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Blockchain Live • September 26, 2018

Blockchain Live 2018 is an event dedicated to the adoption of blockchain technology. Set amidst the stratospheric growth of blockchain…

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Tag: AML

FINMA: Cryptocurrency Firm Alliance Capitals Looks Like a Typical Scam Project

Category: Altcoins, Bitcoin, Blockchain, Business, Finance, News, Regulation

FINMA: Cryptocurrency Firm Alliance Capitals Looks Like a Typical Scam Project

Switzerland’s financial regulatory watchdog, the Financial Market Supervisory Authority (FINMA), has warned cryptocurrency investors to be wary of Alliance Capital, a firm claiming to offer clients cryptocurrency trading services, binary options, and other financial products, according to a Finance Magnates report on September 24, 2018. FINMA Cautions Investors Alliance Capital, a cryptocurrency startup that claims to be based in the…

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Crypto Exchange Changelly Can Withhold Privacy Coins Due to “High Risk” KYC Concerns

Category: Altcoins, Business, Exchange, News

Crypto Exchange Changelly Can Withhold Privacy Coins Due to “High Risk” KYC Concerns

Monero (XMR) users have been complaining after finding out that cryptocurrency exchange Changelly can effectively “steal” their cryptocurrency. Changelly has been accused of requiring KYC documents after funds leave the wallet according to a tweet from September 4, 2018. Fans of the Privacy-Based Coins Profiled for “Suspicious Activity” According to reports, some Monero (XMR) users have been disappointed after finding…

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Cryptocurrency Remittance App Enables Instant Bitcoin Purchase With Credit Cards

Category: Adoption, Altcoins, Bitcoin, Business, Development, Ethereum, Finance, News

Cryptocurrency Remittance App Enables Instant Bitcoin Purchase With Credit Cards

Abra, the widely utilized cryptocurrency-based remittance platform, has integrated a functionality that enables its users to purchase bitcoin instantly with both credit and debit cards. Abra’s Cryptocurrency Push On Abra, similar to traditional remittance networks like Western Union and Moneygram, it is possible for users to send cryptocurrencies such as bitcoin and ether to individuals across the world via Abra…

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EU’s Fifth Anti-Money Laundering Directive Enters into Force

Category: Altcoins, Bitcoin, Blockchain, Finance, News, Regulation

EU’s Fifth Anti-Money Laundering Directive Enters into Force

Strengthened EU rules to prevent money laundering and fight terrorism financing entered into force on July 9, 2018. What is this Directive exactly? The rules, gathered under the title the “Fifth Anti-Money Laundering Directive,” were first published in the EU’s Official Journal. The new regulations aim to bring more transparency on who the actual owners of companies are and to…

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Dr. Doom: Bitcoin Will Be Worth $100 in Ten Years Time

Category: Altcoins, Bitcoin, Commentary, News, Regulation

Dr. Doom: Bitcoin Will Be Worth $100 in Ten Years Time

Even with the recent bitcoin price slump, crypto doomsday predictors such as Nouriel Roubini and his colleagues are determined to make sure the entire digital currency markets never moon again. In the latest development, more renowned economists have argued that governments’ harsh regulatory policies on cryptos would make bitcoin and other cryptocurrencies worthless soon. To the Abyss? According to reports,…

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Crypto-Friendly Philippines Central Bank Approve two Cryptocurrency Exchanges

Category: Adoption, Altcoins, Bitcoin, Exchange, Finance, News, Regulation

Crypto-Friendly Philippines Central Bank Approve two Cryptocurrency Exchanges

Acknowledging the potential of digital currencies to drive accelerated and cost-effective transactions, Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, has approved two new cryptocurrency exchanges, according to a Business World report. Getting the Green Light The BSP Deputy Governor Chuchi Fonacier indicated that the exchanges Virtual Currency Philippines, Inc. and ETranss have both been authorized to…

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AML and KYC the Correct Tools for Widespread Cryptocurrency Acceptance

Category: Altcoins, Bitcoin, Blockchain, Finance, News, Regulation, Tech

AML and KYC the Correct Tools for Widespread Cryptocurrency Acceptance

Strict Anti-Money Laundering (AML) and Know-Your-Customer (KYC) laws need to be enforced for financial regulators and banks to consider cryptocurrencies as a legal tender, observes the Payments Source. Anonymity: A Boon or Bane? While cryptocurrencies have anonymity at the center of their ethos, several countries consider the lack of identity linked to a transaction akin to a criminal doing. For…

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Tezos Foundation Introduces KYC/AML Policy amid Community Backlash

Category: Altcoins, Bitcoin, Blockchain, Business, News, Regulation

Tezos Foundation Introduces KYC/AML Policy amid Community Backlash

Tezos Foundation announced the introduction of Know Your Customer/Anti-Money Laundering (KYC/AML) checks for its contributors, drawing a backlash from its followers on social media. The new policy “requires contributors to its fundraiser to complete this KYC/AML process to access their recommended allocations in its proposed genesis block.” Added identity verification will follow the account registration, and it will function as…

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Canada Declares War on Cryptocurrency Fraud with Mandatory KYC/AML Regulations

Category: Altcoins, Bitcoin, Blockchain, News, Regulation

Canada Declares War on Cryptocurrency Fraud with Mandatory KYC/AML Regulations

Canadian authorities have amended the nation’s anti-money laundering (AML) and anti-terrorism funding laws to foster orderliness in the finance and cryptocurrency industries by preventing deceitful individuals from exploiting regulatory loopholes in cryptocurrency exchanges and firms. Canada’s Fraud Crackdown As stated in the draft published by Canada Gazette, the Financial Action Task Force (FATF) pointed out some inadequacies in the Anti-Money…

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Renewed EU KYC Enforcement May Reinforce Bitcoin Legitimacy

Category: Altcoins, Bitcoin, Finance, News, Regulation

Renewed EU KYC Enforcement May Reinforce Bitcoin Legitimacy

The general theme in the cryptocurrency market in 2018 has been government regulations. In many regions of the world, governments appear to be taking a more serious approach to monitoring the activities of the crypto ecosystem. KYC and AML Procedures The EU has been at the forefront of creating a robust regulatory framework for the burgeoning crypto market with a…

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