FATF to finalize interpretation of virtual assets, digital currency exchanges and ICOs to require they be FIU-registered and supervised for AML compliance

In furtherance of the US approach to responsible innovation, the Financial Action Task Force (“FATF“)’s private sector consultation in Vienna two weeks ago, will help drive changes to FATF Recommendation 15 to bring digital currencies, ICOs, and digital currency exchanges more fully into the AML requirements in June 2019. The Vienna change will take effect [...]

Canadian Member of Parliament Introduces Bill to Allow for Crypto Capital Gains Donations to Charities

Canadian Parliamentarian Dan Albas, has introduced Bill C-452 in Parliament today which would allow holders of cryptocurrency to make charitable donations in crypto to Canadian charities and get a tax credit for their donations. The short but powerful amendment to the Income Tax Act, amends §38(a.1) to include crypto as an approved category for the purposes [...]

Spanish police seize €9 million in Bitcoin as part of money laundering Bitcoin ATM ring

The Spanish Guardia Civil has arrested eight people and seized over €9 million, luxury cars, cannabis plants and jewellery in connection with an alleged money laundering operation in Spain that involved the use of Bitcoin ATMs and digital currency exchanges to launder proceeds of crime and avoid the filing of suspicious transaction reports. According to [...]

Australian federal police uncover Bitcoin-related alleged international drug traffickers boasting about their luxury cars and mansions on social media

Two Bitcoin-related alleged drug traffickers living large and spending above their reported incomes In the last few months, the Australian Federal Police have arrested two well-known Bitcoin guys suspected of leading secret lives as international drug traffickers. Both alleged to the public that they had real jobs, one operating a digital currency exchange and the other an IT business, [...]

Iran confirms supporting an ICO and several Blockchain projects

On Tuesday, Iranian officials spoke to the Iranian media and confirmed that a government organization – Iran Telecommunication Research Center – has 4 Blockchain projects in progress that have looked at using Blockchain for policy making, threat management and business use cases for Iran. Further, they announced that a project at Sharif University, funded by [...]

China’s Supreme People’s Procuratorate comments on Blockchain-based evidence for Court purposes

China’s Supreme People’s Procuratorate, the highest national legal supervisory body in China (which reports to the National People’s Congress), published a commentary by a learned legal scholar on its official website on the use of Blockchain for Court evidentiary purposes yesterday, noting that for it to grow as a source of reliable evidence in Chinese [...]

US identifies Canada as major money laundering country, and notes concern over its low prosecution rate

Canada once again a “Major Money Laundering” country The 2019 “International Narcotics Control Strategy Report” (INCSR) published on Friday by the U.S. Department of State identifies Canada once again as a “major money laundering country” along with a host of risky countries for financial crime. A “major money laundering country” is one whose banks and financial [...]

A guy says he gave $3M of Bitcoin to a stranger to sell in Hong Kong and, you guessed it, says he never saw it again

This is one of those stories that could only happen in the Bitcoin world. In June 2017, a guy named Nico Constantijn Samara, from the Netherlands, who owned over 1,000 Bitcoin worth US$3.1 million, travelled to Hong Kong to sell them to a stranger. When he arrived, he discovered that under Hong Kong banking law, [...]

Listed terrorist organization asks for Bitcoin

According to an article in CCN today, a person who may be a supporter of HAMAS, a listed terrorist organization, allegedly took to social media – in particular Twitter – to solicit financial support with Bitcoin. The Twitter account is still operational even though, if the story is accurate, the tweet constitutes an attempt at [...]

World’s first bi-national government issued digital currency launched in Middle East

Saudi Arabia and the United Arab Emirates announced yesterday in Abu Dhabi that they have created and launched a joint new bi-national digital currency. The name of the coin has not been released, not the type, not the amount issued, nor its price per coin. According to the governments of both nations, the new Saudi [...]