South Korea’s top financial regulator has released a set of revised anti-money laundering (AML) guidelines for virtual currencies, according to a press release published this week. The press release notes that the Financial Services Commission (FSC) conducted on-site inspections of three domestic banks - Nonghyup, Kookmin, and Hana Bank - the results of which prompted the update to AML guidelines. The new guidelines note that cryptocurrency exchanges must conduct Customer Due Diligence (CDD) and Enhanced Customer Identification (EDD) to ensure the trade purposes and funding sources of users are legitimate. If a business refuses or is unable to provide information …

This interview has been edited and condensed. Cointelegraph had the opportunity to speak to ConsenSys’ Ajit Tripathi at BlockShow Europe 2018 about his experience leaving Wall Street for the crypto world, what new ConsenSys projects he’s most excited about, and why crypto regulation changes from country to country. Molly Jane: Could you tell us a little bit more about what ConsenSys does and what your role is there? Ajit Tripathi: ConsenSys is a venture production studio based in Brooklyn, and now we have offices in London, in about 30 countries, including London, Paris, South Africa, Australia, and Singapore — we're …

According to an expert at the Israeli cybersecurity firm Check Point Software Technologies (CHKP), crypto-related crimes would exceed the number of all other cyberattacks in 2018, the Times Of Israel reports June 22. The expert defined “cryptocurrency-related cyberattacks” as any form of cybercrime that involves crypto, including scams and hacks. Speaking on a panel at the “Blockchain, The New Digital Age” event at Tel Aviv University, CHKP expert Lotem Finkelsteen said that illegal activity in the initial coin offering (ICO) market is the main obstacle to the development of blockchain technology. “Not a day goes by without our hearing about …

Japan’s financial regulator the Financial Services Agency (FSA) has sent business improvement orders to six major cryptocurrency exchanges, Cointelegraph Japan reports June 22. According to press releases listed on its website, the FSA has demanded a risk management overhaul - centered on anti money laundering (AML) and know-your-customer (KYC) requirements - from bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point. As Cointelegraph Japan reports, bitFlyer, currently the 23rd exchange in the world by trade volume, has already begun remedial measures in response to its order, halting new account registrations and reviewing user identification documentation. The FSA concluded …

The co-founder of Irish Bitcoin (BTC) broker Eircoin accused the Banking and Payments Federation of Ireland (BPFI) of discriminating against crypto-related accounts, The Irish Times reports June 21. Dave Fleming blamed the BPFI for, “seeking to muddy the waters with insinuations of dirty money.” Eircoin, which is reportedly “Ireland’s only Bitcoin broker,” was closed in April. The firm’s co-founder Dave Fleming said they were “shuttered due to a negligent and defensive banking system”. According to Fleming and his business partner Roisin Coogan, banks also refused banking services to a new secondary consulting business. Fleming claimed that the closing of the …

Marcel Cassar, the newly appointed chairperson of the Malta Bankers Association, said that blockchain tech sounds like a “banker’s dream.” Cassar also claimed that cryptocurrencies are “here to stay,” according to a June 17 interview with local news outlet The Malta Independent. Cassar begins the interview by noting that the banking industry has to keep up with the fast-changing digital world, making the comparison of the present environment to “rush-hour gridlock trapping a Formula 1 car.” This slowdown, in his opinion, means that although blockchain sounds like a “banker’s dream” and a “total game-changer,” due to its authentic and reliable …

Japan’s Financial Services Agency (FSA) will be issuing business improvement notices to five registered cryptocurrency exchanges by the end of this week, Cointelegraph Japan reports Tuesday, June 19. According to the FSA inspections, crypto exchanges BitFlyer, Quoine, Bitbank, BITPoint Japan, and BtcBox do not have the proper internal management systems, including their measures to prevent money laundering. BitFlyer, Quoine and Bitbank are some of the largest crypto exchanges both in the country and in the world, currently sitting at 27th, 18th and 20th places by trade volume, according to Coinmarketcap data. When asked about the business improvement notices, BITPoint Japan …

Hollywood will shoot and release its first movie centered on cryptocurrency this year, industry media report today, June 15. According to the Hollywood Reporter, ‘Crypto’ will focus on laundering of virtual assets and see star roles from the cast of popular US series including Westworld and Mad Men. The lead roles will be played by Beau Knapp of Netflix’s Seven Seconds, as well as Alexis Bledel of Gilmore Girls fame. “Cryptocurrency has captured the attention and imagination of consumers and entrepreneurs all over the world but has never been explored in film in such a nuanced and exciting way,” co-producer …

The Canadian government has released an official draft of new regulations on crypto exchanges and payment processors, Canada Gazette reports June 9. According to the draft, the new regulations seek to address a “number of deficiencies” that the Financial Action Task Force (FATF) outlined after their evaluation in 2015-16, namely in strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF). The new regulations will treat crypto exchanges and payment processors as money service businesses (MSB), which requires them to report large transactions — those over $10,000 Canadian dollars ($7700 USD) — and a new Know Your Customer (KYC) threshold set …

Risk management giant LexisNexis has partnered with crypto exchange Blockbid to increase the exchanges security measures Blockbid reports on its Medium account June 4. Blockbid is reportedly one of the first trading platforms to voluntarily observe global anti-money laundering (AML) measures by partnering with LexisNexis and ThreatMetrix security technology firms. Boosting fraud prevention and know your customer (KYC) measures in respect to banks, the solution “Trade with Confidence” intends to prevent crypto being used in cases of money laundering, terrorism financing, human trafficking, and other illegal activity. According to the blog post, the newly adopted technology by Melbourne-based exchange Blockbid …

Japan’s Financial Services Agency (FSA) has issued business improvement orders to multiple domestic crypto exchanges, Cointelegraph Japan reports today, June 1st. One of FSA’ main concerns is the exchanges’ compliance with anti-money-laundering (AML) requirements. The agency’s inspections revealed that several of the crypto exchanges under its aegis are failing to apply sufficient Know-Your-Customer (KYC) checks to confirm the identity of their users and prevent ‘bad actors’ from trading. The regulator has also raised concerns about cases where it claims that customers’ assets are not being adequately separated from those of the exchange. The regulator’s new orders have been issued to …

Hong Kong will not currently issue a central bank digital currency (CBDC), citing the existence of already efficient payment infrastructure, according to a government press release published yesterday, May 30. Joseph Chan, the Acting Secretary for Financial Services and the Treasury in the Legislative Council, said in response to questions about both the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) issuing digital currencies that although the HKMA is monitoring cryptocurrency development globally, they have “no plan to issue CBDC at this stage.” According to Chan, the Committee on Payments and Market Infrastructures (CPMI) — made …