The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators

n-img-uk

The report covers crucial aspects of crypto regulation, aiming to foster growth in the sector with a clear understanding of the risks involved in digital assets.

The United Kingdom issued their well-awaited regulatory framework for crypto regulation on Wednesday, 1st February 2023,  drafting the administration’s choice of the regulator to supervise the industry, covering careful guidance on stablecoin type, rules for ICOs, exchanges, custody, and other critical regulations for digital assets.

“Our objective is to establish a proportionate, clear regulatory framework which enables firms to innovate at pace while maintaining financial stability and clear regulatory standards,” wrote Andrew Griffith, Economic Secretary to the Treasury. 

“This includes a proposal to bring centralised crypto asset exchanges into financial services regulation for the first time, as well as other core activities like custody and lending.”

The regulatory framework summarised in the report seeks to accomplish four overarching policy goals: Foster growth, innovation, and competition in the UK; enable consumers to make well-informed decisions with a clear understanding of the risks involved; protect UK financial stability; protect the UK market integrity.

The Treasury said the framework also adheres to a set of core design principles:

“Same risk, same regulatory outcome,” meaning the government will remain “technology agnostic” when determining whether digital assets increase or mitigate risks, “but the aim is to achieve the same or a very similar regulatory outcome” whenever possible.

“Proportionate and focused,” meaning they will focus attention on “where the risks and opportunities are most urgent or acute” and will do their best to avoid “disproportionate or overly burdensome regulation” to crypto entities.

“Agile and flexible,” meaning any regulation should “accommodate evolving markets and products” and should “enable regulators to adapt to changes in the market and developments in international standards.” The regulatory framework is also planned to be “consistent” with the Future Regulatory Framework (FRF) to be launched by the Financial Services and Markets Bill 2022 (FS&M Bill). It should also be harmonised with regulations in other jurisdictions.

The essential legislative method will be to place the financial services regulation of crypto assets “within the regulatory framework established by the UK’s Financial Services and Markets Act 2000 (FSMA), taking advantage of the confidence, credibility and regulatory clarity that this existing system affords, and as it is intended to be updated by the FS&M Bill.”

The report stated that “developing a fully bespoke regime outside of the FSMA framework was also considered,” but they chose against it as this would create a “level playing field” between crypto and traditional financial services firms, would infringe the “same risk, same regulatory outcome” principle, and would likely make “overlapping regulatory regimes and confusion for market participants.”

Suggested Read:

UK GOVERNMENT TO CRACKDOWN CORRUPTION UNDER NEW AML LAWS

Related Posts

News

Massive Cyberattack on Australia Uses Cryptojacking Exploits

According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...

Massive Cyberattack on Australia Uses Cryptojacking Exploits Explore More

News

SEC Warns Wall Street to Enhance AML Systems

US regulatory authority, the Security and Exchange Commission (SEC), warns Wall Street brokers of...

SEC Warns Wall Street to Enhance AML Systems Explore More

News

Signature Bank under Criminal Investigation

US prosecutors are investigating the relation of Signature Bank with crypto clients as regulators...

Signature Bank under Criminal Investigation Explore More

News

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

News

NAB, CBA Under Money Laundering Probe Yet Again

Australia’s CBA and NAB are under regulatory scrutiny for providing correspondent banking service...

NAB, CBA Under Money Laundering Probe Yet Again Explore More

News

EU Urges the UK to Push Harder on Tax Avoidance and AML Regulations

The European Union has shown concerns regarding legal permits which allow financial services prov...

EU Urges the UK to Push Harder on Tax Avoidance and AML Regulations Explore More

News

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

News

South Korean merchants open to accepting digital yuan

According to the South Korean media, the local merchants could accept the upcoming digital yuan a...

South Korean merchants open to accepting digital yuan Explore More

News

Beware of Puppy Scams This Holiday Season – BBB

The Better Business Bureau (BBB) has warned people to be cautious of online puppy scams, especial...

Beware of Puppy Scams This Holiday Season – BBB Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

News

Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss

According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...

Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss Explore More

News

FCA Fines ADM Investors for Violating Anti-Money Laundering Regulations

The UK regulatory department Financial Conduct Authority (FCA) fined $7.9 million to the commodit...

FCA Fines ADM Investors for Violating Anti-Money Laundering Regulations Explore More

News

Kuwait Bans Crypto-Related Activities to Combat Money Laundering

The government of Kuwait banned all crypto-related activities on July 18th, including mining, tra...

Kuwait Bans Crypto-Related Activities to Combat Money Laundering Explore More

News

Shufti Crosses One More Milestone With Its New Ukraine Office

May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...

Shufti Crosses One More Milestone With Its New Ukraine Office Explore More

News

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

News

The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024

The Anti-Money Laundering (AML) Whistleblower Program is projected to be a leading U.S. anti-corr...

The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024 Explore More

News

Treasury to Require Car Dealers to Reveal the Identities and Sources of Income of Buyers

The Treasury of Kenya will require car dealers to provide the identities and sources of their inc...

Treasury to Require Car Dealers to Reveal the Identities and Sources of Income of Buyers Explore More

News

BaFin Demands Deutsche Bank to Tighten its AML Controls

The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) ha...

BaFin Demands Deutsche Bank to Tighten its AML Controls Explore More

News

HKMA Reveals Phishing Fraud Went Up by 145% in 2021

Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.  Hon...

HKMA Reveals Phishing Fraud Went Up by 145% in 2021 Explore More

News

“Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS

Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (BAS) have publis...

“Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS Explore More

News

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK Explore More

News

Bitcoin scam exposes thousands to a data breach

Fraud websites have successfully stolen the personal records of a number of individuals from the ...

Bitcoin scam exposes thousands to a data breach Explore More

News

Instagram is Adding Age Verification to Protect Minors

Instagram is adding age verification in order to provide a safer online community to the minors. ...

Instagram is Adding Age Verification to Protect Minors Explore More

News

14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized Explore More

News

Crypto Exchange Binance Banned by UK’s Financial Watchdog

Britain’s financial regulator, the FCA (Financial Conduct Authority) has said that Binance is no ...

Crypto Exchange Binance Banned by UK’s Financial Watchdog Explore More

News

FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited

New Zealand’s FMA has warned investors against services and products being offered by unauthorize...

FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited Explore More

News

Germany to Implement the 6th AML Directive to Secure Financial Firms

The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

News

UK’s Victoria Gate Casino Fined $613K over AML Failings

The Source of funds for 10 customers were left unidentified by UK’s Victoria Gate Casino, resulti...

UK’s Victoria Gate Casino Fined $613K over AML Failings Explore More

News

Combating COVID-19: Dubai warns of $10 million loan scheme fraud

A recent scam has emerged in Dubai which involves a $10 million loan for young entrepreneurs and ...

Combating COVID-19: Dubai warns of $10 million loan scheme fraud Explore More

News

Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction

Based on the Council of Europe’s MONEYVAL review report, published on June 21st, Albania ha...

Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

News

PayPal Announces Suspension of UK Crypto Purchases from October

PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...

PayPal Announces Suspension of UK Crypto Purchases from October Explore More

News

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds

Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds Explore More

News

FATF to “Gray List” UAE for AML Failings

The Financial Action Task Force (FATF) is considering adding the United Arab Emirates to its gray...

FATF to “Gray List” UAE for AML Failings Explore More

News

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF

According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF Explore More

News

FBI Springfield Warns of Growing Fraud Targetting the Elderly

The FBI has warned people of growing elderly fraud.  As per the Internet Crime Complaint Center&#...

FBI Springfield Warns of Growing Fraud Targetting the Elderly Explore More

News

NatWest Apologises for AML Failures and Issues Warning on Rising Inflation

The chairman of NatWest bank has apologised to shareholders for failing to implement adequate ant...

NatWest Apologises for AML Failures and Issues Warning on Rising Inflation Explore More

News

Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe

Brazilian authorities have seized R$172 million from an investigation carried out into money laun...

Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe Explore More

News

FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime

The FCA unveiled in its new report a three-year anti-money laundering strategy which includes a n...

FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime Explore More

News

NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises

NFTs (Non-Fungible Tokens) are certainly becoming popular in the crypto industry. However, they d...

NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises Explore More

News

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

The Finance Ministry of Iran has released its first list of individuals suspected of having links...

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

News

Bahrain sentences three money-laundering suspects to prison

Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

Bahrain sentences three money-laundering suspects to prison Explore More

News

European Commission Removes Morocco From High-Risk Money Laundering Watchlist

On Wednesday, the European Commission disclosed that Morocco was no longer listed on its high-ris...

European Commission Removes Morocco From High-Risk Money Laundering Watchlist Explore More

News

Poloniex Agrees to Pay $7.6M in Settlement of Sanctions Violations

In a settlement with the Office of Foreign Asset Control (OFAC), Poloniex LLC, a former subsidiar...

Poloniex Agrees to Pay $7.6M in Settlement of Sanctions Violations Explore More

News

NAB, CBA Under Money Laundering Probe Yet Again

Australia’s CBA and NAB are under regulatory scrutiny for providing correspondent banking service...

NAB, CBA Under Money Laundering Probe Yet Again Explore More

News

GIABA Points Out Gaps in Nigeria’s AML/CFT Framework

The GIABA report revealed loopholes in the Nigerian AML/CFT framework and called Nigerian law enf...

GIABA Points Out  Gaps in Nigeria’s AML/CFT Framework Explore More

News

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures

Two federal regulatory authorities have fined USAA a collective $140 million for failure to imple...

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures Explore More

News

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts

Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts Explore More

News

Guyana Joins Sister Caribbean Countries to Stop Money Laundering

“Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...

Guyana Joins Sister Caribbean Countries to Stop Money Laundering Explore More

News

FCA Alerts Crypto Firms to prepare for Advertising Rule Change

The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

News

Ireland Mandates Registration of Crypto Firms Under AML Laws

Ireland has taken new measures to regulate crypto businesses under the AML law for the first time...

Ireland Mandates Registration of Crypto Firms Under AML Laws Explore More

News

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus

Data published by Russian cybersecurity firm Kaspersky depicts that Singapore has witnessed a sud...

Singapore sees 300% yearly spike in Q1 cryptojacking attacks amid Coronavirus Explore More

News

Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud

The biggest bank fraud in China pushed the government to arrest hundreds of suspects. Regulators ...

Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud Explore More

News

Exchanges in Nigeria to Take Measures Against Crypto Scams

Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...

Exchanges in Nigeria to Take Measures Against Crypto Scams Explore More

News

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation

The Bank of Ghana proposed guidelines for banks to enhance the Anti-Money Laundering and Combatin...

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation Explore More

News

Swedbank Fined And Remains Under Investigation by US Authorities

As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

Swedbank Fined And Remains Under Investigation by US Authorities Explore More

News

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments

FinCEN alerted all the Financial Institutions warning about the risk of investment from sanctione...

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments Explore More

News

Google launches a new website to educate people about online scams

Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

Google launches a new website to educate people about online scams Explore More

News

MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing

An international group based on the FATF format, MENAFATF, has adopted the Abu Dhabi recommendati...

MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing Explore More

News

IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns

The International Monetary Fund (IMF) is tightening the checks to prevent money laundering and wa...

IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns Explore More

News

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

News

Money Laundering & VAT Fraud Acquisition Against Lycamobile

A trial for money laundering and value-added tax (VAT) fraud between 2014 and 2016 started on Jun...

Money Laundering & VAT Fraud Acquisition Against Lycamobile Explore More

News

US Regulators to Sharpen AML Expectations For Crypto Sector

The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

News

Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List

A Beneficial Ownership Register (BOR) has been inaugurated by the Corporate Affairs Commission (C...

Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List Explore More

News

Business Email Compromise Scam Taking a Toll on Businesses

BEC, Business Email Compromise scams are on the rise and they continue to impact businesses. Ther...

Business Email Compromise Scam Taking a Toll on Businesses Explore More

News

FCA Alerts Crypto Firms to prepare for Advertising Rule Change

The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

News

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts

Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts Explore More

News

Over a Million T-Mobile Customers Affected By a Data Breach

T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

Over a Million T-Mobile Customers Affected By a Data Breach Explore More

News

Netflix ‘Update your payment” phishing scam is bypassing email spam filters

Phishing scams are taking a new turn as more and more people are using streaming services during ...

Netflix ‘Update your payment” phishing scam is bypassing email spam filters Explore More

News

Japan Considers Facial Recognition to Trace Contact at Large Scale Events

According to the Japan Times report, the country is planning to introduce facial recognition at l...

Japan Considers Facial Recognition to Trace Contact at Large Scale Events Explore More

News

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira

The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terr...

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started