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Ireland Requires Crypto Companies To Comply With KYC/AML Rules

Ireland requires crypto companies to comply with the KYC and AML rules because with the introduction of the regulatory measures, it’s no longer possible to trade anonymously in Ireland so let’s read more in our latest crypto news. The European Union’s Fifth Anti-Money Laundering Directive was implemented into Irish Law and the virtual asset service providers that operate in the country now have three months to apply for registration with the central bank. The new AMLD directive was transposed into Irish law which means that Ireland required crypto companies that operate in the country now have to register with the…

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Kraken Boss Believes Crypto Firms Will Replace Banks In 10 Years

Jesse Powell, the Kraken boss believes that crypto companies will be a real threat to traditional finance and could replace banks in a decade so let’s read more about it in our latest cryptocurrency news. While some legacy businesses are making huge moves into the crypto space, Powell noted that those who stay sidelined will be replaced:  “we’ve seen the tremendous traction that Cash App has had. PayPal, fortunately for them, they’ve been on the ball. I think you’re going to see more of that, and people who aren’t keeping up with that, I think their days are numbered.” After…

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Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

The Indian government has introduced new cryptocurrency disclosure rules. Companies dealing in cryptocurrencies will have to disclose their crypto holdings, among other disclosures, as part of their financial statements beginning April 1. New Crypto Disclosure Requirements The Indian Ministry of Corporate Affairs (MCA) issued a notification last week mandating companies to disclose crypto trading and investments during the financial year. These disclosures will be required starting on April 1, which is when India’s financial year 2021-22 begins. Every company which “has traded or invested in cryptocurrency or virtual currency during the financial year” must disclose “profit or loss on transactions…

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New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients’ Personal Data

The Inland Revenue Department (IRD) of New Zealand has requested that crypto companies in the country hand over their customers’ personal details, cryptocurrency asset values as well as the type of asset held. According to a September 28 report by Radio New Zealand, the tax agency says it wants to improve its understanding of the digital asset industry “so we can work out how best to help taxpayers meet their income tax obligations.” New Zealand firms might not have legal grounds to refuse the request, says the report. In the island nation, virtual currencies are treated as a form of…

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Cambridge University’s Third Crypto Study Records 101 Million Cryptocurrency Users Worldwide

The University of Cambridge and the school’s Centre for Alternative Finance has published the third “Global Cryptocurrency Benchmarking Study.” The 71-page in-depth study examines the current growth of the crypto industry, mining, offchain activity, crypto asset user profiling, regulation, and security. The September 2020 third edition of the Global Cryptoasset Benchmarking Study concentrates on four market segments which include mining, payments, custody, and exchange. A great number of participants from the cryptocurrency industry took part in the University of Cambridge (UC) study including wallet providers, exchanges, miners, cloud mining providers, crypto custodians, and more. The 71-page UC report says it…

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Simplified Regulation Process For Crypto Companies: US Regulators

The US regulators are planning to create a simplified regulation process for crypto companies and payment services companies as we are about to read more in the cryptocurrency news today. The US-based money service businesses such as cryptocurrency companies will be able to enjoy a simplified regulation process according to the Conference of State Bank Supervisors that plan to unveil a new joint group of state regulators which will oversee the licensing. According to reports, CSBS will launch the new plans today after the 48 state regulators agreed to introduce a single set of supervisory rules. The payment services and…

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Square Wants To Stop Patent Trolls From Killing The Bitcoin Adoption

Square wants to find a way to stop the patent trolls from killing the bitcoin adoption, by bringing together crypto companies together. In our BTC news today, we take a closer look at the plan. Square formed a Cryptocurrency Open Patent Alliance and the members have to pledge not to use their patents except defensively. The patent library will help some members defend themselves if needed. Square wants to stop the process of killing bitcoin adoption by creating this alliance. The American financial services company is a huge proponent of crypto as its Cash app was the best place to…

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Mastercard Attracts Crypto Companies In New Crypto Card Program

Mastercard attracts crypto companies and encourages them to apply and to become partners in their newly-expanded crypto card program as we are reading further in our latest crypto news. Mastercard attracts new companies as they said it was simplifying access to speed up the program for crypto card issuers by allowing applicants to be onboarded as partners in just a few weeks. The Accelerate program gives the partners more support with their market entry, continued growth, and international expansion. All of the partners will be assisted in integrating the technology Mastercard has and will be in a position to benefit…

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