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Money laundering cases related to cryptocurrencies in Japan have increased significantly in 2018. Nevertheless, their number remains a fraction of the total. According to the Japanese press, the majority of reported money laundering instances actually involve banks and other traditional financial institutions. Also read: Platform for Crypto Payments to Bank Accounts Launching in the UK … Read more
The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country. Also Read: Church Mining Cryptocurrency to Pay Higher Electricity Rates Iranian … Read more
The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country. Also Read: Church Mining Cryptocurrency to Pay Higher Electricity Rates Iranian … Read more
Several financial institutions in Europe, like Danske Bank and Swedbank, have been mentioned in a Lithuanian report investigating large-scale crypto-fiat transactions that took place in the past two years. Some of the banks’ clients traded digital coins worth millions of euros and the Baltic nation’s financial crime combating agency wants to know where the first … Read more
During an interview earlier this week, two Washington-based financial intelligence analysts explain that North Korea is using cryptocurrencies to evade US sanctions. The intelligence researchers Lourdes Miranda, and Ross Delston say the Pyŏngyang region is actively trading established digital assets to avoid US financial sanctions that have been imposed since the fifties. Also read: Developer Paul … Read more
When societies discuss cryptocurrencies, the argument that the decentralized and unregulated nature of the crypto space leaves the door open to abuse, like money laundering and financial fraud, is often put forward by officials and authorities. However, a string of cases involving precisely these sins, and many, many banks, show that regulations are largely ineffective … Read more
Thailand’s central bank has announced the rules under which financial institutions, including commercial banks, and their subsidiaries can engage in cryptocurrency activities. They include securities, asset management, and insurance firms. This follows the country’s crypto regulatory framework that went into effect last month. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space New Circular, New … Read more
When bitcoin came out, supporters believed that the decentralized cryptocurrency would decimate the banking industry. Years later, as digital currencies became more mainstream, these networks were suddenly commanding billion dollar valuations. Meanwhile, cryptocurrency exchanges, brokerage services, and over-the-counter market makers have started to look into purchasing shares of banks and even becoming the banks themselves. … Read more
Leading companies from the crypto sector in Ireland have complained they are being denied services by some of the country’s major financial institutions. Among the affected businesses are bitcoin exchange Bitcove, winner of the bank-sponsored “Best Business Startup” award, and Ireland’s “longest running” bitcoin broker, Eircoin. Also read: Swiss Crypto Company Acquires License to … Read more
In today’s Bitcoin in Brief, regulators in Berlin have revealed that at least six German financial institutions are involved in cryptocurrency trading. Also, it has been reported that American universities have started investing in crypto hedge funds. The investments are on a limited scale but nevertheless indicate a growing interest from academic institutions. And, authorities … Read more
