virtual assets

UAE Interior Ministry and FSRA Partner to Combat Virtual Assets-Related Crime

December 21, 2024 Bitcoin.com

bitcoin.com

The United Arab Emirates’ Interior Ministry has signed a memorandum of understanding with the Financial Services Regulatory Authority to combat virtual assets-related crime. Strengthening Risk Mitigation Frameworks The United Arab Emirates (UAE)’s Interior Ministry has signed a memorandum of understanding with the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to […]

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Bitoasis Secures Full VASP License From Dubai’s VARA

December 10, 2024 Bitcoin.com

bitcoin.com

Bitoasis, a leading virtual asset platform in the Middle East and North Africa (MENA) region, has received a full virtual asset service providers (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Securing the full VASP License marks the final step in VARA’s licensing process. This milestone allows Bitoasis to expand its services to retail, […]

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Despite Bitcoin’s 10% Drop, Over $20M in Old Coins Find New Homes

South Korea Vows to Crack Down on Crypto Money Laundering

December 3, 2024 Bitcoin.com

AML

South Korea’s financial regulator says it is taking steps to combat money laundering and other financial crimes involving virtual assets. Virtual Assets and Financial Crime The head of South Korea‘s financial services industry regulator recently vowed to crack down on those who use virtual assets for money laundering. Speaking at Anti-Money Laundering Day, Kim Byung-hwan, […]

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South Korea to Form Committee to Review Spot Crypto ETF Plans

October 15, 2024 Bitcoin.com

bitcoin.com

South Korea is forming a 15-member public-private committee to address issues in the virtual asset market and explore cryptocurrency legislation. The committee will include government officials and representatives from the legal profession, academia, and the virtual asset industry. One of its key roles will be to evaluate South Korea’s plans for spot cryptocurrency ETFs and […]

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Dubai Regulator Orders 7 Unlicensed Crypto Exchanges to Stop Operations

October 11, 2024 Bitcoin.com

bitcoin.com

The Dubai Virtual Assets Regulatory Authority (VARA) has taken action against seven unlicensed crypto entities for operating without licenses and violating marketing regulations. VARA has issued cease-and-desist orders and imposed fines on these entities. The regulator warned the public of the risks associated with dealing with unlicensed crypto businesses, emphasizing the potential for financial and […]

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UAE Introduces Retroactive VAT Exemptions for Crypto Transactions

October 7, 2024 Bitcoin.com

Bitcoin

The United Arab Emirates has introduced VAT amendments that impact crypto transactions, redefining tax obligations for companies in the digital asset space. Under the new rules, businesses dealing with cryptocurrencies and other digital assets must carefully evaluate their tax positions, especially as some provisions retroactively affect transactions since 2018. UAE’s VAT Amendments Introduce Retroactive Tax […]

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FATF Urges India to Strengthen Virtual Asset Regulation

September 21, 2024 Bitcoin.com

AML

India has achieved a high level of technical compliance with Financial Action Task Force (FATF) standards, addressing illicit finance, money laundering, and terrorist financing. In a joint assessment with regional bodies, the FATF praised India’s progress but pointed out areas needing improvement, especially in regulating the non-financial sector and virtual asset providers. The country was […]

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South Korean Regulator Unveils Plan to Inspect Crypto Exchanges for Illegal Practices

September 5, 2024 Bitcoin.com

bitcoin.com

South Korea’s financial regulator, the Financial Supervisory Service (FSS), will inspect crypto exchanges to identify illegal practices following stricter regulations under the Virtual Asset Users Protection Act. The review aims to ensure compliance and safeguard crypto assets, with severe penalties for violations, including life imprisonment for profiting over five billion won illegally. South Korea’s Financial […]

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Bank of Ghana Unveils Proposed Virtual Asset Regulations

August 20, 2024 Bitcoin.com

Africa

The Bank of Ghana has released draft regulations aimed at creating a framework for the cryptocurrency industry. The rules are designed to protect consumers, prevent financial crimes, and encourage financial inclusion. Virtual asset service providers (VASPs) will be required to register and meet strict standards, while commercial banks are prohibited from dealing directly with virtual […]

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Seychelles Approves Bill on Virtual Asset Regulation

August 20, 2024 Bitcoin.com

AML

The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance innovation with anti-money laundering efforts, adhering to Financial Action Task […]

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Despite Bitcoin’s 10% Drop, Over $20M in Old Coins Find New Homes