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 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, 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, 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.

ChainCatcher news, according to Jinshi reports, Hong Kong's Secretary for Financial Services and the Treasury, Hui Chengyu, stated that the one-year transition period for the licensing system for virtual asset service providers implemented in Hong Kong is about to end, and all virtual asset service providers in Hong Kong must submit their license applications by February 29 of this year.It is reported that all virtual asset service providers that do not submit applications by February 29 or before, and receive a "no license issuance notice" from the Securities and Futures Commission, must cease operations in Hong Kong.

ChainCatcher news, according to News 1, financial authorities are introducing a system to suspend the review of virtual asset service providers (VASP), aimed at providing reasons for the suspension of reviews. The launch of this plan is due to administrative inefficiency, as there have been instances of excessively long review times since last year.The financial intelligence agency has also established a "Virtual Asset Business Reporting Review Committee." Currently, the committee operates only as an advisory body, but by stipulating the committee in the "Implementation Order of the Virtual Asset User Protection Act," the financial intelligence agency plans to further improve the virtual asset business reporting system. An official from the financial intelligence agency stated, "We are currently preparing the groundwork to detail the reporting system for virtual asset enterprises and will disclose it through legislative previews."

ChainCatcher message, according to an official document, the Central Bank of Nigeria (CBN) has lifted the banking ban imposed on virtual asset service providers since February 2021. However, the CBN stated that banks are still not allowed to hold, trade, or conduct virtual currency transactions on their own accounts.

ChainCatcher news, according to the official announcement, the Dubai Virtual Assets Regulatory Authority (VARA) has announced that the final deadline for applying for a Virtual Asset Service Provider (VASP) license or registration application has been postponed to November 17.It is reported that currently more than 1,000 traditional companies have submitted registration applications under the Dubai regulatory framework.

ChainCatcher news, the Financial Supervisory Commission of Taiwan has officially released the "Guidelines for the Management of Virtual Asset Platforms and Trading Business (VASP)", which strengthen the protection of customers by platforms in aspects such as transparency of trading information, custody of customer assets, internal control management of platform operators, and assistance from external experts.Key points are summarized as follows:Management of virtual asset issuance: If virtual assets are issued through the platform, the issuer should announce the prepared white paper on its website (and is required to disclose certain content at a minimum), and the platform should announce the link to that website.Review mechanism for listing and delisting virtual assets: Standards and procedures for reviewing the content of the virtual asset white paper and for listing and delisting should be established and incorporated into the internal control system.Separation of platform assets and customer assets: The platform should separate the custody of customer legal currency or virtual assets received for virtual asset trading and payment collection from its own aforementioned assets.Fairness and transparency of transactions: The platform should establish and announce trading rules for virtual assets and should create mechanisms to ensure fair market transactions.Contract formulation, advertising solicitation, and complaint handling: The platform should implement customer protection regulations based on the principles of fairness, reasonableness, mutual benefit, and integrity.Management mechanisms for operational systems, information security, and hot/cold wallets: The platform should establish management systems for its continuous operation, information security, and the private keys of hot and cold wallets.Information disclosure: Regarding the aforementioned virtual asset issuance and product listing and delisting, asset separation custody, trading information and rules, and customer protection, the platform should fully disclose information.Internal control and institutional audits: The platform should establish mechanisms such as internal control and internal audit systems, and ensure that its operations are independent and objective, and agree to accept on-site audits by the Financial Supervisory Commission or entrusted institutions.Individual cryptocurrency dealers: Natural persons engaged in virtual asset business who declare compliance with anti-money laundering regulations to the Financial Supervisory Commission must ensure that the content and quality of their declaration are equivalent to that of a legal entity.Foreign cryptocurrency dealers: Foreign virtual asset platform operators who have not registered in accordance with company law and have not completed the declaration of compliance with anti-money laundering regulations to the Financial Supervisory Commission are not allowed to solicit business within our country or from our citizens.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) requires UK virtual asset service providers (VASP) to comply with the FATF travel rule starting September 1, collecting, verifying, and sharing information related to domestic and cross-jurisdictional transactions.The FCA also requires UK cryptocurrency companies to regularly review the implementation of the travel rule in other jurisdictions and adjust their business processes as appropriate. When sending cryptocurrency to jurisdictions without travel rules, if the necessary information cannot be obtained, crypto asset businesses must still collect and verify information in accordance with anti-money laundering regulations (MLR) and should store that information before conducting the crypto asset transfer.The travel rule aims to enhance the transparency of crypto asset transfers, advancing global anti-money laundering (AML) and counter-terrorism financing (CTF) efforts by helping crypto asset businesses detect suspicious transactions and conduct effective sanctions screening.

ChainCatcher news, according to Cointelegraph, the new cryptocurrency travel rules in the UK came into effect on September 1 and now support the withholding of certain cryptocurrency transfers.This new "travel rule" was introduced by the UK's Financial Conduct Authority on August 17 and requires that VASPs headquartered in the UK "collect, verify, and share information related to cryptocurrency transfers." If a VASP receives incoming payments from individuals or entities in jurisdictions that have never implemented the travel rule, it must conduct a "risk-based assessment" on "whether to provide the cryptocurrency to the beneficiary."The travel rule was established by the Financial Action Task Force, a UN agency, in June 2019, and the UK began enforcing the travel rule through legislation in July 2022, aimed at preventing money laundering and terrorist financing activities conducted on-chain.

ChainCatcher news, according to Bitcoinist, the President of Peru has issued a new decree stating that all cryptocurrency exchanges operating within the country must comply with anti-money laundering (AML) regulations. According to the decree, virtual asset service providers, including individuals and companies operating in Peru, are now required to report information to the Financial Intelligence Unit (UIF-Peru).The definition of "virtual asset service providers" includes entities engaged in various cryptocurrency-related activities. The decree is now in effect, and UIF-Peru is expected to release more specific guidelines in the coming days to further clarify the obligations and responsibilities of virtual asset service providers in the country.

ChainCatcher news, according to Cointelegraph, after the Estonian government strengthened its anti-terrorism financing and anti-money laundering (AML) laws in March, nearly 400 virtual asset service providers (VASPs) voluntarily closed or revoked their licenses. Among them, 200 crypto service providers voluntarily shut down, and 189 were also revoked due to "non-compliance."According to financial intelligence agencies, as of May 1, Estonia has registered 100 active crypto companies, and the companies that were forcibly closed were generally related to issues of misleading company information. (source link)

ChainCatcher news, the Securities and Commodities Authority (SCA) of the UAE has announced the start of accepting license applications from companies intending to provide virtual asset services in the country. All virtual asset service providers (VASP) operating in the country must submit applications and obtain permission from the regulatory authority, except for those licensed in the country's financial free zones. (Source link)