Mandatory KYC verification may contradict privacy laws in South Korea

Will this legal contradiction be resolved before the deadline? With the South Korean government preparing to implement know-your-customer (KYC) and anti-money laundering (AML) compliance processes, there is confusion among legal experts as to whether the requirements contradict other laws. According to Digital Today, the new requirements would contravene the existing Personal Information Protection Act, which […]

Continue Reading

South Korean regulator is wary of NFT-based games

The South Korean gaming regulator is reluctant to embrace NFTs. The South Korean blockchain gaming industry is concerned regulators are looking unfavorably on non-fungible token based games, after the Game Rating and Administration Committee (GRAC) postponed an application for the NTF-based Five Stars on September 22.  According to iNews24, the watchdog decided to hold off […]

Continue Reading

Illicit crypto transactions are getting more attention from the government

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: […]

Continue Reading

BRD’s enterprise banking blockchain boosted by new compliance strategy

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.  […]

Continue Reading

Binance sued for allegedly facilitating money laundering with ‘lax KYC’

Binance’s lax KYC requirements are creating more legal problems for the exchange. Binance’s famously light Know Your Customer requirements are being targeted by the current owners of Zaif, a Japanese cryptocurrency exchange that got hacked in 2018. Plaintiffs are claiming that its weak KYC requirements and high daily withdrawal limit facilitated the laundering of $60 […]

Continue Reading

How banks are integrating crypto AML software for compliance

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 […]

Continue Reading
Page 1 of 41
1 2 3 4 5 6 41