NY Bitlicense definitive framework [pt.4]

  AML/KYC Requirements Licensees must implement an anti-money laundering program. The AML program is to be based upon an initial risk assessment performed by the Licensee. Risk assessments must be performed on an annual basis, or...

Regulatory Update – VAT on BTC in Switzerland

  In this week's update we discuss: - VAT on BTC in Switzerland For more information and in-depth analysis on these topics, please visit the Merkle Tree Blog at http://bitlegal.io/

Proceeds of Crime applies to digital currency businesses – UK

Part of the Proceeds of Crime Act 2002 applies to digital currency businesses based in the UK. Primary offences include: Concealment of criminal property (s.327) Arrangement of a transaction involving money laundering (s.328) Acquisition, use or possession of criminal...

Regulatory Update – Amendments to California AB-1326 and Jersey Call for Information

  In this week's update we discuss: - Amendments to the California AB-1326 - Jersey Govt. Call for Information For more information and in-depth analysis on these topics, please visit the Merkle Tree Blog at http://bitlegal.io/

Compliance with Bank Secrecy Act – MSB – US

FinCEN has made clear, in its latest fine against Ripple Labs, that even if an ‘exchange’ or ‘administrator’ fails to register at a Federal level for their activities, that they are still subject to...

Regulatory Update – USA, EU and Spain

https://www.youtube.com/watch?v=BMXVrfCZjXg

Ripple Labs fined by FinCEN

Ripple Labs operator of the Ripple protocol has been fined $700k on a number of counts including: failing to have registered as an MSB; for not having an AML policy in place and not having a...

NY Bitlicense definitive framework [pt.1]

  On the 3rd June the New York State Department of Financial Services (NYDFS) released the definitive BitLicense framework. The focus was on those businesses that maintain custody of a client’s funds or exchange digital...

France tightening compliance on cash transactions – impact on digital currencies

As of end of September, in France transaction above 1000 euros will be prohibited and transactions over 10,000 euros will be reported to TracFIN. This is a crack-down for anti-terrorism purposes. At this stage...

Nigerian Central Bank official suggests virtual currency regulation

Following on from the most recent FATF Recommendations on digital currency regulation (see article here), the Deputy Governor of the Financial System Stability Working Group, Dr. Okwu Nnanna stated that steps should be taken...