Crypto funds from ransomware blocked by British Justice

Crypto funds from ransomware blocked by British Justice

We are licensing regulators in Singapore

Singapore’s new payment law has entered into force today and requires all crypto businesses operating in the country to be registered and authorized.

The act covers “digital digital payment services” – effectively all crypto companies and exchanges in the country. They will have to comply with anti-money laundering (AML) requirements and the prevention of terrorist financing (CFT).

The law provides that there are three classes of licenses, depending on the type of activity carried out. There is a license for money exchange, a standard payment institution and a major payment institution.

The Japanese Liquid Exchange and the UK-based crypto application Luno have already announced they want to apply for operating licenses because they are already operating in Singapore.

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Iran licenses over 1000 crypto miners

According to a report published by Yahoo Finance, Iran has granted over 1,000 licenses to cryptocurrency miners in the country.

The licenses were issued by the Ministry of Industry, Mines and Trade of Iran, according to the local press.
Minister Amir Hossein Saeedi Naeini said the crypto mining industry has the potential to add $ 8.5 billion to Iran’s economy.

Iran legalized cryptocurrency mining last June, and in November implemented special tariffs for the electricity used.

Officially, Iran does not recognize cryptocurrencies as a payment method. Instead, the economic difficulties have convinced the authorities that their mining can bring budget revenues.

Ukraine will monitor cryptocurrency transactions over $ 1200

Ukrainian Finance Minister Oksana Makarova gave an interview on the crypto industry to the Ukrainian news station MC Today. She explained that the money laundering prevention law implemented last month also targets the cryptocurrency industry.

For the first time, Ukrainian law recognizes cryptocurrencies as an asset to be monitored. The threshold for initiating the control process is 30,000 Urkainian hryvnia (UAH) or $ 1,200.

“If exchanges, banks or other companies make payments in cryptocurrencies equivalent to more than 30,000 UAH, you must verify this transaction and collect detailed information about customers”,

Makarova said in an interview.

“The client must provide complete information about the origin and destination of his virtual assets.”

If such an operation seems suspicious to the payment service provider, the company is required to report the transaction to the authorities.

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British court orders BitFinex to freeze crypto funds from ransomware

A British court ordered the Bitfinex exchange to freeze 96 BTC on the grounds that they are crypto funds from ransomware. The cryptocurrencies were paid by a company that was the victim of such an attack. Chainalysis helped authorities track transfers.

Apparently, the cryptocurrencies were transferred to Bitfinex, and the exchange had to disclose information about the account holder by January 18th.

Exchange spokesmen declined to confirm whether Bitfinex provided KYC information for the account associated with the address.

New Money Review claims that this ruling marks the first court in which UK courts have accepted Bitcoin as a property.


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