ChainCatcher news, according to The Block, the Consumer Financial Protection Bureau (CFPB) finalized a rule this Thursday that grants it the authority to regulate "large non-bank companies," but explicitly excludes crypto assets. The CFPB stated that this rule only applies to transactions denominated in U.S. dollars.The new rule is titled "Defining Larger Participants in the Market for General Digital Consumer Payment Applications" and applies to non-bank financial companies that process more than 50 million transactions annually, requiring them to comply with the same rules as large banks and credit unions. The CFPB emphasized that the definition of "annual covered consumer payment transaction volume" is limited to transactions denominated in U.S. dollars and does not include digital assets such as Bitcoin and stablecoins.The crypto industry and some Republican lawmakers had previously expressed concerns about the potential impact of the rule on crypto assets. The DeFi Education Fund welcomed this and stated that the regulation of digital assets should be led by Congress, not regulatory agencies.

ChainCatcher news, according to CoinDesk, Flexa has launched Flexa Components, a tool designed to simplify merchant cryptocurrency payments, enabling what is known as direct, fee-free digital wallet transactions. Flexa states that Components will allow customers to pay for purchases using their preferred crypto wallets. Customers will be able to scan a QR code with their mobile wallet app or click the "Pay" button integrated into the merchant's payment system, similar to existing mobile payments like Google Pay.It is reported that Components supports multiple cryptocurrencies, including USDC, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Litecoin (LTC). Flexa has stated that signed retailers include Chipotle, Mikimoto, Regal Cinemas, and 99 Ranch Market.

ChainCatcher news, according to Bitcoin.com, the Monetary Authority of Singapore (MAS) recently released the "Singapore 2024 Money Laundering Risk Assessment Report." The report outlines Singapore's ongoing efforts to strengthen its anti-money laundering (AML) framework in response to the evolving risk environment.The report provides a comprehensive analysis of Singapore's primary money laundering (ML) risks, incorporating various qualitative and quantitative indicators related to threats, vulnerabilities, and controls, highlighting major money laundering threats such as fraud, particularly cyber fraud, organized crime, corruption, tax crimes, and transaction-based money laundering.The report notes that the banking sector has the highest money laundering risk due to its wide range of services and large transaction volumes. Banks are often used for various types of money laundering, including self-laundering, third-party laundering, and the abuse of corporate and personal accounts to layer and integrate illicit funds.Additionally, the report highlights significant risks associated with digital assets and cryptocurrencies. The assessment emphasizes that digital payment tokens (DPT) have become an emerging channel for money laundering. Criminals exploit these tokens through cyber fraud, ransomware, and transactions on dark web markets. To mitigate these risks, MAS has implemented stringent regulatory measures under the Payment Services Act (PS Act). Digital payment token service providers must obtain licenses and comply with anti-money laundering and counter-terrorism financing (CFT) requirements. MAS conducts regular thematic inspections and off-site supervision and issues guidance documents to enhance industry awareness and control measures.

ChainCatcher news, according to Cointelegraph, Singapore's updated national risk assessment for anti-money laundering highlights significant risks in the field of anti-money laundering, particularly in the financial sector, where digital payment token (DPT) service providers pose greater vulnerabilities. The 126-page report identifies new risk areas not included in the previous report released in 2014, including virtual asset service providers as well as gemstone and precious metal trading.

ChainCatcher news, Block Inc.'s digital payment platform TBD partners with one of Africa's largest fintech companies, Chipper Cash, to accelerate its global cross-border payments. TBD CEO Mike Brock stated in an interview in Accra, the capital of Ghana, that the partnership announced on Tuesday allows the company's latest business unit (formerly Square) to increase the number of countries in its network across the African continent to 40.

ChainCatcher message, according to a statement, the Monetary Authority of Singapore has revised the Payment Services Act and its subsidiary legislation to expand the scope of central bank regulation over payment services. The statement noted that the MAS will implement user protection and financial stability-related requirements for digital payment token (DPT) service providers.The amendments will empower the Monetary Authority of Singapore to impose requirements related to anti-money laundering and counter-terrorism financing, user protection, and financial stability on digital payment token (DPT) service providers, with the regulation set to take effect in phases starting from April 4.

ChainCatcher news, HashKey Group's over-the-counter trading department Hashkey OTC has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.HashKey OTC is currently operating under a license exemption for providing digital payment token services within the stipulated timeframe, serving institutions and qualified investors. The scope of services includes spot trading for nearly 40 types of digital payment tokens, deposit and withdrawal services, large transactions, the fastest T+0 settlement, and customer service provided through voice and instant messaging.

ChainCatcher news, Paxos announced that its USD stablecoin PYUSD, in collaboration with PayPal, has joined the Universal Digital Payments Network, aimed at helping PYUSD better address the high costs, complex processes, and slow settlement issues typically associated with traditional payment mechanisms.It is reported that the digital payments network is a global messaging network based on distributed ledger technology (DLT), designed to bridge the gap between traditional payment infrastructure and modern digital currencies.

ChainCatcher news, according to the Financial Times, cryptocurrency and digital payment companies paid $5.8 billion in fines last year (2023) due to deficiencies in customer checks and anti-money laundering controls, as well as failures to comply with sanctions and other financial crime issues. This includes the $4.3 billion fine imposed by U.S. prosecutors on the cryptocurrency exchange Binance. The total amount of fines for the cryptocurrency sector exceeded that of the entire traditional financial system for the first time, as the traditional financial sector only paid $835 million in fines last year.

ChainCatcher news, the Algorand Foundation announced that Algorand Ventures has made a strategic investment in the digital payment platform HesabPay. HesabPay is an interoperable digital payment platform in Afghanistan that allows users to purchase airtime, pay electricity bills, and send digital funds to other users.

ChainCatcher News: Japanese digital payment provider PassPay has formed a strategic alliance with the EOS Network Foundation and EOS Labs to create a digital payment platform utilizing the EOS blockchain, including the issuance of the stablecoin JPYW.It is reported that through this collaboration, PassPayWallet will support the EOS network, develop new token-based services, enhance security, and more.

ChainCatcher news reports that, according to Foresight News on-site coverage, the enterprise-level Web3 trading service provider KUN has officially reached a comprehensive strategic cooperation with the Hong Kong licensed virtual asset exchange HashKey Exchange. Both parties aim to empower the real economy through Web3, leveraging their respective advantages in compliance, technology, products, and branding to provide customers with a secure, compliant, and convenient Web3 digital payment product experience.The enterprise-level Web3 trading service provider KUN is committed to building a new generation of global digital payment networks, creating a compliant and convenient trading bridge between fiat and cryptocurrencies for real enterprises based on scenarios. It can provide one-stop Web3.0 trading service solutions for overseas enterprise clients in cross-border e-commerce, digital entertainment, overseas gaming, and service trade. HashKey Exchange is one of the first licensed retail virtual asset exchanges in Hong Kong and has obtained approval from the Hong Kong Securities and Futures Commission (SFC), holding Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) licenses, operating a compliant virtual asset trading platform to provide one-stop virtual asset trading services for professional investors (PIs) and retail investors.

ChainCatcher news, the Hong Kong Monetary Authority, in collaboration with the Bank of Israel and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre, published the report "Project Sela - A Widely Usable and Secure Retail Central Bank Digital Currency Ecosystem" and participated in the launch event hosted by the Bank of Israel in Tel Aviv.It is reported that Project Sela is the first fintech collaboration project between the Monetary Authority and the Bank of Israel. Project Sela demonstrates the technical feasibility of non-bank payment intermediaries directly connecting to the central bank digital currency ledger through the design structure of retail central bank digital currency, thereby promoting competition and innovation in the digital payment sector. The project established a proof-of-concept prototype using distributed ledger technology (DLT), proving that the design structure can meet stringent cybersecurity, legal, and policy requirements in technical execution.HKMA Vice President Li Dazhi stated, "We are pleased to have successfully completed Project Sela with the Bank of Israel and the BISIH Hong Kong Centre. The project has provided valuable and practical insights into the implementation of retail central bank digital currency in terms of cybersecurity, technology, and policy. Although the HKMA has not decided whether or when to launch the digital Hong Kong dollar, the results of Project Sela are of reference value for our ongoing research. We hope the project can also assist other central banks in evaluating different design structures for retail central bank digital currencies."

ChainCatcher news, according to Forbes, the digital payment platform Checkout.com terminated its contract with Binance early on August 17 due to concerns over money laundering and compliance issues. Binance stated that it disagrees with Checkout's basis for terminating the contract and is considering legal action. According to sources, Checkout.com has processed approximately $300 million to $400 million in transactions for Binance in recent months."Checkout's exit has no impact on our services," said Binance spokesperson Dewi Mustajab. "We have made significant progress in establishing an industry-leading compliance program, and we hope to build more trust with regulators and partners."

ChainCatcher news, according to a report by 21 Economic Network, the Hong Kong Stock Exchange disclosed that LianLian Digital Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors.LianLian Digital Technology is the largest independent digital payment solution provider in the national market. According to its prospectus, as of the end of 2022, LianLian Digital Technology served 1.8 million merchants and enterprises worldwide.LianLian Digital Technology mentioned in its prospectus that it is preparing to submit an application for a virtual asset service provider license to the Hong Kong Securities and Futures Commission to establish a virtual asset trading platform in Hong Kong. (Source link)

ChainCatcher news, Singapore's cryptocurrency payment platform dtcpay announced the completion of a $16.5 million Pre-A round of financing. This round was led by Pontiac Land Group Chairman Kwee Liong Tek, with participation from former Carlyle Group Managing Director/Partner David Tung, BURGESS Asia Chairman Jean Marc Poullet, former McKinsey Senior Partner Tham Sai Choy, and former KPMG Singapore and Asia Pacific Chairman.The funds from this round of financing will be further invested in product development, building stronger operational/infrastructure capabilities, and expanding dtcpay's global influence. (The Business Times)

ChainCatcher news, cryptocurrency exchange Crypto.com has announced that it has obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). With this license, Crypto.com can continue to expand its Digital Payment Token (DPT) services to customers in Singapore. (Source link)

ChainCatcher news, the cryptocurrency payment provider Digital Treasures Center, which holds the MPI license from the Monetary Authority of Singapore (MAS), announced its rebranding to "dtcpay" to signify its commitment to digital payments.Kanny Lee, the new CEO of dtcpay Group, stated that the business will expand to Hong Kong in the future and will launch more fiat and digital currency trading pairs. Over 50 million Singapore dollars in transactions were processed in the first quarter of 2023.As of April 2, 2023, dtcpay has integrated WeChat Pay for merchants. (Source link)

ChainCatcher news, digital payment processor Zebedee has announced the launch of cross-border payment functionality via the Bitcoin Lightning Network to simplify global payments between the United States, the United Kingdom, the European Union, Brazil, and the Philippines.It is reported that the Zebedee app allows users to earn and transfer Bitcoin by playing games, browsing the web, and listening to podcasts, with strategic partnerships with Pouch.ph and Bipa enabling users to transfer funds instantly across multiple currencies and countries for just a fraction of a cent. (Source link)