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INTERNATIONAL WATCHDOG TO INTRODUCE BINDING REGULATIONS FOR CRYPTOCURRENCY EXCHANGES

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The Financial Action Task Force (FATF) – a multi-national agency tasked with combating global financial criminal activity, will discuss developing and introducing legally binding rules for governing cryptocurrency exchanges later this month.

Reuters reports that the Paris-based agency – comprised of 37 countries – will meet with both the Gulf Cooperation Council and the European Commission in an attempt to establish legally binding regulations governing cryptocurrency exchanges.

Developing Binding Guidelines

DEVELOPING BINDING GUIDELINES

The push for the development of said guidelines comes after a call on behalf of financial policymakers from G20 economies earlier in March. The current rules, which were set back in 2015, are non-binding, making enforcement among the countries challenging and inconsistent, to say the least.

According to the guidelines which are currently in place, cryptocurrency exchanges need to be registered or licensed and they need to verify the identity of their customers in order to prevent money laundering. Yet, due to their non-binding nature, 68% of cryptocurrency exchanges fail to comply with the KYC requirements.

A government official, speaking on condition of anonymity, noted that the discussions are to begin on June 24th and are supposedly going to take a closer look at the currently existing rules and determine whether or not they are appropriate in the current cryptocurrency environment of today. The agencies will also discuss the guidelines’ application to newly founded cryptocurrency exchanges as well as how to work with countries that have already banned cryptocurrency trading.

Japan to Lead the Way

JAPAN TO LEAD THE WAY

Japan has already established itself as a generally crypto-friendly country, working actively to provide regulatory clarity on pressing matters. Earlier this month, the Financial Services Agency (FSA), introduced a five-point agenda for regulating cryptocurrency exchanges.

Furthermore, the exchanges trading virtual currencies launcheda self-regulatory body back in April. All 16 of them took part, forming the Japanese Cryptocurrency Exchange Association (JCEA) which is supposed to be responsible for the self-regulation of those platforms.

Now that Japan is due to chair the G20 in 2020, it intends to take the lead on the current matter. Hoping that it will get the support of U.S. and European governments, Japan will be pushing for the adoption of the new and binding rules to take effect by 2019 at the very latest.

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Mainstream Giant AT&T To Allow Bill Payment In Crypto

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Colossal mainstream telecom provider AT&T announced it now accepts Bitcoin payments for bills, via BitPay.

AT&T Now Accepts Crypto

According to a May 23 statement on att.com, “AT&T* will now accept online bill payments through BitPay, a respected cryptocurrency payment processor. AT&T becomes the first major U.S. mobile carrier to provide a cryptocurrency payment option to customers.” BitPay will now appear as a payment choice when clients pay online or through myAT&T app usage, the statement noted.

AT&T Communications Finance Business Operations vice-president Kevin McDorman said in the statement:“We’re always looking for ways to improve and expand our services […] We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

In the fall of 2018, the crypto space also saw Ohio take a shine to Bitcoin, allowing residents to pay their taxes in the asset, via BitPay.

Conceived in 2011, the crypto payment operation BitPay Inc. is “the largest bitcoin payment processor in the world, serving industry-leading merchants on six continents,” according to BitPay’s website.

Adoption In The Works

Mainstream adoption for cryptocurrencies is at the doorstep of the industry, with big businesses utilizing blockchain, mainstream entities looking to trade crypto and new entities, such as AT&T, now allowing bitcoin as a payment method.

Source:cryptopotato

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Japan Scrutinizing Crypto Exchanges Ahead of G20 Summit

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Japan’s Financial Services Agency (FSA) is said to be scrutinizing cryptocurrency exchanges in the country to ensure anti-money laundering (AML) processes are in place.

A report from the Nikkei Asian Review on Wednesday, citing an unnamed FSA official, said that inspections are being carried out ahead of the G20 summit next month. The G20 – the international forum of which Japan holds the presidency for 2019 – is planning measures to crack down on money laundering using cryptocurrency and, hence, the country aims to ensure that it has its financial house in order, they said.

Adding to the pressure, global money-laundering watchdog, the Financial Action Task Force (FATF), will review Japan’s domestic money laundering laws this autumn – an investigation that will include cryptocurrency platforms.

Cryptocurrency exchanges are, therefore, being asked by the FSA to clearly explain what measures they are taking to prevent money laundering, such as verifying user IDs to prevent anonymous transactions.

Last month, cryptocurrency exchanges Huobi Japan and Fisco were reportedly investigated by the FSA to assess their customer protection and AML provisions.

The FSA official said in today’s report:

“We’ll continue with the on-site inspections, and we’ll make sure everything is sound.”

Japan is also trying to make improvements after receiving the FATF’s lowest rating for customer identification processes at financial institutions in 2008, the official added.

The FATF published a draft document earlier this year, proposing a number of measures that national governments should adopt to more effectively supervise cryptocurrency transactions, and therefore lower money laundering risks.

Japan has already been making moves to tighten up the crypto industry. The nation passed a law in April 2017 that brought cryptocurrency exchanges under AML/know-your-customer (KYC) rules and mandated that such platforms must be licensed. The law also notably recognizes bitcoin as a legal method of payment.

 

source:coindesk

 

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Finnovating to Host Startup Competition at Barcelona Trading Conference

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The global innovation consultancy is just one of the event’s local partners.

Finance Magnates and Ultimate Fintech are joining together to create the largest event dedicated to the crypto trading community, the Barcelona Trading Conference 2019 on July 1o1th to July 11th. Several regional partners, including Finnovating, an advisory group focused on promoting collaboration between startups, tech providers, and financial services experts will demonstrate why Barcelona is quickly transforming into one of Europe’s hottest spots for digital assets.

Finnovating Co-Founder Jésus Pérez Sánchez stressed how the Barcelona Trading Conference highlights “the progress in the Spanish crypto ecosystem, where we have worked in the first STO.”

He noted that companies like Finnovating can “analyze key tech sectors in Spain and Latin America, which helps big corporations adapting to new market requirements through collaborations.”

BTC 2019 expects to draw 200+ fintech professionals, 60+ exhibitors, and 70+ of the top crypto speakers for dozens of panels and workshops covering the latest developments and market trends. The sessions will be held on a single floor of the Barcelona CCIB, Southern Europe’s largest convention center.

Other local partners include the Generalitat de Catalunya, Lawyer, and VC Investments Advisor Vicente Ortiz Alonso, and Jesus Rodriguez, CTO at IntoTheBlock. Public blockchain platform NEO Global Development will also be hosting a Spanish language workshop for programmers.

BTC 2019 will feature a number of workshops offering insider perspectives on the evolving cryptocurrency marketplace, including key topics such as stablecoins, tokenized CFDs, and is expected to become the preeminent Crypto trade conference, with thousands of attendees and dozens of speakers.

Ultimate Fintech and Finance Magnates have already earned a reputation for running the financial services industry’s premier events, including the London Summit, the iFX EXPO International and the iFX EXPO Asia conferences.

The Barcelona Trading Conference takes place July 10-11th, 2019, and promises Crypto enthusiasts interested in regulation, technology, and asset management exceptional networking opportunities. Visit our website for more information and to register for tickets.

Source/ambcrypto

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