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Copper’s Swiss unit gains regulatory nod for anti-money laundering standards

Crypto custody provider Copper announced on Monday that its Swiss unit has gained regulatory approval from the country’s Financial Services Standard Association. The body, known as VQF, is a self-regulatory organization recognized by the Swiss regulator, the Financial Market Supervisory Authority (FINMA). The approval speaks to Copper’s compliance with local anti-money laundering rules.  “As Copper expands globally, VQF’s validation underscores our commitment to working with regulators around the world, to standards set in multiple jurisdictions, to become a worldwide leading …

Congresspeople grill US AML watchdog over approach to crypto self-custody

Self-hosted crypto wallets remain solidly on the radar of US anti-money-laundering regulators.  On April 28, Himamauli Das, acting director of the Treasury’s Financial Crimes Enforcement Network, appeared before the House Financial Services Committee to testify on the state of FinCEN.” As has been the case in most finance hearings of the past two months, concerns about the sanctions regime against Russia were central to the conversation. Crypto has never been far from these discussions.  “I’m paranoid about the whole cryptocurrency …

IMF calls for coordinated effort, capital controls for crypto

The International Monetary Fund (IMF) is encouraging global policymakers to develop standards for crypto in response to growing concerns highlighted by the war in Ukraine. In its Global Financial Stability Report published Tuesday, the IMF directly addressed crypto’s potential use in sanctions evasion by Russia and its potential to threaten the stability of existing financial systems through the changing banking landscape. The global financial system has seen increasing “cryptoization” amid the war in Ukraine and the COVID-19 pandemic, according to …

The European Parliament is rushing a vote on a new AML law. Here’s what they’ll be voting on

The European Parliament will hold key votes on the new Transfer of Funds Regulation on March 31. The final draft of the bill was completed late on March 28, only going out to the Members of European Parliament ion the ECON and LIBE committees the morning of March 29, according to sources familiar with the matter. Those committees are scheduled to vote on final amendments and the final draft tomorrow, MEP Stefan Berger’s office confirmed to The Block. The regulation, …

Crypto firms face cliff-edge in UK as time ticks down for AML approval

The fate of the ability for 96 crypto firms to operate in the UK hangs in the balance, as new data highlights a backlog of anti-money laundering applications that must be dealt with by the Financial Conduct Authority (FCA) in less than two months. More specifically, 27 firms remain in limbo on the temporary register, while 69 “new entrant” applications also hang in the balance.   Without approval before a March 31 deadline, the future of these crypto firms’ UK operations …

Estonia’s government circulates FAQs amid concern over new crypto rules

Estonia is circulating a series of frequently asked questions (FAQs) to dispel fears that its newly approved crypto legislation equates to a ban.  The heightened requirements are an effort to comply with recommendations from the Financial Action Task Force (FATF), which released guidance for nations recommending heightened anti-money laundering standards for VASPs.  The legislative proposal seeks to regulate crypto entities, or virtual asset service providers (VASPs), like traditional financial institutions and payment platforms. It adds onto Estonia’s 2020 prohibition of …

Robinhood onboards Chainalysis in preparation for crypto wallet launch

In preparation for its crypto wallet rollout, Robinhood is integrating analytics tools from leading crypto intelligence firm Chainalysis, according to an announcement shared with The Block. Currently, Robinhood offers users exposure to the price movements of various cryptocurrencies on its brokerage app, which also offers more traditional stock trading. However, users cannot withdraw or deposit crypto off-platform.  In September, Robinhood announced plans to change this and allow users to move tokens as they would be able to on a crypto …

Yellen says some non-custodial entities won’t be subject to FATF standards

Treasury Secretary Janet Yellen has clarified that U.S. federal regulations are already in line with the Financial Action Task Force’s (FATF) crypto guidance, meaning less-than-easily categorized non-custodial entities won’t bear the burden of transaction reporting. Yellen’s clarifications came in written responses to Sen. Pat Toomey (R-PA), who submitted questions for the secretary ahead of today’s Senate Banking Committee hearing. Toomey’s questions included a section on the implications of the FATF’s crypto guidance, which the intergovernmental body finalized last month. Within …