Compliance

The United Kingdom has declined to implement a European Union rule requiring EU governments to monitor transactions on non-hosted digital wallets. The UK preferred to monitor transactions above a certain minimum amount to ensure compliance with financial regulations.

Many cryptocurrency exchanges have had problems with financial regulators in different countries. Some of them have had to shut down or move their operations to other countries. Others have been forced to look for ways to deal with supervisors and improve compliance.

Privacy coins have been a quite controversial topic for long. While many users favour them as a way to preserve their privacy, cryptocurrency exchanges and regulators are against them. But do they really pose a threat?

The beginning of 2020 was quite stressful for most cryptocurrency exchanges. On January 10, 2020, the 5th Anti Money Laundering (AML) Directive took effect. Some platforms announced their closure, while some threw all their strength into the struggle to meet the new requirements. This article will tell you how to win this battle.

US Tax body Internal Revenue Services (IRS) is demanding that American Citizens who hold cryptocurrency deposits in their wallets be taxed. The tax agency sent warning letters to more than 10,000 cryptocurrency holders over failure to pay appropriate taxes or falsifying taxable income.

With the alarmingly increasing rate of illicit activities associated with cryptocurrencies including Bitcoin, the Maltese government, through a Financial Crime team created by the MFSA, a monetary regulator, has decided to up its game by reinforcing inspection and compliance in order to combat the challenge of financial crime. With this result, the MFSA’s existing resources have been increased by a newly established team offered by FTI Consulting, a multinational business consultancy company based in the United States (US).

The financial banking institutions in Italy must change to blockchain decisively because a conservative reaction, targeted at minimizing technological developments and limited to just meeting compliance obligations, may not guarantee endurance in the market. Carmelo Barbagallo, head of supervision in Bank of Italy, revealed on Feb 8, 2019 in Napoli, Fasi reports.

Fresh from accomplishing its maiden funding round, Bakkt declared its first acquisition on January 14. The daughter firm of the Intercontinental Exchange (ICE) is also considering the feasibility of expanding beyond the U.S. market.

A full committee of tax experts in Japan which is responsible for giving advice to the government on taxation issues has called for the loosening of the country's digital currency tax filing process.