The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions.
Know your customer or KYC is a process of identifying and verifying identities of customers by businesses. The term is commonly used to refer to governmental anti-money laundering regulations in banking, financial and stock market activities. KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring and risk management. The growing concern about the use of cryptocurrency for money laundering led authorities to apply KYC on the cryptocurrency market and services. Most of these platforms will have to adopt cryptocurrency KYC and require clients to get through verification procedure in order to operate within their platform. KYC has its advantages as it can help with fighting the funding of terrorism and money laundering. However, complications within the crypto-market may slow down its development.
The global monetary landscape will have everyone storing electronic money, cryptocurrencies and central bank digital currencies in one bank.25796
If we want to achieve mainstream adoption, we must move toward an industry where DeFi can also serve legacy financial institutions.7249
A crypto exchange says regulations protect customers far more than they might expect.2618
Bitstamp traders based in the Netherlands now have even more regulatory hoops to scale before being able to withdraw their funds.5498
Fetch believes regulatory compliance is necessary to bring real world usage to the sector.8869
To comply with Dutch regulations, Netherlands-based Bitstamp users can no longer make withdrawals without first providing photographic proof they own the recipient wallet.6304
As the crypto markets mature and institutional money flows into the space, technology to detect fraud and money laundering involving digital assets is more important than ever.14275
Controversial crypto derivatives trading platform BitMEX says its entire user base has completed the obligatory Know Your Customer process.4524
The new DEX onramps will offer users access to new assets, as well as better liquidity and security.6880
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.86758
About $4 million of crypto stolen in Exmo hack was allegedly withdrawn through Poloniex, the exchange said it froze several accounts.11118
The privacy paradox has a potential resolution — if both sides can accept compromise in an increasingly polarized financial system11833
Determining the future of who can and cannot custody crypto and how much you need to know about them remains a central topic of discussion.27414
France is preparing new frameworks to prevent anonymity in crypto.10053