Search Results for: VASPs

US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto

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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report…

Crypto Policy: Kenyan Senate Ready to Engage Central Bank

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The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee,…

Brazilian Government Preparing New Decree to Clarify Cryptocurrency Rules

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The Brazilian government is preparing to release a decree to fill the blank spaces that the recent approval of the cryptocurrency law has left open. The document, prepared by the Ministry of Finance, will establish the areas of oversight and responsibilities…

Oman Capital Markets Regulator Plans to Establish a Virtual Assets Regulatory Framework

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The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and…

Coinbase Secures Regulatory Approval to Operate as a Virtual Asset Service Provider in Ireland

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Coinbase has announced it has secured regulatory approval as a virtual asset service provider (VASP) in Ireland, according to a company blog post published on Dec. 21. According to the company, Coinbase has been approved by Ireland’s central bank which means…

European Union to Put a 10,000-Euro Limit on Cash Payments; Transactions Over €1,000 in Crypto Will Be Scrutinized

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The states of the European Union have convened to establish a new limit on cash purchases and to strengthen the controls on cryptocurrency transactions. On Nov. 6 the bloc agreed to put a limit of €10,000 ($10,557) on cash payments and…

Philippine Regulator Warns the Public of Engaging With Foreign Crypto Service Providers

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The central bank of the Philippines, the primary regulator of the country’s crypto sector, has warned investors about engaging with unregistered and foreign crypto service providers. They “may present additional challenges on enforcing legal recourse and consumer protection and redress mechanisms…

Hong Kong to Introduce Licensing for Crypto Platforms Through AML Law

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New legislation tailored to regulate the crypto space in Hong Kong aims to implement a licensing regime for crypto service providers. The respective changes to the region’s anti-money laundering (AML) rules have been submitted to its legislature while a recently published…

Nigerian SEC Announces New Rules Governing Issuance of Digital Assets

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The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new rules also include registration requirements for platforms that offer digital assets. Initial Assessment Filing The Nigerian Securities and Exchange Commission (SEC) has announced new…

Dubai Virtual Assets Regulator Establishes HQ in the Metaverse

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The Dubai virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has established its metaverse headquarters in The Sandbox virtual world. By establishing a presence in the metaverse, the regulator said it hopes to make itself accessible to all stakeholders. World’s…