Search Results for: VASP

Taiwan’s Financial Supervisory Commission (FSC) is implementing new regulations to improve safeguards for crypto investors. These regulations seek to control virtual asset service providers (VASPs) like Binance, Kraken, and ByBit, emphasizing asset safety, self-regulation, and legal operation in Taiwan. This overhaul coincides with local exchanges forming a regulatory body, and precedes FSC’s expected 2023 takeover as Taiwan’s primary crypto regulator.

Web3 firms in Hong Kong are spending substantial amounts to obtain Virtual Asset Licensing Regime (VASP) licenses, highlighting the industry’s commitment to compliance and regulation. However, high licensing costs may deter smaller firms from entering the market, potentially stifling innovation and limiting competition in blockchain and cryptocurrency sectors.

Crypto.com received a Virtual Asset Service Provider (VASP) registration from the Bank of Spain, enabling it to offer products and services in the country. This milestone follows a compliance review with Anti-Money Laundering Directive (AMLD) and other financial crimes laws required for MiCA-based VASP licenses. Increased regulations anticipate a more transparent, trustworthy, and robust crypto market.

Crypto.com acquired registration as a virtual asset service provider (VASP) with the Bank of Spain, allowing it to offer products and services to users in Spain. The EU’s new MiCA framework raises both legitimacy and regulation concerns for the crypto industry’s growth and innovation.

“Komainu, a digital asset custody service, has been authorized by the UK Financial Conduct Authority (FCA) to operate within the bounds of laws concerning money laundering and related funds transfer. This enables them to offer a range of cryptocurrency custody services across the UK, highlighting the growing acceptance of digital assets globally.”

“Kraken, a leading US-based cryptocurrency exchange, is reportedly planning to venture into traditional stocks and ETFs. This new venture, named Kraken Securities, is waiting for regulatory approvals. Its expansion, however, comes with regulatory scrutiny and privacy infringements, raising questions about harmonizing privacy rights, regulatory requirements and business strategies.”

Taiwan’s Financial Supervisory Commission (FSC) introduces fresh directives for Virtual Asset Service Providers (VASPs) to improve cryptocurrency users’ security. Guidelines demand a clear separation of company and customer assets, increased transparency, fortified internal controls within crypto firms, and adherence to robust anti-money laundering mechanisms. These regulations aim to encourage self-regulation in the crypto industry.

Crypto exchange Kraken has secured regulatory approvals in Spain and Ireland, furthering its expansion plans in Europe. With a Virtual Asset Service Provider license and an EU e-money license, Kraken will provide digital asset exchange and custodial wallet services.Investment into regulatory framework positions Europe as a promising arena for crypto growth.

“Kraken, a major crypto exchange, recently received Electronic Money Institution and Virtual Asset Service Provider registrations in Ireland and Spain, marking progress towards crypto acceptance in Europe. However, it faces controversy with Australian regulators, highlighting the careful balance required in this evolving industry.”

Taiwan’s crypto community is set to establish an operational group this October, designed to facilitate digital currency adoption and self-compliance. Spearheaded by nine local cryptocurrency exchanges, this initiative aims to foster a healthy industrial environment and ensure the industry’s robust wellbeing, ultimately propelling Taiwan onto the global cryptocurrency stage.

“Major Taiwan crypto exchanges have initiated the Taiwan Virtual Asset Platform and Transaction Business Association in response to impending regulations. It provides industry direction, consensus building, and representation and also rallies diverse stakeholders in the volatile crypto market. This appears as a progress towards the industry’s maturity.”

Coinbase has obtained an Anti-Money Laundering compliance registration from the Bank of Spain, marking an expansion of its influence in Europe. The cryptocurrency exchange can now offer its products to users in Spain, adhering to local legal frameworks. Also, similar approvals have been received in Italy, Ireland, Netherlands, Singapore, Brazil, and Canada.

Coinbase has secured an Anti-Money Laundering compliance registration from Spain’s central bank, enabling crypto services in the country. As Coinbase expands globally, it faces possible complications from varying regulatory frameworks and is urged to prioritize asset security as skeptical holders consider withdrawing assets.

“Taiwan is crafting restrictions for offshore cryptocurrency exchanges operating within its domains. The Financial Supervisory Commission (FSC) is formulating a guidebook to help virtual asset services providers establish regulatory norms, focusing on information disclosure, virtual asset listing standards, and secure division of corporate and customer assets.”

“Taiwan drafts guidelines to regulate unregistered foreign virtual asset service providers (VASPs). The Financial Supervisory Commission (FSC) produced a draft of ten principles, aiming to protect the market from abusive practices while promoting transparency and differentiating custody of assets.”

The UK’s Financial Conduct Authority now requires Virtual Asset Service Providers to gather and validate information on crypto transactions, even beyond local jurisdiction. This regulation, known as the Travel Rule, aims to counter money laundering and terrorist financing, yet raises concerns regarding privacy and curbing innovation within the growing crypto industry.

OKX, a digital asset exchange, seeks to acquire a Virtual Asset Service Provider License (VASP) amid Hong Kong’s crypto-friendly environment. With full licenses already granted to HashKey and OSL, OKX intends to onboard 100,000 to 200,000 users in its initial year of trading services. The city’s progressive stance toward crypto could position it as a “test net” for mainland China following China’s total crypto ban.

The UK’s recent implementation of the ‘Travel Rule’ for crypto transactions aims to deter anti-money laundering and counter-terrorist financing on-chain. This rule requires UK-based virtual-asset service providers to collect, verify, and share information about crypto-asset transfers, even from overseas jurisdictions.

Starting September 1, UK crypto businesses will follow the Financial Action Task Force’s Anti-Money Laundering and Counter-Terrorist Financing regulations, including the ‘Travel Rule’. This may increase operations and marketing costs, but aims to prevent fraud and enhance customer protection in the crypto market.

Binance, a leading cryptocurrency exchange, has applied for registration in Taiwan under the jurisdiction’s Money Laundering Control Act and Financial Supervisory Commission compliance. This aligns with Taiwan’s efforts to implement Anti-Money Laundering laws for virtual asset service providers amidst a developing regulatory environment.

“Namibia has signed a law regulating Virtual Asset Service Providers, reversing its 2017 ban on crypto exchanges. The law aims to enhance consumer protection, curb market abuse, and mitigate money laundering and terrorism financing risks. However, severe penalties apply for non-compliance and cryptocurrencies still hold no legal tender status in Namibia, potentially creating a hostile environment for crypto businesses.”

Namibia’s National Assembly is taking steps towards regulating cryptocurrencies and their service providers, with penalties for non-compliance including a N$15 million fine or 10-years jail. The proposed legislation establishes a Regulatory Authority aimed at safeguarding consumer interests, preventing market manipulation and fostering innovation in virtual assets.

South Korea recently passed the ‘Virtual Asset User Protection’ legislation, a collection of 19 crypto-related bills aimed at safeguarding investors and addressing unfair trading in the cryptocurrency arena. This law also holds Virtual Asset Service Providers (VASPs) accountable for users’ deposits and insurance provisions, aimed at protecting against risks including hacks and computer failures.

Slovakia’s National Council has approved an amendment reducing taxation on cryptocurrencies. The personal income tax on crypto profits will drop to 7% from either 19% or 25%. Additionally, crypto payments under 2400 euros and crypto income won’t be subject to typical health insurance contributions.