Cryptocurrency Weekly Update #29
Mark Collins & Demetrius TSEAS
regulation
FATFThe Financial Action Task Force (FATF) is a global funding agency. Provides states with improved tools to freeze, seize, and confiscate more effectively. criminalA criminal is an individual or group of people who have been convicted. property: During the 4th General Assembly in Paris (25-27 October) Through national and international cooperation, we have agreed to major revisions to FATF recommendations that will provide countries with improved tools to more effectively freeze, seize and confiscate criminal property. The revised recommendations call for countries to have policies and operating systems that prioritize asset recovery and establish a conviction-based forfeiture regime in their legal systems. It also provides new capabilities, such as the ability to stop transactions involving money laundering, terrorist financing and serious crime. FATF will now work to revise relevant parts of the assessment methodology for the next phase of peer evaluation, taking into account the changes in the recommendations.
Germany’s BaFin grants cryptocurrency storage license to BitGo: On November 1, BitGo, an American cryptocurrency storage company, received approval. Cryptocurrency custody license from BaFin, Germany. BitGo’s German subsidiary is BitGo Europe Gmbh and its BaFin ID is 50085544. BitGo has received approval from the New York Department of Finance. serviceGeneral services including non-profits, forums, news sheets…See more (NYDFS) has been storing crypto assets for clients since 2019 under BaFin supervision as part of a transitional regime for the 2021 New York Trust Charter.
The Central Bank of the UAE issues guidance on preventing the use of unlicensed VASPs. On November 6, the UAE’s National Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Unlawful Organizations Commission (NAMLCFTC), in collaboration with the UAE regulator, Announced guidelines to prevent unlicensed use. virtual assetsThe term “virtual asset” refers to any digital representation. Service providers prepared by the Oversight Subcommittee. The guidance aims to educate licensed financial institutions (LFIs) and the wider public sector, and among other things, the regulator reminds the sector that VASPs operating in the UAE without a valid license may be subject to civil and criminal penalties. . , financial sanctions against companies, their owners and senior managers. Additionally, reporting entities that demonstrate willful blindness in their dealings with unlicensed VASPs and have weak AML/CFT and anti-proliferation financial controls may be subject to enforcement action.
Regulatory bodies in Kazakhstan block itA block holds a batch of hashed and valid transactions. Access to domestic Coinbase website in violation of new digital asset law: On November 8, Coinbase It was reportedly blocked for violating Kazakhstan’s new digital asset law. The law, which came into effect in early 2023, prohibits the issuance, distribution and trading of “unsecured digital assets” outside the Astana International Financial Center (AIFC), a designated economic zone in Kazakhstan. The permit to operate a cryptocurrency trading platform within AIFC is issued by the Astana Financial Services Authority (AFSA).
UK FCA issues document discussing plans to regulate fiat-backed stablecoins: On November 6, the UK Financial Conduct Authority (FCA) This is a discussion document to help develop the UK’s regime for fiat-backed stablecoins, including when used as a means of payment. The government has announced legislative plans for a future financial services regime for cryptocurrencies. We are taking a phased approach, initially focusing on fiat-backed stablecoins that can be used as a means of payment, and then focusing on the broader cryptocurrency regime. The FCA stipulated that fiat-backed stablecoins used domestically must adhere to uniform standards regardless of the location of the issuer. The discussion period ends on February 6, 2024.
cryptocurrency news
Ordinal numbers are back in vogue as BTC transaction fees soar. BitcoinThe term “Bitcoin” refers to the Bitcoin network,…See more Transaction fees soared to their highest level in nearly six months, averaging nearly $6 as of November 7. This increase is due to the return of Bitcoin ordinals, or NFTs (Nonfungible Tokens). blockchainBlockchain is a shared digital ledger or… Read More, causing congestion in the mempool and intensifying verification competition, leading to higher fees and increased profits for Bitcoin miners. Large exchanges such as Binance, KuCoin, and Gate.io have started listing Ordinal. Bit Info Chart
Caitlin Long starts storing BTC at Custodia. Custodia Bank has launched a Bitcoin custody platform targeting trustees, investment advisors, fund managers and corporate treasurers. The cryptocurrency-friendly bank is approved by the Wyoming Division of Banking and offers segregated custody accounts, distinct from the omnibus custody model. blank
Binance suspending Russian ruble deposits: Binance will stop accepting Russian ruble deposits starting November 15, 2023, and ruble withdrawals will end on January 31, 2024. Users are advised to transfer funds to CommEX, a cryptocurrency exchange that acquired Binance’s Russian operations. presentation
hacking
Poloniex: Poloniex, owned by Justin Sun, experienced a significant hack that saw $126 million drained from hot wallets. Sun launched an investigation, guaranteeing full repayment to users and announcing a 5% white hat bounty, while Arkham’s Intel Mayor offered a $4,000 reward for the identification of the hackers. The attack leaked assets across Ethereum, TRON, and BTC and had unexpected results, including a 25% increase in TRX price when hackers exchanged the stolen USDT for TRX. This incident is suspected to be another case of private key leakage. decryption