Connect with us

News

Crypto Firms in UK Fail to Comply by New AML Guidelines, FCA Extends Deadline

Published

on

Pointpay

The chief financial regulatory body of the United Kingdom revealed a majority of the crypto companies operating in the country have failed to comply with the latest set of anti-money laundering regulations issued by the government. The new regulatory policy set by the Financial Conduct Authority (FCA) would only offer operating licenses to those crypto firms that comply with the latest AML and terror financing guidelines that came into effect from January this year.

“The FCA will only register firms where it is confident that processes are in place to identify and prevent this activity,”

The majority of the crypto firms have failed to adhere to new AML compliance and as a result, a significant portion of these companies have withdrawn their application. The last date for filing with the FCA was set for July 9, however, looking at the growing number of crypto companies withdrawing their filings the regulatory body has extended the registration period to March 22.

advertisement

Governments Around the Globe Introducing Stricter Regulation

A majority of governments around the globe want to bring crypto companies under new AML guidelines and terror financing compliance, claiming the use of digital assets has increased for illicit activities.  There is little evidence to back the claims and most recent evidence indicates less than 1% of crypto assets have been used for carrying out illegal activities.

Apart from the UK, even the Biden administration has indicated possible strict regulations around the cryptocurrency market. The new US Securities and Exchange Commission (SEC) head Gary Gensler has stressed the same in the majority of his testimonials and public addresses since taking office a few months back.

While regulations shouldn’t be seen as a regressive step, the strict policies of the government often steer away booming companies to locate elsewhere as seen during the post-2017 bull market when many established crypto firms had to move out of New York due to strict licensing rules.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Handpicked Stories

Source: https://coingape.com/crypto-firms-uk-fail-comply-new-aml-guidelines-fca-extends-deadline/

Blockchain

SEC chief Gensler now eyeing crypto staking and ‘poker chip’ stablecoins

Published

on

In recent weeks, the U.S. Securities and Exchange Commission [SEC] has brought several crypto companies into the regulatory spotlight. Coinbase was warned about its high-interest crypto-product Lend, with the SEC threatening to sue if it launched.

Unsiwap also felt the heat as it was reportedly investigated. Meanwhile, the SEC vs Ripple lawsuit saw the court denying Ripple’s request for documents revealing SEC’s trading policies on digital assets.

Even as these events unfolded, SEC Chair Gary Gensler spoke to Washington Post journalist David Ignatius about cryptocurrency and the SEC’s powers.

Cop on the beat

Gensler first stressed that crypto tokens were a “highly speculative asset class” and defended his dedication to investor and consumer protection. He admitted that the SEC had a broad definition of securities and that it gave the agency a “great deal of authority.”

Encouraging crypto trading platforms to come in for SEC registration, Gensler said,

“Now, not many have, and so I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.”

Gensler also voiced concerns about staking and added,

“We’ll also be the cop on the beat and bringing those enforcement actions, as well.”

Coming to stablecoins, Gensler used his familiar crypto-Wild West comparison and likened stablecoins to poker chips at the casino. He also explained that though the SEC had “robust authorities,” there were some gaps. He hinted the agency might work with the U.S. Congress to regulate stablecoins.

Notes on Evergrande

With liabilities worth around $300 billion, the crisis of Evergrande, China’s second largest property developer, has shocked the world market – and the crypto sector. Soon the Hong Kong-based, dollar-pegged stablecoin Tether [USDT] came under scrutiny. The company had to confirm that it did not hold commercial papers, debts, or securities issued by Evergrande.

Ignatius also asked Gensler whether Evergrande could affect the American market. Gensler just confirmed that Evergrande was not registered and did not trade on American capital markets.

However, he added,

“…it is possible, from time to time, that we too in America will react to other economies’ and nations’ shocks. And particularly China’s economy is so large relative to Europe’s or our own.”

In essence, the interview came with a familiar promise for crypto innovators and traders. Referring to warning signs and flashing lights signaling a spill in aisle three, Gensler said he would rather “get ahead of it.”

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/sec-chief-gensler-now-eyeing-crypto-staking-and-poker-chip-stablecoins

Continue Reading

News

Robinhood to Launch Crypto Wallet in 2022

Published

on

By

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptobriefing.com/robinhood-to-launch-crypto-wallet-in-2022/?utm_source=main_feed&utm_medium=rss

Continue Reading

Blockchain

Denied: Ripple’s request for documents on SEC’s ‘trading policies governing digital assets’

Published

on

In what seems like an apparent win for the United States Securities and Exchange Commission [SEC], Ripple‘s request for documents detailing the watchdogs’ “trading policies governing digital assets” has been denied by Judge Sarah Netburn.

As per the ruling provided by attorney James K. Filan, the US magistrate judge declined to grant the defendants access to documents that would prove whether SEC employees were carrying out transactions in Bitcoin, Ether, or XRP, as it was more likely to “cause confusion” than provide any relevant findings.

The regulator had previously been ordered by the court to present its crypto trading policies, leading to the revelation that none existed at the time that it began investigating Ripple. The crypto firm in turn contended that when its representatives had met with the SEC counsel last month, the latter had stated that since formal investigation against Ripple began in 2019, SEC employees were barred from trading in XRP.

Although, any formal documentary evidence backing up this claim is yet to be produced by the regulator despite being compelled by the court, according to Ripple’s claims. Additionally, Judge Netburn’s analysis in the denied motion summarized the firm’s request as,

“Defendants argue that individual trading decisions will, at a minimum, expose the lack of
clarity regarding XRP’s status and whether the SEC believed XRP to be a security. Such
evidence arguably would undermine the SEC’s allegations that the Individual Defendants acted recklessly and would bolster the Defendants’ fair notice defense.”

However, Netburn does not believe such an argument to be pertinent to the case, as the motion added that,

“Defendants have not shown that such individual trading decisions bear on the issues in this case. Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes.”

In addition to this, Netburn also noted that SEC employees’ financial conduct disclosures are protected under the Privacy Act, and Ripple is yet to provide proof that suspending these statutory protections would make a material difference to the case.

In his tweet regarding the recent decision, Attorney, James K. Filan, also noted that,

“The Court directed the SEC to provide Defendants any documentation supporting SEC counsel’s statement during the August 25, 2021 meet and confer that, after the formal order of investigation was issued as to Ripple on March 9, 2019, SEC employees could no longer trade XRP.”

While the SEC’s individual trading records might be out of bounds for Ripple now, this recent motion reaffirmed that the watchdog still has to provide documentation that would prove its claims that agency employees were barred from trading XRP in 2019. Even as this fight has been won by the SEC, the war between the two is far from being over.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/denied-ripples-request-for-documents-on-secs-trading-policies-governing-digital-assets

Continue Reading
Blockchain4 days ago

Over 40 days after Ethereum’s EIP-1559, here’s where it stands

Blockchain5 days ago

Cardano Sees an Influx in Smart Contracts ! But There’s a Twist

Uncategorized4 days ago

What is The Old Gym in NBA 2K22 Next Gen?

Uncategorized4 days ago

NBA 2K22 Limitless Spot-Up and Chef Badges Explained

Blockchain4 days ago

After Targeting BlockFi, State Regulators Now Set Their Eyes On Celsius

Blockchain4 days ago

Matic Price to hit $1.75 in the next leg up! Launch on Bitfinex to be the Catalyst?

Uncategorized4 days ago

NFTs Are the Building Blocks of the Metaverse — Here’s How It’s Being Built

Uncategorized4 days ago

Best Dribble Pull-Up in NBA 2K22: Which to Use

Uncategorized4 days ago

Shiba Inu (SHIB) Rises to Range High

Blockchain4 days ago

Ripple’s Legal Team Says They Have No Plans To Settle With SEC Over Lawsuit On XRP Sales

Blockchain3 days ago

Flux Pools autoriza o pagamento de ativos paralelos em mais de 300K Flux!

News4 days ago

XRP Lawsuit: Here’s Why Experts Think Ripple Could Win the Case Against SEC

Blockchain4 days ago

EY Taps Polygon Network to Improve Enterprise Clients’ Experience 

Uncategorized5 days ago

The Head of Diem wants you to trust Facebook, but is he fighting a losing battle?

Blockchain3 days ago

All you need to know about MATIC before investing

Blockchain4 days ago

EOS: Why there’s a question mark attached to its long-term trajectory

Blockchain4 days ago

Shiba Inu’s days in the sun may be over; here’s why

Blockchain3 days ago

Smart Contracts Running on Bitcoin? Internet Computer Founder Explains How It’s Possible

Uncategorized2 days ago

PetPals, One Of The First Play-To-Earn NFT Web-Based Games Is Out Now

Uncategorized5 days ago

Insider NFT Trading at OpenSea: Regulation Imminent?

Trending