Category: Compliance
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The SFC issued a statement on the end of the non-violation period of the virtual asset trading platform
The SFC would like to remind the public that the non-breach period for virtual asset trading platforms operating in Hong Kong will end on 1 June 2024. Applicants (and their ultimate owners) who are deemed to be licensed virtual asset trading platforms are required to comply fully with all regulatory requirements and licensing conditions of… Read more
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[MAS] Singapore National Asset Recovery Strategy
![[MAS] Singapore National Asset Recovery Strategy](https://web3accountant.online/wp-content/uploads/2024/08/mas_logo_corporate-branding_square_01.jpg)
💸 Money Laundering Risk in Singapore: As an international financial centre, criminals will take advantage of Singapore’s economic openness to launder illicit funds in its ecosystem. 🎯 Objectives of Asset Recovery in Singapore:1. 🚫 Depriving criminals of their illegal gains2. 🛡️ Reduce criminal harms caused to society3. ⚖️ Provide recourse to victims of crime 📊… Read more
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[Currency Bridge] Learn how to manage KYC and KYT in Fintech?
![[Currency Bridge] Learn how to manage KYC and KYT in Fintech?](https://web3accountant.online/wp-content/uploads/2024/08/images1-2.jpg)
KYC compliance trends for fintech companies in 2024 show a significant shift towards advanced technology and streamlined processes. Fintech companies are increasingly adopting artificial intelligence (” AI “), machine learning (” ML “) and blockchain technologies to enhance identity verification and fraud detection capabilities. In addition, there is a significant trend towards document-free verification methods… Read more
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[ZachXBT] How did the Lazarus Group launder $200 million
![[ZachXBT] How did the Lazarus Group launder $200 million](https://web3accountant.online/wp-content/uploads/2024/08/下载1-3.jpg)
The Lazarus Group (linked to North Korea) laundered $200 million into fiat currency from more than 25 cryptocurrency hacks between 2020 and 2023. Early on, the threat group gained notoriety for cyberattacks such as the 2014 “SONY Pictures hack,” and in recent years has turned to the cryptocurrency industry. TRM and Chinalysis (Blockchain Data Analysis… Read more
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IRS updates draft version of Form 1099-DA, Digital Asset Proceeds From Broker Transactions
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[Continuum] Why Cyber Insurance is Essential in an Increasingly Digital World
![[Continuum] Why Cyber Insurance is Essential in an Increasingly Digital World](https://web3accountant.online/wp-content/uploads/2024/08/Continuum-Logo-Primary-Reversed-BlueBG.png)
On Friday, July 19, 2024, a massive global technical failure highlighted the severe vulnerabilities of the interconnected digital environment. The incident was triggered by a software update from cybersecurity company CrowdStrike, leading to grounded flights, broadcast interruptions, and disruptions to essential services like healthcare and banking for millions of people. This event taught businesses of… Read more
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[MAS] Purpose Bound Money: A New Paradigm of Value Transfer 💸🔗
Utility of digital money is on the rise and can exist in multiple forms (central bank digital currencies, stablecoins, tokenized deposits, and liabilities). Those issued on a blockchain offer the promise of programmability and greater functionality in value transfer for end-users. Purpose Bound Money (PBM) 💰, a version of programmable money, may find product market… Read more
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Coinbase Institutional Market Intelligence: Stablecoins and the New Payment Landscape 💳🌐
Stablecoins settled $10.8T worth of transactions in 2023, of which $2.3T were related to organic activities including payments and cross-border remittances 🌍💸, among others. We believe stablecoins could be a vital use case for the real economy, leading to further disruption among incumbents in the payments space. Today’s payment giants suffer from major disadvantages, including… Read more
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[MAS] Money Laundering Risk Assessment Report Singapore 2024
Singapore is committed to working closely with international and domestic stakeholders to prevent, detect, and enforce against ML. As an international business, financial and trading centre, Singapore must remain vigilant to the fast-evolving ML threat landscape and criminal methods and ensure that our AML regime and defences keep pace with these changes. Singapore is therefore… Read more
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[XREX] Virtual Currency Guild Officially Established, 24 Members Join, with Drafting of Self-Regulatory Code as Top Priority
![[XREX] Virtual Currency Guild Officially Established, 24 Members Join, with Drafting of Self-Regulatory Code as Top Priority](https://web3accountant.online/wp-content/uploads/2024/08/下载-1-2.png)
https://xrex.io/zh/the-vasp-association-is-officially-established-zh Read more