Uruguay Passes Cryptocurrency Law
Proposed over two years ago, the law recognizes cryptocurrency as virtual assets in the country, establishing the Central Bank of Uruguay as the regulator and overseer of companies seeking to offer cryptocurrency services. The law positions Uruguay at the forefront of Latin American countries that have already included crypto in their regulatory frameworks. Uruguay Enacts […]
Saudi Arabia Leads MENA in Crypto Growth for Second Year Running
Saudi Arabia has emerged as the fastest-growing crypto economy in the Middle East and North Africa (MENA) region for the second consecutive year. Unlike other MENA countries, Saudi Arabia’s and Qatar’s crypto activity primarily stems from decentralized finance platforms. The majority of MENA’s crypto activity is driven by institutional and professional investors. Saudi Arabia’s Youth […]
Kosovo receives guidance from Council of Europe on crypto crime tracing
Kosovo’s Financial Intelligence Unit partners with the Council of Europe to improve crypto crime tracing skills and strengthen regulations on digital currencies.This post was originally published on this site
Seychelles Approves Bill on Virtual Asset Regulation
The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance innovation with anti-money laundering efforts, adhering to Financial Action Task […]
Bank of Ghana unveils draft rules for cryptocurrency exchanges
The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.This post was originally published on this site
Peru Issues VASP Regulation, Strengthens AML/TF Requirements
The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan. The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes. […]
Central Bank of Brazil Aims to Finalize Crypto Exchange Regulation by Early 2025
According to Nagel Paulino, head of the Central Bank’s regulatory department, the Central Bank of Brazil hopes to finalize cryptocurrency market regulations by 2025. The institution will conduct a second public consultation to finalize the drafts, hearing the opinions of market participants in order to tailor these rules to local needs. Central Bank of Brazil […]
Three-Quarters of Jurisdictions Partially or Not Compliant with VASP Sector Recommendation, Says FATF
Three-quarters of the jurisdictions surveyed by the Financial Action Task Force (FATF) “are only partially or not compliant” with the anti-money laundering recommendation for the virtual assets sector. According to the latest FATF update, 60% (88 jurisdictions) have decided to permit virtual asset service providers (VASPs), while 14% (20 jurisdictions) explicitly prohibit them. The FATF […]
Nigerian SEC mandates local offices for crypto firms
The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits and monitoring.This post was originally published on this site
Enforcement of South Korean virtual assets law prescribed in decree
The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.This post was originally published on this site