United Arab Emirates’ Financial Authorities Host Crypto Asset and Fintech Forum

The United Arab Emirates Banks Federation (UBF) and the Abu Dhabi Global Market (ADGM) hosted a joint forum on crypto assets and fintech, the UAE’s official news outlet Emirates News Agency reported on March 17. Per the report, the event was held in ADGM in collaboration with the UBF Compliance Committee and aimed to bring together industry specialists to discuss the challenges and opportunities facing fintech and crypto assets. At the start of the meeting, ADGM also shared its regulatory objectives and the main features of its crypto asset policy…

CipherTrace Partners with Maltese Regulators to Manage Risk of Financial Crimes

CipherTrace, a blockchain analytics company, is partnering with the Republic of Malta’s sole financial regulatory agency to ensure that all crypto transactions within the country are free of money laundering and other similar financial crimes. As the Times of Malta reported on March 11, 2019, the Malta Financial Services Authority (MFSA) has enlisted the help of U.S.-based company CipherTrace to audit cryptoasset services that operate within Malta’s jurisdiction. The MFSA will require potential cryptocurrency agents, like individuals operating exchanges, wallets and ICOs, to formally register with the MFSA. CipherTrace will…

Maltese Financial Regulator Appoints CipherTrace to Monitor Compliance in Crypto Firms

The Malta Financial Services Authority (MFSA) has appointed blockchain security firm CipherTrace to monitor activity by crypto businesses in Malta, local news agency The Times of Malta reports on March 11. CipherTrace is now set to be responsible for overseeing regulatory processes and audit risk management of virtual asset businesses licensed in Malta, CipherTrace CEO Joseph Cuschier explained. The United States-based blockchain security company will assist the MFSA in combating money laundering and financing terrorism risks associated with entities involved in crypto businesses. As previously reported, the MFSA envisions coordinating…

NEM Foundation Releases Restructuring Plan Amid Financial Difficulties

The NEM Foundation has released its plan for a financial and organizational restructuring on March 8. The plan comes in the wake of news earlier this year that the foundation was running low on its native XEM tokens. On Feb. 20, the foundation decided to release 210 million XEM tokens ($8.7 million) from reserves, the first 25 million ($1.04 million) of which will be used “to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation.” The new tokens will purportedly fund the NEM Foundation’s efforts…

German Financial Regulator Issues Paper on Blockchain Securities Regulation

The German Federal Ministry of Finance has published a key issues paper on the treatment and regulation of blockchain-based securities, according to a ministry announcement on March 8. In the paper initially released on March 7, the regulator discusses the introduction of regulations for electronic securities and the issuance of crypto tokens. The document stipulates that the regulation of electronic securities should be technology-neutral, which means that they could be based on blockchain, or distributed ledger technology (DLT). The issuance of crypto tokens purportedly will not be subject to existing…

Smart Contract Firm Quantstamp Reveals Investment From Financial Giant Nomura

United States smart contract security company Quantstamp has announced its expansion to Japan following an investment from local financial giant Nomura Holdings. The news was revealed in a press release from Quantstamp published on March 6. According to the announcement, the U.S. firm has received a “significant investment” from Nomura, which provides investment, financing and related services to individual, institutional and government customers. Venture company Digital Garage, which invests in successful internet startups across the world, reportedly also contributed to the round.   Information that the corporate funding round was…

French Financial Regulator Proposes Ban on Anonymous Cryptocurrencies

The head of the Finance Committee of France’s National Assembly, Eric Woerth, is suggesting a ban on anonymous cryptocurrencies, or so-called privacy coins. Woerth expressed his position in a recent report on crypto assets and blockchain technology. In a forward to the report, Woerth considers the introduction of a ban on digital currencies that provide greater anonymity to users, stating: “It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design. […]…

UK Financial Watchdog Warns Against Firm Claiming to be Authorized With FCA

The British financial regulator, the Financial Conduct Authority (FCA), has issued a warning against illegal crypto-related firm Next Coin Market, according to an official statement released on March 6. According to the FCA, Bulgaria-based Next Coin falsely claims to be authorized with the U.K. financial authority to offer cryptocurrency-related services to British residents. The FCA elaborated that Next Coin was sending users a link to a fake website that gives the impression that the firm is officially authorized by the FCA. However, Next Coin is not registered with the authority,…