Meanwhile, the recent Bitcoin and coming altcoin news show an increase on the markets.
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