Bitcoin

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ESAs warn consumers of risks in buying virtual currencies

The European Supervisory Authorities (ESAs) for securities (ESMA), banking (EBA), and insurance and pensions (EIOPA) have today issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies (VCs). The ESAs warn consumers that VCs are highly risky and unregulated products and are unsuitable as investment, savings or retirement planning products. The ESAs …

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The Regulatory Headaches of the Cryptocurrency Industry

The signs are that the honeymoon is over for the cryptocurrency industry and that reality is taking slowly, but steadily over. Sure, we still see massive gains from coin investments and every day we see new ICOs being announced or launched. The recent dip in Bitcoin, Ethereum and co might be the most visible indication …

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How cryptocurrencies are used for money laundering and terrorism financing

KYC is getting more and more important for Crypto exchanges and Wallet Providers, but how do criminals actually use cryptocurrencies like Bitcoin for money laundering and to finance terrorism? We look at the current state of play, the main process to disguise the origins of illicit funds and offer some hope to those who see …

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Plans for Bitcoin AML regulation? You really shouldn’t be surprised, you know!

The Treasury statement that anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies has caused quite a stir. Looking closely at the facts and related information it is far from surprising though. Instead, it is part of a regulatory update that has been in the making for more than two years …

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What Blockchain means for AML regulation (and viceversa)

Blockchain technology is going to transform the financial industry in the coming years. This is likely to cause regulatory change, in particular with regard to Anti-Money Laundering (AML) laws. This post will look at how financial instruments based on Blockchain will impact AML regulation – and vice versa. When the German regulator BaFIN a year ago …

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The 10 biggest scandals that rocked the Blockchain world

Bitcoin continues to create all-time highs on daily basis and the underlying technology, Blockchain, is seen by many as the silver bullet for many of the world’s problems, from financial services to insurance to personal identification to the health industry to digital elections and so on. With all the hype that surrounds it, the rise …

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EBA comments on Commission plan to bring virtual currency entities under AML Directive

In an Opinion issued today, the EBA welcomed the Commission’s proposal to bring virtual currency exchange platforms and custodian wallet providers within the scope of the 4th Anti-Money Laundering Directive. The Authority also makes several recommendations aimed at supporting the consistent pan-EU implementation and supervision of the proposals that the Commission had published on 5 …

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