The World Tightens Crypto Laws While Japan Lets its Crypto Industry Regulate Itself

HKEX plans to create a blockchain platform, Taiwan implements new amendments to AML and CFT laws, SEC ceased over dozen illegal ICOs, RFB demands monthly reports from crypto exchanges, Petro recognized as a legal tender, crypto industry to regulate itself in Japan, HSBC and RIL settle India’s first LoC transaction on blockchain, ASB settles New Zealand’s first export deal using blockchain

The problem at present is that there is a very short time period between when you execute a trade and the settlement cut off time, usually just four to five hours, during which asset managers need to decide how to allocate that trade to their funds, and pass that information down the chain to brokers and custodians.

Lukas Petrikas, co-head of HKEX’s innovation lab, said in advance of the announcement

He said It! #Live / President Nicolas Maduro: Oct 1st, Petro will go live to be used as a convertible currency. A digital currency from Venezuela to the World

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Financial Action Task Force Calls For Stricter Regulation of Virtual Asset Service Providers

The Financial Action Task Force (FATF) — an intergovernmental organization founded to develop policies against money laundering and terrorism financing — is even more squarely setting its sights on regulating, supervising, and monitoring providers of services for digital assets.  Specifically, FATF has admittedly been working on an Interpretive Note to Recommendation 15, which defines how the FATF standards apply to activities or operations involving virtual assets. As has been the case for quite some time, the discussion is firmly centered on the idea that cryptocurrencies are used for money laundering and terrorist financing — despite the fact that many, like Bitcoin (BTC), feature a distributed public ledger that allows skilled investigators to trace immutable transactions that cannot be changed, altered, or deleted. The Interpretive Note states that countries should define virtual assets as “property,” “proceeds,” “funds”, “funds or other assets,” or other “corresponding value.” As such,  “countries should identify, assess, and understand the money laundering and terrorist financing risks emerging from virtual asset activities.” Virtual Asset Service Providers (VASPs), according to FATF, should be appropriately regulated and monitored. (Or, in another word, controlled.) “Countries should ensure that beneficiary VASPs obtain and hold required originator information and required and accurate beneficiary information on virtual asset transfers, and make it available on request to appropriate authorities,” states the Interpretive Note, while also stating that, “Countries should ensure that there is a range of effective, proportionate and dissuasive sanctions, whether criminal, civil or administrative, available to deal with VASPs that fail to comply with AML/CFT requirements.” In short, a prominent financial regulator unsurprisingly wants cryptocurrencies — which pose a significant threat to legacy financial institutions, central banks, the status quo, and those who aren’t particularly fond of individual financial freedom — to be strictly regulated and monitored. Who would have thought? What do you think about The Financial Action Task Force’s directions regarding virtual assets? Let us know your thoughts in the comments below!  Images courtesy of Shutterstock. The post Financial Action Task Force Calls For Stricter Regulation of Virtual Asset Service Providers appeared first on Bitcoinist.com.
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Russia Postpones Parliamentary Reading of Crypto Regulation Bill

The Russian Duma has pushed back its planned consideration of a bill to recognize and regulate digital financial assets. Initially scheduled for March 22, the reading will now hold at an unspecified date in April, following the outcome of a vote on the agenda for a plenary session last week. The draft bill is not without its controversies, as it has been specifically edited to remove the terms “cryptocurrency,” “smart contract,” and “token.” This is in line with Russia’s surprisingly cautious position on cryptocurrencies,which has seen authorities repeatedly drag their feet on the possibility of creating a regulatory framework for The post Russia Postpones Parliamentary Reading of Crypto Regulation Bill appeared first on CCN
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