This weekend, the Uniform Law Commission (ULC), a nonprofit dedicated to creating consistency among U.S. state laws, will convene in Washington D.C. to discuss model legislation (“Regulation of Virtual Currencies Act”) for the regulatory oversight of bitcoin entities. The most recent draft of the ULC’s legislative proposal is designed to mirror the findings of the […]
Read More… from Coming soon: consistency among state licensing?
Much has been written lately about the rapid growth of bitcoin in the Ukraine. Economists and digital currency enthusiasts alike point to a myriad of interconnected factors, including capital controls, hyperinflation of the Hryvnia, and the crisis in Crimea. Last year, as you may recall, Russia annexed the province of Crimea from the Ukraine. In […]
Read More… from Ukraine bitcoin market is hot, but beware of U.S. regulatory sanctions
Earlier this week, the Isle of Man received a great deal of mainstream press, deservedly so, for its innovation-friendly climate and straightforward bitcoin regulation. The Manx government has successfully turned this quirky island off the coast of the U.K. into one the world’s foremost technology hubs. Escaping to the Isle of Man is an understandably […]
AB-1326, “Virtual Currency”, was unexpectedly shelved earlier this week despite multiple unanimous or near-unanimous votes in the California Assembly and Senate. The bill, which would have governed how digital currency businesses can operate in California, was lauded by many in the industry as a favorable compromise. Bitcoin advocacy group, Coin Center, championed the bill despite […]
Read More… from AB-1326: California bitcoin regulatory bill inactive
Earlier this week, the Conference of State Bank Supervisors (CSBS) issued its long-awaited regulatory framework for the digital currency industry. The CSBS sought to create this framework for states to use in the development and implementation of their individual regulatory requirements. We recommend that state regulators ignore it! The framework, which is unnecessarily rigorous, intrusive, […]
On Tuesday, BitAML Founder & President, Joe Ciccolo, hosted a webinar “Compliance and Virtual Currencies: Debunking Myths and Responding to Real Risks” for the Association of Certified Financial Crimes Specialists (ACFCS). The ACFCS is a worldwide organization for private and public sector professionals who work in diverse financial crime disciplines, including anti-money laundering, FATCA-tax evasion, […]
Last week, The Economist published an article in which it justifiably decried the high cost of foreign remittance. The article blamed a combination of factors, including AML regulations of course. However, the bulk of the article was devoted to criticizing exclusive agreements signed by banks and other companies. Mobile-based platforms, The Economist hypothesized, will be […]
Recently, much has been written about the relatively slow rate of bitcoin adoption in Asia. The cause, it’s been said, is the combination of a lack of awareness and the absence of regulation. The latter seems a bit ironic given recent events here in the U.S., including implementation of the BitLicense, the Ripple settlement, and […]
Read More… from What’s limiting bitcoin adoption in Asia? Regulation? Awareness?
Today, BitAML Founder & President, Joe Ciccolo, hosted a webinar “Compliance and Virtual Currencies: Debunking Myths and Responding to Real Risks” for the Association of Certified Financial Crimes Specialists (ACFCS). The ACFCS is a worldwide organization for private and public sector professionals who work in diverse financial crime disciplines, including anti-money laundering, FATCA-tax evasion, FCPA-corruption, […]
Read More… from BitAML President leads bitcoin compliance webinar for financial crime investigators
