JPMorgan’s blockchain-based payment network will launch in Japan in early 2020, Cointelegraph Japan reports on Dec. 10. Based on JPMorgan’s in-house blockchain platform Quorum, the Interbank Information Network (IIN) intends to accelerate payment transactions as well as address major challenges of sharing data between banks. Bloomberg reports that more than 80 Japanese banks have expressed their intent to join the platform. Japanese banks now account for more than 20% of the 365 total global members that announced their participation since September 2019, accounting for the largest portion of participants from any single country. Daizaburo Sanai, an executive director at the …

An act of paternalism or a case of generic Bitcoin (BTC) distrust? It is hard to make out the exact reasons for Nordea Bank’s ban on its 31,500 employees trading in Bitcoin or other cryptocurrencies — even on their own time — a prohibition that was upheld on Dec. 2 by a Danish court. In a press release posted by the court following its ruling, Nordea Bank noted that, "Employees are permitted to keep any existing [crypto] holdings,” though it added that they were encouraged to sell them. As reported by Cointelegraph, Denmark’s finance industry union, Finansforbundet, brought a class-action …

No global stablecoin project will begin operation in the European Union (EU) until the associated risks to monetary sovereignty are addressed, according to EU authorities. In a joint statement adopted by the Council of the European Union and the European Commission (EC), the Council and the Commission admitted that stablecoins may be effective at providing cheap and fast payments, but they have far more risks and challenges. The statement was approved by the Economic and Financial Affairs Council (ECOFIN), one of the oldest configurations of the Council, on Dec. 5, based on the data in an official document released in …

The Asian continent and particularly China have been making news and inducing bull runs in the cryptocurrency world these past few months, starting with President Xi Jinping’s comments and progressing to crackdowns. The main question driving the conversation is the Chinese government’s sudden advocacy for blockchain systems and a specific interest in being the first major international power to create a national cryptocurrency, and state-sponsored blockchain solutions. Centralized powers contradict the decentralization movement While the focus is on China, we must remember it is a centralized government with immense state power and, according to some, a history of governmental overreach. …

It’s the clichéd rhetoric of choice for anyone seeking to discredit crypto. An ace in the hole for any argument against its proliferation. The go-to thesis for those who know very little about cryptocurrency but wish to appear otherwise. The idea that cryptocurrencies are solely utilized within illicit activities has become both a tool for mass media to disparage the industry and, for many, a reason to steer well clear. But besides being a tired stereotype, it may also be true. That’s one of the prevailing problems with stereotypes: While many derive from truth, they often represent an oversimplified — …

In January 2020, the regulatory landscape for crypto businesses will completely change in the European Union in comparison with the last decade — and these changes will touch all those who store clients’ crypto funds or provide fiat-to-crypto exchange services, at minimum. Not long ago, the Anti-Money Laundering regulations were extended to cover cryptocurrency custodian wallet service providers and crypto-to-fiat exchanges in the EU. The legislation known as the EU Fifth Anti-Money Laundering Directive entered into force on July 9, 2018, and shall be transposed into the national legislation of each EU member state by Jan. 10, 2020. Before that, …

In 2019, the total volume of cryptocurrency-related fraud and theft resulted in losses worth $4.4 billion, according to CipherTrace’s report for the third quarter of 2019. In its “Cryptocurrency Anti-Money Laundering Report, 2019 Q3,” security research firm CipherTrace delved into the 120 most popular cryptocurrency exchanges’ compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements and analyzed patterns in crypto-related crimes. Decline in crypto crime volume and weak KYC standards Per the report, Q3 2019 saw a notable reduction in total cryptocurrency crimes as compared with previous quarters, and thus the lowest quarterly thefts and scams in two …

South Korea’s National Assembly is progressing a bill that will provide a legal basis for cryptocurrencies in the country. The bill categorizes virtual currencies as digital assets and intends to bring regulatory clarity and transparency to crypto markets in South Korea, English-language newspaper Korea JoongAng Daily reports on Nov. 27. According to the report, the bill was passed by the National Assembly’s national policy committee and still needs to be approved by the judiciary committee. If approved, the law would come into force in 2020, the report notes. All crypto businesses will have to register with the Financial Intelligence Unit …

Cryptocurrency exchange BitBay will delist privacy-centric cryptocurrency Monero (XMR) due to money laundering concerns. The exchange announced the decision on Nov. 25, noting that the delisting will take place on Feb. 19, 2020. The exchange explained its decision “Monero (XMR) can selectively utilize anonymity features among projects. This feature of XMR is a subject to end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks.” On Nov. 29, the exchange will already stop accepting XMR deposits. Due to the upcoming Monero blockchain fork, XMR withdrawals will not be possible from …

The United States Deputy Treasury Secretary argued that decentralized privately-issued digital currencies can shift some functions from the state to the private sector. Deputy Secretary of the Treasury Justin Muzinich presented his view on the emerging ecosystem of financial intermediation and digital currencies at an annual banking and payments conference in New York on Nov. 21. The keynote by Muzinich was published on the official website of the United States Department of the Treasury. The recent conference was co-hosted by the U.S. Clearing House and Bank Policy Institute. Illicit uses of crypto are “one of the issues at the top …

Konstantin Ignatov, co-founder of alleged crypto scam OneCoin, has pleaded guilty to participation in the multi-billion dollar fraud. According to a BBC report on Nov. 14, Ignatov signed a plea on Oct. 4 and now faces up to 90 years in prison. The news was made public on Nov. 12, the BBC says. After being arrested at Los Angeles International Airport in March 2019, Ignatov pleaded guilty to several charges, including money laundering and fraud. While facing up to 90 years behind bars, he has yet to be sentenced and will reportedly not face further criminal charges for his role …

Cryptocurrencies came to life as a counterweight to the global financial restrictions that are powered by banks and regulators through the use of fiat. Therefore, it is fitting that Bitcoin (BTC) broke into the limelight in 2009 and raised a lot of controversies right form the start. By design, all blockchain transactions are recorded on an immutable ledger. Therefore, even though it would take immense work, skilled auditors like Ernst & Young are able to find irregularities — as opposed to fiat, which it is claimed that 99.9% of money laundering is not prosecuted by regulators. Early on, criminals quickly …