The major cryptocurrency exchange Gemini, which is owned by the Winklevoss brothers, has announced the date for the first meeting in September 2018 – where four exchanges will meet in order to start discussing the possibilities of forming a self-regulatory organization (SRO) which will oversee the US crypto trading market.
Bittrex, Gemini, Bitstamp and bitFlyer USA will all be part of the meetings. Representatives from these companies will get together in September and discuss the potential SRO – which Gemini recently named the Virtual Commodity Association (VCA).
As the Head of Risk at Gemini, Yusuf Hassain stated:
“This is the first of many steps in policing the digital asset markets and answering the call of regulators.”
The CEO of Bitstamp, Nejc Kodric, also shared his positive thoughts about the partnership, stating:
“We believe in the value of self-regulation, which we pursued in Europe almost from our inception, and look forward to following a similar path in the U.S. Those that can’t or won’t comply with regulations put consumers – and their own operations – at risk.”
What’s most interesting is the fact that Gemini originally proposed the VCA in March 2018, arguing that a framework like this will provide a “virtual commodity regulatory program for the virtual commodity industry – which is why it is the next logical step in the maturation of the market.”
The formation directly follows the SEC’s recent announcement to deny the second attempt the Winklevoss brothers tried to create a Bitcoin ETF.
Tougher Crypto Regime Announced In The UK: The ‘Dirty Money’ Crackdown
“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.
IRS Confirms That It Has Trained Staff For Detecting Crypto Wallets
“Issuance of a Grand Jury Subpoena should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history."Prepared by James Daniels who is the program manager for cyber crimes at the IRS criminal investigation unit, the deck proves that IRS confirms the claims. It also reads:
“Each application’s function should be explored to determine whether or not the application can transmit, or otherwise allow, transactions in bitcoin."If such is the case, it should be checked whether the app allows only peer-to-peer transactions or transactions with crypto related businesses. The deck also leaked on Twitter and showed that IRS confirms its trained staff for crypto wallets. Justin Cole, who is the director of communication and education at IRS' criminal investigation unit, said that the materials were presented to agency staff at an event at the World Bank in Washington, DC on June 5 to June 7.
“The training material has been used around the world to various law enforcement partner audiences and was again given at this forum in a room that included partners from dozens of countries around the world as well as various press members,” Cole wrote in an email featured on many best cryptocurrency news sites.However, Cole did not say whether the IRS will definitely implement the suggested measures. “I can’t discuss specific investigative actions that the agency may or may not take in the future,” Cole said. Meanwhile, the IRS is getting ready to issue new guidance on reporting crypto for tax purposes, the first coming out with an initial notice published in 2014. As it stands, IRS confirms that new developments are happening everywhere around the organization.
Spanish Bitcoin ATM Owners Are Not Following EU’s AML Regulations
Canadian Crypto Exchanges Must Register As MSBs & Report Transactions
“These amendments serve to mitigate the money laundering and terrorist activity financing vulnerabilities of virtual currency in a way that is consistent with the existing legal framework, while not unduly hindering innovation. For this reason, the amendments are targeted at persons or entities engaged in the business of dealing in virtual currencies, and not virtual currencies themselves.”All of this comes months after the Canadian crypto exchange QuadrigaCX shocked the country and made global headlines after its founder and CEO Gerald Cotten died, apparently without passing any access to the company's cryptocurrency wallets.
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