Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
FATF
South Korean Exchanges To Ban Transfers To Unverified Wallets
Anonymous crypto transfers might become history in South Korea. Major South Korean exchanges will ban transfers to non-verified wallets, following a decision by Coinone. The businesses are adapting to new regulations set by the government. Exchanges including Upbit, Bithumb, and Korbit, will follow a similar decision by a Korean crypto exchange, Coinone. On Wednesday, Coinone announced it would no longer allow deposits and transfers from unverified private wallets. The decision came as a result of new stricter regulations in Korea. The…
3 years ago
Digital Currency Messaging Standard for FATF Compliance
Digital currency companies are responding to anti-money laundering requirements of the Financial Action Task Force (FATF). The latest response to the requirements involved the development of a new messaging standard. The new messaging standard is known as IVSM101. Two months to the end of 2018, the FATF was able to adopt changes to its recommendations to explicitly clarify that they apply to financial activities involving virtual assets (VA). This led to the expansion of the scope of the recommendations to apply to…
5 years ago
New Cryptocurrency Regulations Proposed in Cayman Islands
Cayman Islands’ legislative assembly introduced new legislation capable of regulating local companies carrying out activities related to cryptocurrencies. The main purpose of the proposed rules is towards monitoring the operations of digital asset exchanges. On April 28, the Virtual Asset Service Provider (VASP) Bill was submitted for review and its aim is offer a regulatory framework. The framework deals with registration guidelines and requirements for companies that offer services related to cryptocurrency. The proposed regulations are based on FATF guidelines such that…
5 years ago
Asia’s Strengthening of Cryptocurrency Regulations May Threaten Its Leading Position
People have been considering Asia as the world’s cryptocurrency hub for a long time now. There has been remarkable growth in the cryptocurrency domain in nations such as Japan, Singapore, South Korea, and China. China is in the last stages of creating a central bank digital currency (CBDC), thereby proving that the continent has placed itself ahead of others regarding digital assets. Recently in a podcast, Adam Traidman, the joint founder of one of the pioneering Bitcoin wallets on the app store (BRD) spoke about China’s digital Yuan and…
5 years ago