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Financial Crimes Compliance for Cryptocurrency: Why Can t We All Agree? | FTI Consulting

To embed, copy and paste the code into your website or blog: Regulators are not on the same page when it comes to applying the “Travel Rule” to digital assets. That’s stifling growth in the crypto industry and opening the door to bad actors. On January 7th of this year, the value of the cryptocurrency market surpassed USD$1 trillion for the first time ever. Six weeks later on February 19, bitcoin, perhaps the best-known cryptocurrency, exceeded the USD$1 trillion mark on its own. The remarkable speculation of crypto markets is not surprising given the strong inroads digital assets have made into domains once exclusive to fiat currency. Today bitcoin (and other popular cryptos, such as ethereum, ripple, and tether) are increasingly accepted as payment for a variety of products and services or as means to execute intra- and cross-border currency transfers. Retail banks are testing cryptos as an exchange method and as an asset class offered to their customers, while a growing n

Cayman Islands update: Virtual asset service provider regime | The Lawyer | Legal insight, benchmarking data and jobs

Cayman Islands update: Virtual asset service provider regime | The Lawyer | Legal insight, benchmarking data and jobs
thelawyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thelawyer.com Daily Mail and Mail on Sunday newspapers.

Update: Virtual Asset Service Provider Regime - Technology

VASP Transitional Provisions The Virtual Asset Service Providers (Amendment) Act, 2020 ( VASP Amendment Act ) is now in force, as of 15 January 2021.  The VASP Amendment Act supports the continuing implementation of Cayman Islands virtual asset service provider regulatory framework by allowing persons engaged in the provision of virtual asset services ( VASPs ) to continue operating as the provisions of the Virtual Asset (Service Providers) Act, 2020 (the Act ) are commenced.  Notably, the VASP Amendment Act brings the Virtual Asset (Service Providers) (Savings and Transitional) Regulations, 2021 ( Savings and Transitional Regulations ) into effect. The Savings and Transitional Regulations provide that: (a)    a VASP who:         (ii)    is not an

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