The Financial Crimes Enforcement Network (FinCEN) announced this week that it has penalized an individual cryptocurrency trader for alleged violations of the Bank Secrecy Act (BSA). That trader, California resident Eric Powers, reportedly failed to properly register as a money services business, take the necessary steps needed to comply with the Act’s provisions, or properly report suspicious transactions.
France’s Finance Minister, Bruno Le Maire, called blockchain technology a “game changer” at the Paris Blockchain Week conference, Phys.org reported today. During his remarks, Le Maire noted the technology’s benefit as a tool to prevent banking institutions from monopolizing financial transactions:
The International Monetary Fund and World Bank have launched their own ‘quasi-cryptocurrency’ called Learning Coin as part of a project designed to explore blockchain and crypto technology, the Financial Times reported this week. The agencies reportedly stressed that their coin is not an actual digital currency, since it has no monetary value and is only for internal use.
When finance officials and central bank governors from G20 member states meet in Fukuoka, Japan in June, they will reportedly discuss anti-money laundering and counter-terrorism financing regulations, Japanese media reported late this week.
Belgium’s Financial Services and Markets Authority (FSMA) recently added another 7 websites to its list of suspicious cryptocurrency sites. The list now includes a total of 120 websites identified by the FSMA as potential scams designed to defraud investors.
Bank for International Settlements general manager Agustin Carstens issued a warning Friday to central banks that might be considering their own digital currencies. While speaking at the Central Bank of Ireland in Dublin on Friday, Carstens warned that central bank-issued digital currencies could potentially undermine financial stability.
California-based Silvergate Bank this week updated its filing with the U.S. Securities and Exchange Commission, revealing continued growth in its cryptocurrency-related services. According to the updated data, the bank now provides services to more than 500 crypto-related firms, even as major banks around the world continue to deny banking services to companies in the industry.
Cboe has confirmed that it will not be adding additional bitcoin futures contracts in March, though the company suggested that it is not completely ruling out future crypto derivatives. Cboe Global Markets was the first to roll out bitcoin futures in December 2017, at the height of the cryptocurrency boom.
HSBC is seeking local South Korean banking partners as it prepares to commercially launch the blockchain-based Voltron invoice processing and settlement platform, The Korea Times reported today. Voltron is currently in the pilot stage as HSBC works to broaden its collaborative alliance to include additional banks and technology firms.
Crypto startup Amun AG is planning to introduce an XRP exchange traded product (ETP) for listing on Swiss stock exchange SIX, The Block reported Monday, March 11. Other media reports suggest that SIX has granted approval for Amun AG to eventually list an additional four ETPs for Bitcoin Cash, EOS, Litecoin, and Stellar.
Major banking institutions continue to deny basic bank services to cryptocurrency-related businesses, according to a March 3 report from Bloomberg. The article notes that many of the leading banks reportedly view the cryptocurrency industry and crypto-related firms as “ticking regulatory time bombs” and are reluctant to deal with perceived compliance issues.
In remarks at the annual JPMorgan Chase investor day, CEO Jamie Dimon suggested that his company’s new JPM Coin digital currency could possibly be available for use by consumers someday, CNBC reported on Tuesday. In comments made during a Q&A session, Dimon said:
Liechtenstein-based Bank Frick announced this week that it will launch a new crypto token trading platform called DLT Markets. The subsidiary will provide institutional investors with a regulated platform offering “multi-exchange access” to digital asset trading, according to a February 20 press release.
DNotes Global CEO, Alan Yong Welcomes JPM Coin as a Partial Rail of a Massive Network Essential For Mass Adoption of Digital Currency
At the World Funding Summit in 2017, I took issue with JPMorgan CEO Jamie Dimon’s description of Bitcoin as a fraud. Today, I want to praise Dimon’s company and welcome its new digital currency, JPM Coin, as a partial rail of a massive network essential for mass adoption of digital currency.
JPMorgan Chase has announced that it will be launching its own digital currency, the JPM Coin. The bank said that the coin will initially be available only to its large institutional clients, with tentative plans to make it available to a wider array of customers later in 2019. However, the current plans do not involve making the coin available to individuals.
JP Morgan analyst Nikolaos Panigirtzoglou said this week that continuing price stability in the cryptocurrency markets could help contribute to renewed institutional investor interest. Appearing on Tuesday’s CNBC Futures Now, Panigirtzoglou predicted that the current lack of interest is probably temporary:
In a 28-1 vote on Thursday, Wyoming’s Senate approved a bill designed to bring new clarity to cryptocurrency’s legal status in the state. That bill, SF0125, would formally recognize the property rights of cryptocurrency holders and create an opt-in framework to enable Wyoming banks to provide digital asset custodial services.
After Four Years of Diligent Efforts to Encourage Women’s Participation in Cryptocurrency, CryptoMoms has Evolved to Become HERo
DNotes Global, Inc. today announced the launch of HERo – the next evolution of CryptoMoms, which was founded in 2014 to encourage women’s participation in the nascent cryptocurrency space. CryptoMoms’s vision was to help narrow the gender gap in an industry that was overwhelmingly dominated by men in a ratio of 95 to 5, male to female. The industry has seen minor improvement over the years, though female participation remains below 10% even today. CryptoMoms, which now has more than 70,000 registered members, recognizes the growing need to be even more inclusive and expand its efforts beyond the cryptocurrency world.
Cryptocurrency lenders are faring well in an industry shedding its old skin of once overvalued projects with now flailing treasuries thanks to the recent cryptocurrency bear market.
Nomics announced on Tuesday that it has raised $3 Million in its Series A funding round, Twin City Business reports. Investors included Arthur Ventures, Coinbase Ventures, Digital Currency Group, CoVenture Crypto, and BitGo co-founder Ben Davenport. Nomics CEO Clay Collins told TCB that his company plans to use the funds to further expand the crypto data in its index.