FATF Finalizes Crypto Guidelines, Recommends Exchanges Share Client Data

The Financial Action Task Force (FATF), an intergovernmental regulatory organization, has finalized its recommendations for combating cryptocurrency money laundering and terrorism financing. In short, it wants to blow back the veil on user privacy. What Are the FATF Crypto Guidelines? The FATF released the final draft of its highly anticipated recommendations for cryptocurrency service providers…

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Government Tracking of Crypto Is Growing, But There Are Ways to Avoid It

Much noise has been made about the untraceable qualities of Bitcoin and other cryptocurrencies. Bitcoin “can be used to buy merchandise anonymously” said early primers on crypto, it offers users the kind of financial privacy that was previously available only from a “Swiss bank account,” say more recent commentators. And given its ability to provide…

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Shapeshift Moves to Membership Model Requiring User Information

Exchanges Non-custodial crypto trading platform Shapeshift has introduced a membership program which will soon be mandatory. CEO Erik Voorhees explains that his exchange will have to begin collecting basic personal information of its users, and there will be five membership levels. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Shapeshift Membership Mandatory…

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Canada Releases Official Draft of New Crypto Regulations Focused on KYC/AML

The Canadian government has released an official draft of new regulations on crypto exchanges and payment processors, Canada Gazette reports June 9. According to the draft, the new regulations seek to address a “number of deficiencies” that the Financial Action Task Force (FATF) outlined after their evaluation in 2015-16, namely in strengthening Canada’s Anti-Money Laundering…

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Bermuda Signs MOU with Blockchain Project Shyft for $10 Mln in Economic Development

The Government of Bermuda has recently signed a memorandum of understanding (MOU) with Shyft network which provides blockchain-based ID solutions for Know-Your-Customer (KYC) and anti-money laundering (AML) compliant data transfers, Shyft reported in a blog post May 15. NEWS: Shyft Signs MOU With The Government Of Bermuda, Pledges To Invest $10M In Education And Economic…

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In A Bid For Transparency, European Crypto Exchanges Call For Regulations

European cryptocurrency exchanges renewed calls for suitable regulations as the international legal landscape continues to vary, Bloomberg reports  May 7. Speaking to Bloomberg, UK trading platform eToro and Austrian exchange Bitpanda voiced concerns that both inadequate and overbearing antimoney laundering and/or know your customer (AML/KYC) regulation would not allow them to “know where they stand”…

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