The Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering and Terrorist Financing Law.
FATF News
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The U.K. passed legislation in 2022 to make it one of the few countries in compliance with the extension of the Travel Rule to crypto.
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The country emphasizes the necessity of dealing with the risks of digital assets in developing economies.
18563 - News
The licensed financial institutions would be required to verify the identities of all customers.
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While adopting restrictions on transactions between exchanges, bitFlyer still supports transactions to and from self-custody wallets like MetaMask.
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Pakistan was taken off the FATF gray list in October, and it has good reasons to want to stay in international good graces.
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Part of the FATF’s “Travel Rule” includes recommendations that financial institutions obtain information on the originators and beneficiaries of certain crypto transactions.
4174 - News
Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation.
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PayPal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule.”
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GMEX has acquired ING’s Pyctor business to connect CeFi and DeFi amid the increasing demand for hybrid finance.
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“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example," said the organization.
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Although the president has previously called the laws innovative, his concern regarding Anti-Money Laundering measures has put the bill back up for debate with the government.
4720 - Opinion
Regulation will touch every person in every jurisdiction worldwide, so crypto must find ways to preserve its decentralization and privacy.
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Law enforcement — alongside regulators and policymakers — needs to be better educated to truly make a difference and unlock further crypto mass adoption.
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Industry representatives call the authorities not to go beyond the scope of the FATF Travel Rule recommendation.
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