The European Union (EU) plans to introduce major Anti-Money Laundering (AML) rules by 2027. The regulations target privacy coins and anonymous crypto accounts. The new rules seek to improve transparency and combat fraud in the crypto sector. The AML rules prohibit service providers such as crypto asset firms from holding anonymous accounts or making transactions […]
AML
Elizabeth Warren’s Wake Up Call: Iran, Crypto & Controversy
Senator Elizabeth Warren has raised significant concerns about the lack of anti-money laundering [AML] laws applicable to certain sanctioned countries potentially profiteering by participating as validators in cryptocurrency transactions. In her recent post, Warren posted a scenario to Deputy Secretary of the Treasury Wally Adeyemo inquiring about the possibility of sanctioned nations like Iran being […]
Binance Sets Mandatory ID Verification For Users Amid Regulatory Shifts
Binance, the popular cryptocurrency exchange known all over the world has made a remarkable step to improve user security and compliance with the regulations; the company declared that mandatory identity verification will be established for all users. This comes in the wake of growing regulations in different jurisdictions, particularly amidst allegations of money laundering and […]
Crypto AML Rules Scrapped From US Defense Bill
The US government has opted to eliminate two crypto-related provisions from the National Defense Authorization Act (NDAA), a pivotal legislative framework that delineates the allocation and utilization of the defense department’s budget. The two provisions were aimed at addressing the anti-money laundering (AML) challenges posed by digital currencies, especially the use of anonymous transactions. The […]
Cyprus Considers Stricter Crypto Regulations Amid Global Pressure
In a bid to bolster its reputation as a crypto-friendly destination, Cyprus is contemplating tighter regulations for the burgeoning cryptocurrency industry. The Cyprus Ministry of Finance has proposed significant amendments to the Prevention and Suppression of Money Laundering Law, signaling a shift towards aligning the nation with international anti-money laundering and counter-terrorism financing standards. According […]
Singapore Forms Committee to Bolster AML Measures, Crypto Impact Looms
The Singapore government has embarked on a bold step by forming an inter-departmental committee comprising members from key ministries including MAS [Monetary Authority of Singapore], MHA [Ministry of Home Affairs], MinLaw [Ministry of Law], MOM [Ministry of Manpower], and MTI [Ministry of Trade and Industry]. The committee’s primary mandate is to strengthen anti-money laundering measures. […]
Coinbase’s AML Victory Ignites European Crypto Revolution
In a significant move for the cryptocurrency industry, Coinbase, one of the world’s leading cryptocurrency exchanges, has obtained Anti-Money Laundering (AML) compliance registration from the Bank of Spain. This development marks a crucial step in Coinbase’s European expansion strategy, granting it the ability to offer its services to both retail and institutional investors in Spain. […]
Singapore Grants Licenses To Crypto Firms With Strong AML Measures
In the latest stride against money laundering, Singapore has granted operational licenses to cryptocurrency enterprises demonstrating robust Anti-Money Laundering (AML) controls. The move signifies the MAS’s unwavering commitment to maintaining the highest standards of financial integrity. Contrary to recent criticisms, MAS asserted that businesses still need to meet the criteria for participation in its FinTech […]