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US Lawmakers Want STABLE Act to Force Stablecoin Issuers to Secure Bank Charters
US lawmakers have introduced a new bill to Congress seeking to impose federal control over the entire stablecoin industry and would mandate issuers to secure bank charters.
Crypto & the FATF Travel Rule: FinCEN Suggests Challenges in Governance, Not Technology
The Financial Action Task Force (FATF) Travel Rule has been in the center of attention lately, which concerns crypto transactions above a certain amount must be accompanied by identifying information.The rule is an update to the existing FATF Recommendation 16, regarding cross-border and domestic wire transfers, and is intended to address the anti-money laundering (AML) and counter-terrorist financing (CFT) challenges as crypto adoption increases. The FATF Travel Rule could mean implications for virtual asset service providers (VASPs), including cryptocurrency exchanges, wallet providers, and custodians.
How Ripple-Backed Bitso Plans to Expand Cross-Border Crypto Remittance Services in Latin America
Ripple-backed crypto exchange Bitso announced that it will expand its cross-border crypto remittance services in Latin America through a $62 million investment.
Australia Securities Exchange Moves For Blockchain Technology, CHI-X Calls For More Regulatory Supervisions
Australia Securities Exchange (ASX) plans to switch to distributed ledger technology by April 2021, replacing its clearing system, registry, and settlement with the technology for the sole purpose of cutting costs for customers.
Ripple Faces Trademark Lawsuit in Australia for 'PayID' Infringement
Ripple Labs is facing a lawsuit by New Payments Platform Australia (NPPA) for allegedly violating intellectual property rights for the branding of ‘PayID’.
China Looking into the Application of Blockchain and AI for Cross-Border Financing
China is researching the application of blockchain technology and artificial intelligence in cross-border financing, focusing on risk management.
RippleNet Expands Access to Cross-Border Payments in the Asian Market with Thai FinTech Partnership
Thailand-based fintech company DeeMoney has joined RippleNet to process more efficient money transfers with competitive rates and low fees for all of Asia.
Dutch Central Bank Forces Crypto Firms to Register Within Two Weeks or Face Cease and Desist
The Dutch Central Bank, De Nederlandsche Bank (DNB) has announced that crypto companies must register with the authority by May 18, or to stop operating immediately. DNB has looking to enforce the Dutch anti-money laundering (AML) laws, which was passed by the Dutch Parliament in April to comply with the Fourth Anti-Money Laundering Directive (AMLD4) laws. The Dutch AML laws are in compliance with the Financial Action Task Force-recommended AML directives and standards.
Bitcoin Adoption Accelerating in NGO Sectors Across Australia, Europe, And North America
NGOs are now cashing in on cryptocurrencies. A new report reveals that an increasing number of charities continue to adopt bitcoin cryptocurrency majorly across North America, Europe, and Australia.
Indian Minister Reveals Crypto Regulatory Measures to Tame Terrorism
G. Kishan Reddy, India’s Union Minister of State (MoS) for Home Affairs disclosed that the nation would incorporate the standards of the Paris-based Financial Action Task Force (FATF) to deter terrorism by cutting off funding sources, especially cryptocurrencies.
The Adoption of Bitcoin May See Considerable Increase if the Proposed Cash Ban in Australia Activates
Under the new bill being considered by the Australian Parliament, people could be jailed for two years and pay a fine of $ 25,200 for just using more than $10,000. If this bill is passed, it will force its citizens to look away from traditional fiat currencies and go for decentralized digital currencies such as Bitcoin.
Western Union Makes Offer to Acquire Cross-Border Payments Firm MoneyGram
Financial giant, Western Union is in discussions to acquire cross-border payments company MoneyGram according to an anonymous source close to the deal.