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KYC

Crypto Needs Less Government Regulation – Not More

<header class=”article__header”> </header> <p class=”p1″><strong>A recent opinion article by Peter Lin, <a href=”https://cointelegraph.com/news/why-regulation-is-the-best-thing-for-crypto”>“Why Regulation Is The Best Thing For Crypto,”</a> presents common arguments on why the state and state-affiliated institutions should administer cryptocurrency. Underlying the arguments is an assumption: the free market cannot provide necessary standards for crypto and the state must step into the …

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EU Members Adopt Tougher Crypto Rules Than AML Directive Requires

</header> <strong>Europe is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s Fifth Anti-Money Laundering Directive …

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Binance KYC Breach — Did It Happen, and If So, Who’s to Blame?

On Aug. 7, Binance, the world’s largest cryptocurrency exchange (by daily trade volume), fell victim to a hacking scandal that saw the miscreant allegedly gain possession of a huge chunk of the firm’s Know Your Customer (KYC) data (10,000+ personal photos). The hacker is reportedly demanding a total of 300 Bitcoins (worth around $3.5 million) …

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Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

</header> <strong>Taxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make …

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US SEC Gives Crypto Gaming Firm the Go-Ahead on ‘Quarters’ Token

The United States Securities and Exchange Commission (SEC) has cleared a crypto gaming company to issue blockchain tokens without registration, deeming the tokens to not be securities. The SEC published its determination on July 25 via the commission’s website, as a reply to an apparent inquiry from the company Pocketful of Quarters (PoQ) on its …

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Swap and Track BCH on the New Shapeshift Suite for Noncustodial Crypto Management

<header class=”article__header”> </header> <strong>Shapeshift, the company that allows traders worldwide to exchange hundreds of cryptocurrency pairs launched its new crypto platform that now offers an integrated suite of digital asset management in a noncustodial fashion. The firm believes the latest release offers a true end-to-end solution that aims to bolster free market finance.</strong> Also Read: …

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Oxfam Trials Aid Distribution With DAI, Future Use ‘Highly Likely’

Throughout May 2019, United Kingdom-based nonprofit organization Oxfam International executed a month-long trial that saw MakerDAO’s DAI stablecoin distributed as a means of exchange among citizens of Vanuatu. The Oxfam initiative, named UnBlocked Cash, was conducted in partnership with MakerDAO, ConsenSys and Australian tech startup Sempo. The Australian government also supported the program. Tsunamis, cyclones …

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Enforcement of Updated Crypto Guidelines From FATF Has Far-Reaching Implications

<header class=”article__header”> </header> <strong>The FATF (Financial Action Task Force) has revealed updated guidelines that would require cryptocurrency and digital asset exchanges—and potentially independent business owners and crypto holders—to share sensitive customer information as VASPs (Virtual Asset Service Providers), compromising user privacy and restricting crypto market access. </strong> Also read: BCH Development Fund Doubles Its Goal …

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All Global Crypto Exchanges Must Now Share Customer Data, FATF Rules

A powerful intergovernmental organization devoted to combating money laundering and terrorism financing has finalized its recommendations on regulating cryptocurrencies for its 37 member countries. As expected, the Financial Action Task Force (FATF) standards released Friday include a controversial requirement that “virtual asset service providers” (VASPs), including crypto exchanges, pass information about their customers to one another …

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Privacy Is Paramount: How KYC Makes Us All Less Free

<header class=”article__header”> </header> <strong>KYC (Know Your Customer) policies and endless private data collection, coupled with force-backed, violent legislation compromise the utility and ethics of crypto trading. An uncompromising stance on user privacy is critically important to crypto traders and peer-to-peer transaction. It’s not about having nothing to hide, but about sound economics, human dignity, and …

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