CRYPTO / DIGITAL ASSETS

AML / KYC

UPDATED – Japan Orders Six Crypto Exchanges to Improve AML Systems

By Garima Chitkara | 25/06/2018

FSA issued business improvement orders to six exchanges after it found lax AML processes during on-site inspections. Of the six targeted, BitFlyer has stopped taking on new clients until it makes changes to its client management processes.

Crypto / Digital Assets

GDF Consults on Global Code of Conduct for Crypto Businesses

By Manesh Samtani | 22/06/2018

The Code includes commitment to comply with standing laws and regulations, ensure appropriate systems and processes, and treat customers and their assets fairly.

Enforcement

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

Crypto / Digital Assets

Crypto ‘Poor Substitute’ for Conventional Money – BIS

By JP Reimann | 21/06/2018

Lack of trust, poor efficiency and vast energy use are cited among other reasons for cryptocurrency’s limited potential to replace conventional money in the latest BIS annual report.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Crypto / Digital Assets

Cryptocurrency Worth $1.1bn Stolen in H1 2018 – Report

By JP Reimann | 12/06/2018

Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.

Market Infrastructure

PBOC Develops Blockchain System to Digitise Paper Checks

By JP Reimann | 07/06/2018

Central bank to reduce fraud by tokenising checks with blockchain and having operations conducted by smart contracts; new system will remove manual cross-checking process, shorten transaction times to about 3 seconds.

Crypto / Digital Assets

Indonesia Recognises Cryptocurrencies As Commodities

By Garima Chitkara | 07/06/2018

Commodities regulator reportedly introducing futures trading in crypto even as Indonesia’s financial services regulator continues to bar financial firms from trading in any crypto-based instruments.