Recent weeks saw a massive surge of the so-called privacy coins’ prices — namely Monero (XMR), Dash (DASH), Zcash (ZEC) and Haven Protocol (XHV). As many other cryptocurrencies and the industry at large faced immense regulatory pressure amid the war in Ukraine, one narrative that began taking hold in the crypto space was the potential of such privacy-enhancing assets to provide investors a greater level of financial anonymity. But, can privacy coins deliver on Bitcoin’s (BTC) original promise? A good month for privacy-focused assets Over the past month, Monero has almost doubled its tally. With some minor oscillations, it rose …

It has been two weeks since Russia kicked off the first large-scale military action in Europe in the 21st century — a so-called “special operation” in Ukraine. The military conflict immediately triggered devastating sanctions against the Russian economy from the United States, the European Union and their allies and has put the crypto industry in a position that is both highly vulnerable and demanding. As the world watches closely, the crypto space must prove its own standing as a mature and financially and politically responsible community, and it must defy the allegations of being a safe haven for war criminals, …

On March 10, the Bank of Israel published draft regulation of anti-money-laundering and combatting the financing of terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions. The move hints at the Israeli government’s preparations to legalize and regulate the relationship between banks and virtual currency service providers (VASPs). The document cites the customers’ increased involvement with digital assets as the rationale for the new policy: “In view of the increase in customer activity in virtual currencies, and the resulting increase in customer requests to transfer money [...] the Banking Supervision Department today published a draft circular dealing with managing …

According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain, Austria, Italy, Luxembourg and the Netherlands. The group is working on “the remit and design” of a new international AML watchdog force that will have a particular emphasis on crypto, and the European Commission — the key executive institution of the European Union — will be the primary platform for the discussion. How will the move affect the …

The United States-based crypto exchange Coinbase has proposed the use of cryptocurrencies to help ensure compliance with economic sanctions. The recommendation comes along with highlighting the ease of laundering and sanction evasion of fiat currencies made possible by traditional financial infrastructures. Written by Coinbase’s Chief Legal Officer Paul Grewal, the blog talks about the growing range of global sanctions put forth amid the Russia-Ukraine conflict. The crypto exchange supported the government’s decision to impose sanctions on individuals and territories, highlighting its importance in “promoting national security and deterring unlawful aggression.” https://t.co/h08YXYgAoM Sanctions play a vital role in promoting national security …

On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies. What the task force will look like The name of the new task force that Monaco revealed is the Virtual Asset Exploitation Unit (VAXU). It will bring together the personnel from the various units of the …

The European Commission, in coordination with other authorities, reportedly plans to have its financial watchdog group potentially oversee illicit transactions at crypto firms. According to a Tuesday Bloomberg report, a group of European Union member nations led by Germany and including The Netherlands, Spain, Austria, Italy, and Luxembourg plan to include crypto firms under the purview of the anti-money laundering-focused group — purportedly the European Commission’s Anti-Money Laundering Authority first proposed in July 2021. The group will reportedly begin operating in 2024 and be “fully functional” by 2026. An EU diplomat reportedly said the inclusion of crypto firms in the …

A European subsidiary of United States-based crypto trading platform Uphold has received approval from the United Kingdom's Financial Conduct Authority (FCA). According to the FCA website, Uphold’s U.K. subsidiary Uphold Europe Limited gained regulatory approval on Feb. 17, 2022, joining the select list of 32 firms that have received FCA approval as a Registered Crypto Asset service provider, out of the 200 that applied. The approval signifies that the firm is in compliance with the U.K. Anti-Money Laundering and CounTerrorist Financing regulations. In order for crypto exchanges and service providers to offer their services to U.K.-based customers, they must register …

What are the key areas where blockchain is adding value to the RegTech ecosystem? Financial regulators and service providers are looking for the best and most cost-effective solutions to help the banks and other financial institutions comply with the rules and do business in a compliant regulatory environment. As blockchain is already disrupting the conventional ways of doing businesses, thanks to its benefits in terms of enhanced transparency, faster procedures, decentralized and most importantly, cost-effective nature. In essence, blockchain provides the solutions for the existing problems faced by financial institutions in terms of Anti-Money Laundering (AML) and Know Your Customer …

Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up in the darker corners of the web, institutionalizing the shadow industry and slashing the skill ceiling for wannabe-criminals. The trend should be ringing a warning bell through the crypto ecosystem, particularly since ransomware attackers do have a knack for payments in crypto. That said, the industry that was once a Wild Wild West is now …

Many major crypto companies based in the United States have released a solution for the Financial Action Task Force's Travel Rule. In a Wednesday blog post, crypto services provider Paxos announced the launch of the Travel Rule Universal Solution Technology, or TRUST, with members including Coinbase, BlockFi, Gemini, Kraken, Robinhood, Circle, and Fidelity Digital Asset Services. The endeavor is aimed at ensuring crypto firms are in compliance with the Travel Rule while also proving ownership of recipients’ crypto addresses, meeting security and privacy requirements, and not centrally storing users’ personal data. The Financial Action Task Force, or FATF, recommended to …

It’s the Netflix script that wrote itself. A story so outlandish, it’s stunned the crypto community; an industry accustomed to apparent suicides in Spanish jail cells and nonfungible token auctions for dead rappers. The plot involves the United States Department of Justice (DoJ), a crypto exchange with a checkered history, a rapper-cum-Forbes magazine writer, a voucher to buy a new PlayStation, an occasional magician and $4 billion worth of Bitcoin (BTC). The alleged Bitfinex hack money launderers have kept the internet enraptured since the larger-than-life story emerged last week. It’s no wonder that Netflix has actually announced that they will …