AMF, the financial regulator of France has noticed that complaints regarding cryptocurrencies i son raise this year in the country. Based on the France’s Financial Markets Authority (AMF)’s 2019 Risk Map report investors in the country are increasingly filing complaints about digital currencies. But the documents also reveal that investors are still interested in speculative products like binary options, foreign exchange, & cryptos.
A research by Chain analysis reveals that about $515 million spent on illegal activities was used in transactions on the dark web (part of deep web which is used for nefarious purposes) so far in this year. And also suggests that the amount of bitcoin (BTC) spent on illegal transactions this year could hit a record high of $1 billion, even as the ratio of illegal to legal transactions is shrinking.
The London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). Its CEO Nic Niedermowwe claims, “The FCA-regulation brings us under the purview of one of the most recognised financial markets regulators globally. This is particularly relevant in the cryptocurrency space, which has repeatedly captured headlines for poor operating standards and even fraudulent activity.”
A blockchain developer named CipherTrade reportedly to launch a new solution for Financial Action Task Force (FATF) travel rule regulations. A collaboration has been made between CipherTrace and Shyft in order to make the development of the new blockchain solution which will be creating a Know Your Customer (KYC) platform and Anti-Money Laundering (AML) system to help crypto companies comply.
United States District Judge Sandra J. Feuerstein has ruled that 44 year old Blake Kantor to the 86-month prison sentence with as forfeiture of $1.5 million stolen proceeds and restitution of victims of his Blue Bit Banc (BBB) scam investment company, in which he used a computer program to fake the price data in order to skew the payout scheme in his company’s favor.
The United States Commodity Futures Trading Commission (CFTC) has granted ErisX (crypto exchange based in Chicago) a derivatives clearing organization (DCO) license which will allow it to make digital asset futures contracts available for trade on its regulated derivatives market. Its CEO Thomas Chippas said, “ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models.”
A group of ministers in Netherlands have urged the government to regulate cryptocurrencies and certain cash payments over money laundering concerns. Though the Scandinavian nation doesn’t recognize cryptocurrency as a legal currency. The Minister of Justice Grapperhaus said, “Crime cannot pay. Not in the Netherlands, not in Europe and not worldwide. Through a joint effort, we want to take the approach to money laundering to a higher level.”
Following the annual G20 summit held at Osaka, Japan the finance ministry website of Japan has published a joint declaration of the leaders based on the Fukuoka meeting. The statement on crypto: do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy. But also reaffirmed to comply with FATF.
Kik is transferring the control of its crypto defend fund (a crowdfunding initiative) which was raised for the task of its legal fight with U.S. Securities and Exchange Commission (USSEC) to Blockchain Association (a lobbyist group). In their joint statement, “Once the case against Kik is resolved, all remaining funds, including any portion of the initial $5 mn contribution, will be allocated to a nonprofit organization to be used for other initiatives that help with innovation in our industry,”
Coinfirm (a tech regulation startup) has divulged that it is investigating Ripple (XRP) post signing of an agreement to probe its compliance with anti-money laundering (AML) provisions & assert whether mixer technology is used for transactions. The move comes in the wake of the Financial Action Task Force (FATF) announcement focused on digital currency role in money laundering and goals for heightened regulation.