Revised Cryptocurrency Regulations in South Korea to Motivate Aspiring Projects

Currently, things are not so good in Asia’s cryptocurrency space. This is such that BitMEX Japan stopped operating in recent times due to the newly amended cryptocurrency regulations in the Japan Payment Services Act. Likewise, the termination of Bitberry (in South Korea) was because of blockchain industry uncertainties. Singapore's authority brought cryptocurrency under AML rules in February, thereby leading the cryptocurrency payment provider CoinPip to close down. Recently, Min Kim of ICON Foundation (based in South Korea) featured in a podcast. He discussed cryptocurrency…

How Is the 5AMLD Disrupting Crypto Service Providers

On January 10th, 2020, the European Union’s 5th Anti-Money laundering Directory (5AMLD) came into force. The new law gives sweeping powers to compliance organizations and law authorities to introduce a series of restrictive demands on crypto companies in a way never seen before. Organizations that deal with crypto-related activity have been under mounting pressure to implement compliance measures to register new clients. With the advent of the law, the compliance measures will only increase on an industry-wide scale, with regulations…

Bithumb and Chainalysis Join Following New South Korea Crypto Regulations

Chainalysis, the blockchain analytic company, announced the successful deployment of its investigations solution, Chainalysis Reactor, with Bithumb Exchange.  The announcement follows the South Korean National Assembly’s vote last week in favor of amending the Special Financial Transactions Information Act. The Chainalysis Reactor is an investigation software linking crypto transactions to real-world entities. The feature allows crypto businesses and law enforcement agencies to tackle criminal activities, including fraud and money laundering on the blockchain. In this case, Bithumb will use Chainalysis…