ChainCatcher news, the Bangko Sentral ng Pilipinas (BSP) plans to tighten reporting requirements for virtual asset service providers (VASP) to enhance data collection and supervision. The BSP released a draft notice over the weekend, revealing that a new reporting portal for all VASPs will be launched by January 1, 2025.The notice outlines the new reporting requirements aimed at bridging data gaps, reducing information discrepancies, improving data collection, and enhancing the quality of data related to virtual assets and VASPs.According to the bank, VASPs will be required to submit 13 reports at different intervals. Monthly, they must submit two reports on transaction volume, value, and total assets under custody. Seven reports are required quarterly, including data on operational offices, websites, and account holder statistics. Additionally, three reports must be submitted biannually. An audited financial statement must also be provided annually.VASPs must submit currency service business reports using existing channels in the first two quarters of 2025. After that, unless otherwise instructed, all submissions must switch to the new reporting portal.Entities that fail to comply with these requirements will face enforcement actions. VASPs must submit feedback on the proposed changes by December 13.

ChainCatcher news, according to CoinDesk, the United Nations Office on Drugs and Crime has called on Southeast Asian countries to classify unlicensed currency service businesses or virtual asset service providers (VASP) as criminal offenses. The agency stated in a report released on Monday that some VASPs (including those linked to known criminals) are facilitating transactions for fraud organizations and high-risk gambling websites.The report mentioned that an unnamed entity conducted "at least hundreds of millions of dollars" in transactions with criminal organizations. This includes groups associated with or directly involved in large-scale drug trafficking, human trafficking, cybercrime, and child sexual abuse materials, as well as entities sanctioned by the U.S. Office of Foreign Assets Control (OFAC) and wallets linked to North Korea's Lazarus Group.Masood Karimi-Pour, the regional representative of the Office on Drugs and Crime, stated in a declaration: "Governments need to recognize more than ever the seriousness, scale, and impact of this genuine global threat, and prioritize solutions to address the rapidly evolving criminal ecosystem in the region."

ChainCatcher news, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission has approved the registration of virtual asset service providers (VASPs) for the first time in a year. The approved entities include virtual asset infrastructure company DSRV and crypto asset custody institution BDACS. DSRV submitted its registration application in October 2023 and received approval about a year later, while BDACS submitted its application in February 2024 and received approval about six months later.

ChainCatcher news, according to The Block, Amber Group announced that its Dubai subsidiary Amber Premium FZE has received the principle approval for a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), enabling Amber Premium FZE to provide comprehensive virtual asset services to clients in the Middle East and beyond, including brokerage-trading services, lending and borrowing services, as well as management and investment services, in compliance with UAE regulatory requirements.As the headquarters of Amber Group in the UAE, Amber Premium FZE will serve institutional and high-net-worth individual clients in the region.

ChainCatcher news, according to Bitcoin.com News, the digital asset company Amber Group announced that its Dubai subsidiary Amber Premium FZE has received the principle approval for a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). This approval allows Amber Premium FZE to offer a variety of virtual asset services in compliance with UAE regulatory requirements.

ChainCatcher news, the Spanish cryptocurrency exchange platform Bit2Me has announced that it has received approval from the Argentine National Securities Commission (CNV) to become a Virtual Asset Service Provider (VASP).In March of this year, the CNV opened registration for Virtual Asset Service Providers, which is a prerequisite for companies in the industry wishing to operate in the country. According to the official list provided by the CNV, a total of 79 companies have been approved so far.Previous news, on June 15, 2023, Bit2Me completed a $15 million financing round, led by Investcorp, with participation from Telefónica's investment arm Telefónica Ventures, Stratminds VC, Cardano, and YGG Fund.

ChainCatcher news, the Securities and Commodities Authority (SCA) of the United Arab Emirates and the Virtual Assets Regulatory Authority (VARA) in Dubai announced an agreement that will allow the country's virtual asset service providers (VASP) to supervise each other. According to the agreement, VASP operating in Dubai and wishing to obtain VARA licensing can be registered with the SCA by default, providing services to the wider UAE. However, the SCA clarified that VASP wishing to operate outside of Dubai in other emirates must still obtain the regulatory authority's license.

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea announced that it will conduct its first inspection of virtual asset service providers, marking the first action since the implementation of the "Virtual Asset User Protection Act" in July. The FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges, and 1 wallet/custody service provider. Notably, 2 of the major won market exchanges, such as Upbit, Bithumb, Coinone, Gopax, and Korbit, will be selected for inspection.The inspection will focus on compliance with regulations, user protection systems, internal control mechanisms, and monitoring of unfair trading. The FSS will review aspects such as user asset management, cold wallet usage, insurance and reserve status, maintenance of transaction records, and monitoring systems for abnormal trading. For violations, the FSS stated that it will impose strict sanctions to maintain market order while supporting businesses in strengthening self-regulatory oversight.

ChainCatcher message, the Hong Kong Securities and Futures Commission has issued a circular to licensed corporations, virtual asset service providers, and associated entities regarding the fight against money laundering/terrorist financing, which points out that the United Nations Security Council (UNSC) committee responsible for managing the sanctions regime against the Islamic State (ISIS) and Al-Qaeda removed an individual from its sanctions list on August 23, 2024 (New York time).Licensed corporations, licensed virtual asset service providers, and associated entities should update their screening databases regarding the aforementioned changes made by the UNSC sanctions committee to conduct sanctions screening on customers and payments.

ChainCatcher news, according to News.bitcoin, the Seychelles National Assembly has approved a draft bill aimed at regulating virtual asset service providers (VASP). The bill requires VASPs seeking a license to establish a substantive business in Seychelles, such as having a resident director and an office staffed with capable employees. The law aims to balance innovation with anti-money laundering efforts, in compliance with the recommendations of the Financial Action Task Force (FATF).

ChainCatcher news, according to Bitcoin.com, Commercial Bank of Dubai (CBD) has launched dedicated accounts for virtual asset service providers (VASP) to manage client funds and meet regulatory requirements.CBD CEO Bernd van Linder stated that this move aligns with CBD's core banking services and supports the bank's plans to promote the digital economy.

ChainCatcher news, digital asset infrastructure Roma announced that it has obtained a virtual asset service provider license issued by Dubai VARA, which enables Roma to offer regulated virtual asset brokerage services, providing clients with digital asset deposits and withdrawals, brokerage, and over-the-counter trading services.It is reported that Roma was founded by former Sequoia Capital Managing Director Amit Jain, focusing on bridging the gap between legal assets and digital assets for global institutions, and raised $22 million in seed funding in 2022, led by Sequoia Capital India.

ChainCatcher news, according to Cointelegraph, the Pacific island nation of Vanuatu is expected to enact a digital assets and service providers bill as early as September.It is reported that the bill was first proposed in 2020 and will establish licensing and registration requirements for virtual asset service providers (VASP) in the country, allowing them to operate legally in the island nation. The bill has been ready for several years but has been delayed due to several cabinet changes.

ChainCatcher news, according to Bitcoin.com, the Nigerian Securities and Exchange Commission (NSEC) is revising the rules governing virtual asset service providers (VASP) to "expand the regulatory scope based on current realities."As part of this effort, the Nigerian Securities and Exchange Commission has introduced an Accelerated Regulatory Incubation Program (ARIP) for the onboarding of virtual asset service providers. Additionally, the NSEC has instructed all operating and potential VASPs to access its electronic portal and complete the application process within 30 days. Non-compliance with this directive will result in enforcement actions by the regulatory agency.

ChainCatcher news, the cryptocurrency exchange Crypto.com has announced that it has obtained approval from the Central Bank of Ireland to become a Virtual Asset Service Provider (VASP). This approval was granted after a comprehensive review of Crypto.com's compliance commitments, including its capabilities in anti-money laundering and counter-terrorism financing, and will enable it to further offer services in Ireland such as cryptocurrency exchange for fiat currency and fiat currency wallets.

ChainCatcher news, according to CoinDesk, Ramp Network has obtained Virtual Asset Service Provider (VASP) registration in Ireland, plans to make Ireland its European headquarters, and has established a team and business in Dublin.

ChainCatcher news, cryptocurrency exchange CoinEx has announced that it has obtained a Virtual Asset Service Provider (VASP) license in Poland to prepare for the implementation of the EU MiCA regulations later this year. With the VASP license in Poland, CoinEx can enter other member states through the EU passport.

ChainCatcher news, Binance CEO Richard Teng stated: Binance has obtained a virtual asset service provider license in Dubai and is still in discussions with relevant regions regarding the location of its headquarters.

ChainCatcher news, at the end of March, the Argentine National Securities Commission announced a new mandatory registration system for virtual asset service providers, applicable to companies and individuals engaged in cryptocurrency activities in the country. This new regulation will affect businesses that specialize in various services such as buying, selling, sending, receiving, lending, or trading cryptocurrencies. The regulation applies not only to local companies but also to those operating in the market but headquartered elsewhere. Roberto E. Silva, the chairman of the Argentine National Securities Commission (CNV), made it clear that unregistered entities will not be able to operate in the country.