The Fintech Times

FEBRUARY 27, 2024

Having looked at some of the biggest technologies to impact the payments world, like buy now pay later (BNPL) and central bank digital currencies (CBDCs) , we now look to the future and what the next trend may be. “There is, however, a competition emerging between CBDCs and stablecoins.

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Consumer Protection Stablecoins Payments Trends Consumer 69

PYMNTS

JULY 7, 2020

Regulators are taking in an interest in stablecoins, with the Financial Action Task Force (FATF) noting in a report the digital currencies need to adhere to norms to offer protection from the terrorism financing and money laundering, Bloomberg reported.

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Stablecoins Debit Card Regulations Blockchain 65

PYMNTS

OCTOBER 12, 2020

Facebook's proposed global digital currency Libra is expected to get pushback from G7 leaders who are anticipated to publicly oppose the project due to a lack of regulations, according to a Reuters report on Monday (Oct. The fear is that stablecoins could be used for money laundering and terrorist financing, among other crimes.

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Regulations Digital Currency Stablecoins Money Laundering 80

PYMNTS

DECEMBER 26, 2019

The Bank of Russia has been testing stablecoins that are attached to real assets, according to reports. The head of the bank, which is Russia’s central bank, said just because they’re testing the coins doesn’t mean they will eventually turn into a money substitute. “We Meanwhile, on Jan.

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Stablecoins Central Bank Rules Bitcoin 52

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

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APACS Regulations Stablecoins Cryptocurrency 114

PYMNTS

DECEMBER 11, 2020

Money laundering and terrorist financing also go on the list these days, perhaps like never before. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars.

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Money Laundering AML Cryptocurrency Verification 87

PYMNTS

JUNE 21, 2019

The head of Germany’s central bank warned about stablecoins, which are cryptocurrencies tied to traditional currencies, according to a report by Reuters. Jens Weidmann said that if the new currency becomes widely used, it could undermine banks.

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Central Bank Money Laundering Stablecoins Digital Currency 59

PYMNTS

JUNE 8, 2020

Authorities in China have reportedly frozen bank accounts due to digital currency and fiat assets allegedly contaminated by illicit actions, CoinDesk reported. The report noted that the impacted digital currency users aren’t necessarily accused of doing anything wrong.

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Accounts Digital Currency Money Laundering Bitcoin 53

Fintech News

JANUARY 30, 2024

Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.

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Payments Trends Digital Currency Cross-Border Payments Instant Payments 116

PYMNTS

APRIL 16, 2020

With a revised version of the planned digital currency, Facebook ‘s Libra will be supervised by worldwide watchdogs and connected to individual country currencies. Libra will now provide stablecoins based on a roster of separate currencies to be determined. The potential of the 2.5

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Multi-Currency Stablecoins Money Laundering Central Bank 64

PYMNTS

OCTOBER 18, 2019

The Financial Action Task Force (FATF) said it is worried about “ stablecoins ,” like Facebook’s Libra , and how they could be used for illicit purposes. If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing,” FATF President Xiangmin Liu said. “It

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Stablecoins Money Laundering Digital Currency Addressing 40

PYMNTS

JUNE 20, 2019

government will respond to the introduction of new digital currencies. Powell also said that regulators have jurisdiction to enforce anti-money laundering regulations on business that operate within the digital sphere. “We News of the launch of Facebook cryptocurrency Libra has highlighted how the U.S.

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Regulations Money Laundering Federal Reserve Digital Currency 67

PYMNTS

JANUARY 25, 2019

Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. The product seeks to track stablecoins through every transaction, with the inclusion of redemption and issuance.

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Blockchain Stablecoins Bitcoin Digital Currency 49

PYMNTS

FEBRUARY 19, 2020

The IRS has been trying to combat cryptocurrency tax evasion, and the agency has been working on establishing more concrete guidelines for digital currencies. To do so, they used 3,518 ETH to purchase synthetic USD stablecoin from the issuer. Then they used that to post for the bZx loan, as collateral, according to Coindesk.

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IRS Cryptocurrency Digital Currency Money Laundering 67

PYMNTS

OCTOBER 14, 2020

As much as Bitcoin and other cryptocurrencies have attracted scrutiny from the Department of Justice and still lack mainstream acceptance, Voyager’s portfolio of so-called “stablecoins” (which are linked to an underlying currency such as the U.S. Ehrlich said stablecoins, including the U.S. Establishing Trust And Confidence.

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Treasury Cryptocurrency Stablecoins Fincen 129

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. Initial coin offerings (ICOs), however, will not be allowed, and the planned stablecoin will be highly limited in its use.

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Money Laundering Bitcoin Transactions AML 46

PYMNTS

DECEMBER 18, 2019

Regarding some of the concerns with digital currency such as Libra , she pointed to anti-money laundering (AML), counter-terrorist financing (CTF) and know-your-customer (KYC) concerns as well as monetary policy implications.

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Risk Federal Reserve Stablecoins Central Bank 52

PYMNTS

DECEMBER 24, 2020

If one measures success for digital currencies in buzz — and in price appreciation for many of the marquee names — then 2020 stands out as a banner year. Dollars Done Digitally. For now, simply exploring the feasibility of digital fiat is top of mind. It all depends on how you look at it — and where you look, of course.

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Federal Reserve Bitcoin Cryptocurrency Office of the Comptroller of the Currency 103

PYMNTS

NOVEMBER 30, 2020

When PayPal announced recently that its 350 million users can deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants next year, it was characterized as the inevitable advance of digital currency. You Can’t Spend It.

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Bitcoin Cryptocurrency PayPal Privacy 117

CB Insights

SEPTEMBER 7, 2021

The biggest deal was Ledger’s $380M Series C in June, backed in part by Digital Currency Group — the top blockchain investor by deal count since 2017. Genesis Digital Assets , a US-based bitcoin miner, raised $125M in funding in July 2021. Helium Systems developed the People’s Network and the HNT cryptocurrency.

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Blockchain NFTs Distributed Ledger Technology (DLT) Multi-Currency 101

PYMNTS

JANUARY 16, 2020

s Financial Conduct Authority (FCA) took the reins on oversight of cryptocurrency asset oversight — specifically, oversight of anti-money laundering (AML) and counter terrorist financing (CTF) activities. 10, to be exact, the European Union’s 5th Anti-Money Laundering Directive came into effect. Across the EU.

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Regulations Money Laundering Due Diligence Cryptocurrency 52

PYMNTS

JUNE 3, 2019

Facebook appears to be moving ahead with the launch of a digital currency, recently kicking off talks with the U.S. The report noted Facebook has been pushing ahead with plans to roll out a digital payments network that would let users send money to each other as well as purchase things on the platform.

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Regulations Money Laundering Stablecoins Authorization 58

PYMNTS

JULY 9, 2019

When Libra launches in 2020 or in the future, it will be a currency that’s tied to real money, called a stablecoin. This will differentiate it from other digital offerings like bitcoin and theoretically help control the price from ballooning or cratering one way or the other.

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Cryptocurrency Laws Central Bank Money Laundering 54

CB Insights

NOVEMBER 5, 2020

Payments: This category includes companies working on tech like payment currencies, stablecoins (cryptocurrency pegged to the value of a non-volatile asset like the dollar), and real-time gross settlement (RTGS) systems that can enable transactions within a DLT-based capital markets framework.

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Real Time Gross Settlement (RTGS) Distributed Ledger Technology (DLT) Blockchain Money Laundering 98

PYMNTS

SEPTEMBER 11, 2019

“Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she said. On Wednesday (Sept. Granting a license would be contingent on managing those risks, according to reports.

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Money Laundering Stablecoins AML Treasury 46

PYMNTS

OCTOBER 3, 2019

If PayPal leaves, it would be a blow to the proposed stablecoin and its legitimacy. The payments company is reportedly worried about all of the scrutiny and concerned that Facebook has not adequately addressed the issue of money laundering. “It

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PayPal Money Laundering Stablecoins Regulations 68

PYMNTS

OCTOBER 3, 2019

If PayPal leaves, it would be a blow to the proposed stablecoin and its legitimacy. The payments company is reportedly worried about all of the scrutiny and concerned that Facebook has not adequately addressed the issue of money laundering. “It

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PayPal Money Laundering Stablecoins Regulations 60

Fintech News

APRIL 10, 2024

The Bank for International Settlements (BIS) has released a report, “Stablecoins: Regulatory Responses to Their Promise of Stability,” analysing the regulatory environments for stablecoins across seven distinct jurisdictions.

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Stablecoins Regulations Risk Mitigation Digital Currency 121

PYMNTS

OCTOBER 1, 2019

Here is something which is being done transparently,” he said, referring to Facebook’s Libra , which will be closely regulated and subjected to anti-money laundering laws. “We Libra will be a stablecoin with its value pegged to the U.S. We are not here to make such projects impossible.

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Money Laundering Cryptocurrency Stablecoins Non-Bank 57

Fintech News

JANUARY 24, 2024

In May 2023, the MAS released a Consultation Paper on amendments to the Payment Services Regulations 2019, introducing new measures for Digital Payment Token (DPT) services, including a requirement for customer asset safekeeping under statutory trust. These will become “MAS-regulated stablecoins” following legislative amendments.

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Service Provider Cryptocurrency Payments Institute Stablecoins 98

PYMNTS

NOVEMBER 4, 2020

In September, the Office of the Comptroller of the Currency (OCC) clarified the authority for national banks and federal savings associations to hold reserves on behalf of customers who issue stablecoins (those coins have to have a one-to-one relationship with a fiat currency). The Outlook For Stablecoins .

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Bitcoin Cryptocurrency Office of the Comptroller of the Currency Stablecoins 83

PYMNTS

NOVEMBER 20, 2019

The world seems to be divided into two camps, at least when speaking generally: Those who think bitcoin and other digital currencies provide the promise of transactional efficiency in the coming year, and those who view cryptocurrency as mainly a way for drug dealers, terrorists, fraudsters and others to operate in the shadows.

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Travel Rule Rules Digital Currency Cryptocurrency 49

Fintech News

DECEMBER 20, 2023

Efforts were also made to advance digital assets, tokenization and central bank digital currency (CBDC) experimentation with initiatives such as Project Guardian and Project Orchid expanding to include more use cases and moving towards “live” pilots.

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FinTech Cross-Border CBDC Central Bank 101

PYMNTS

OCTOBER 21, 2019

After all, any new digital currency needs functionality and availability to be useful. One note: The New York Times reported this weekend that the state-issued e-currency might give the government insight into what people buy, which brings privacy and the use of individuals’ data into sharp focus.

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Money Laundering Digital Currency Regulations Visa 43

PYMNTS

JULY 30, 2019

In a hearing titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” the United States Senate Banking Committee heard from industry participants and analysts, with a common refrain that potential and risk are in the offing, and new regulations are needed. In crypto, only a few trust?

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Digital Currency Money Laundering Data Breach Privacy 56

PYMNTS

OCTOBER 18, 2019

He mentioned that “ stablecoins ” in general could adversely affect the world economy. The G7 nations released a statement that no new cryptocurrencies should be released until all of the risks, including the potential for money laundering or the funding of illicit activities, are carefully examined.

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Finance Stablecoins Cross-Border Payments Cryptocurrency 40

PYMNTS

JULY 15, 2019

To ward off the currency speculators that have tended to plague high-profile crypto projects like bitcoin , Libra will be a stablecoin, with its value pegged to the U.S. We have to understand what they really want: protecting consumers, avoiding fraud, avoiding terrorism financing, avoiding money launderers.

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