The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity. The COVID-19 pandemic has forced governments worldwide to focus on bringing blockchain technology to their financial services, along with the needed regulatory upgrades to keep the burgeoning fintech industry clean. Related: Not like before: […]
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Dapper Labs has partnered with its second major stablecoin this week, announcing the integration of BUSD for developers building on its Flow blockchain. The U.S. dollar stablecoin of top crypto exchange Binance, BUSD, has become the latest stable token to announce it will launch on Dapper Labs’ Flow blockchain. The news comes just days after […]
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Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution. In July this year, the Office of the Comptroller of the Currency granted permission for federally chartered banks to provide custody services for cryptocurrency. While significant, the need for enterprise-grade infrastructure to securely deploy custody solutions has become crucial. […]
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Top financial services experts continue to join the Libra project. The Libra Association has appointed HSBC veteran James Emmett as managing director of its subsidiary firm, Libra Networks LLC. James Emmet spent 25 years at HSBC and is a former colleague of the Libra Association’s new CEO, former HSBC chief legal officer Stuart Levey. Levey […]
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FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.” The U.S. Financial Crimes Enforcement Network (FinCEN) has announced it will be changing the anti-money laundering (AML) and counter-terrorist financing (CTF) rules within the financial sector. The announcement stated that FinCen will be […]
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Uniswap is taking on SUSHI head on with the launch of a new governance protocol token UNI, leading to a flurry of activity from more than 13,000 DeFi users. Decentralized finance (DeFi) platform Uniswap’s governance protocol token UNI went live on Ethereum earlier today. The community showed immediate support for the new token with Uniswap’s […]
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Covid-19 stimulus payments “could have been done in a few seconds, at no (distribution) cost. It would have been a no-brainer.” Programmable money (PM) is in the air. It may be the next stage in the evolution of money. And it could be as disruptive as any financial technology in development today. Yes, China is […]
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Where does the right to financial privacy end? Privacy-oriented cryptocurrencies like Monero (XMR) do not conflict with Anti-Money Laundering laws, according to a major global law firm. Perkins Coie, a Seattle-based international law firm, published a report devoted to the AML regulation of privacy coins on Sept. 15. In the report, Perkins Coie aims to […]
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DeFi could fall under regulatory pressure if it is seen as a haven for money laundering. The rapid growth in decentralized finance and yield farming is likely to attract greater regulatory attention according to a recent report. A joint research paper by global management consulting firm BCG Platinion and Crypto.com has indicated that the rapid […]
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Virtual asset service providers (VASPs) are looking for effective cryptocurrency compliance solutions as new regulations are introduced globally to combat illicit activity on the blockchain. What solutions are available to them? With the exposure of traditional banks and financial institutions to crypto-assets and all the risks involved, as well as the continued advice from governmental […]
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