As more mainstream consumer and institutional investors embrace cryptocurrencies, it becomes increasingly difficult, if not impossible, for traditional financial institutions to avoid entanglements with the crypto economy. For example, banks face significant counter-party transaction risks from customers interacting with high-risk…
Over the past year, Virtual Asset Service Providers (VASPs) have been scrambling to prepare for compliance with significant regulatory changes called for by the international financial crimes watchdog, the Financial Action Task Force (FATF). In June of 2019, the FATF…
Some in the cryptocurrency community were caught off guard when the global financial watchdog, the Financial Action Task Force (FATF), recently endorsed much tougher guidelines for monitoring and transferring virtual assets. Its “Guidance for a Risk-Based Approach to Virtual Assets…
Two key regulatory bodies recently rocked the foundation of the crypto economy with new guidance that will have major impacts on exchanges and other virtual asset service providers (VASPs). The global anti-money laundering watchdog, the Financial Action Task Force…