bitFlyer restricts crypto transfers to comply with the Travel Rule

  • bitFlyer announced the Travel Rule restrictions will apply to TRUST-compatible exchanges across 21 countries.
  • The exchange will also only allow transactions for TRUST-compatible cryptocurrencies, which include Bitcoin, Ethereum and some ERC-20 tokens.
  • Crypto transfers in Japan can only be made to and from Coincheck, the country’s other TRUST-compatible exchange.

Japan-based cryptocurrency exchange bitFlyer has announced restrictions to deposits and transfers as it seeks to implement new anti-money laundering (AML) measures put in place under the Financial Action Task Force’s (FATF) “Travel Rule.”

bitFlyer said in the notice to its users on Tuesday that the new measures are meant to ensure the exchange complies with the Travel Rule requirements. 

Among these requirements is that crypto exchanges have to share information about their customers’ details whenever transactions are initiated to or from their platforms.

Restricted are transactions to or from platforms that do not comply with the Travel Rule. The restrictions on crypto deposits and transfers went into effect on Tuesday, 30 May 2023, the exchange noted.

Restrictions to TRUST-compatible platforms

Travel Rule Universal Solution Technology (TRUST) is a system that allows crypto platforms to work together in complying with the Travel Rule. The solution was spearheaded by Coinbase, a leading US-based cryptocurrency exchange.

As noted above, the Travel Rule requires that crypto exchanges share certain details of users sending crypto via their platform with the exchange receiving the transfer.

To ensure compliance, bitFlyer has therefore moved to restrict transactions to TRUST-compliant platforms across 21 countries, including Japan, Canada, South Korea, Singapore, Israel, Hong Kong, Germany and Switzerland. 

The exchange also revealed crypto transfers are now restricted to TRUST-compatible cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH) and multiple ERC-20 tokens like Polygon (MATIC), Chainlink (LINK), Shiba Inu (SHIB) and Maker (MKR).

In Japan, bitFlyer will only support transactions to Coincheck. Currently, only BTC is the TRUST-compatible asset accepted until Coincheck completes its system development to support ERC-20 tokens.

bitFlyer’s decision follows Japan’s recent move to implement FATF’s tough anti-money laundering checks as defined in the travel rule. It also comes a few days after FATF urged G7 nations to work together in the battle against money laundering in the digital assets space.

As reported earlier this week, Binance has began the process of transitioning all its users in Japan to a new regulated plaform dubbed Binance Japan.

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Russia to use crypto exchanges for cross-border transactions

  • Russia appears to have ditched plans for a state-run cryptocurrency exchange, according to a new report.
  • Instead, it is looking to establish a framework to support cryptocurrency exchanges and digital assets in cross-border transactions.
  • The news was reported today by a local media outlet, citing comments from Anatoly Aksakov, the head of the State Duma committee on financial markets.

Russia is considering the use of cryptocurrency exchanges to facilitate the settlement of cross-border transactions, according to the latest crypto news from the country.

Local media publication Izvestiya revealed this development on Monday, citing a member of the State Duma.

Russia gives up plans for national crypto exchange

As CoinJournal reported last November, Russian authorities had hinted at plans to establish a state-run cryptocurrency exchange. The country’s Finance Minister Anton Siluanov also revisited this idea in April, noting the push to have a new payments system that included crypto in place.

As Izvestiya reported today, the country appears to be shelving these plans in favour of a new framework that would support crypto exchanges. 

The publication quoted Anatoly Aksakov, the head of the State Duma committee on financial markets. According to Aksakov, Russia is now looking to adopt a framework that would see rules for the use of crypto exchanges for cross-border settlements established.

The plans have received the support of the Ministry of Finance, which was reportedly against the launch of a single national digital assets exchange.

Ivan Chebeskov, director of financial policy at the Ministry of Finance told Izvestia that the ministry is focused on proper and comprehensive regulation of cryptocurrencies.

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Binance begins transition to new platform for Japan

  • Binance has said that the transition to the new platform is necessary to comply with Japanese regulations.
  • Transition to the new platform will involve users undergoing fresh KYC as from August 1, 2023.
  • Binanace acquired the Sakura Exchange BitCoin (SEBC) in 2022.

Binance, the world’s leading and largest cryptocurrency exchange, has announced that it will be transitioning its Japan users to a new platform beginning this summer. 

According to a notice on the exchange’s website, the new platform will comply with all Japanese regulations.

Migration of all Japan-based users to a new regulated platform comes after the company completed the acquisition of Sakura Exchange BitCoin (SEBC), a local cryptocurrency exchange. The deal was completed in November 2022 and is part of Binance’s expansion strategy amid greater alignment with regulatory compliance. 

Binance plans to rebrand SEBC, regulated by the JSFA, to Binance Japan.

Binance to restrict services amid the transition

As part of its transition, Binance has said it will gradually restrict services on its global platform Binance.com for local users. The new restrictions began on May 26, 2023, with users no longer able to open new derivative accounts.

The exchange will also discontinue options trading and Leveraged Tokens (BLVT) as from June 9, before cutting off all Japan-based users from the Binance.com platform on November 30, 2023.

By then, users in the country will have had an opportunity to migrate to the new platform after completing a new identity verification process. According to the notice, the new know your customer (KYC) process will be available as from August 1, 2023, Binance said.

Additionally, Japan residents who complete the KYC as required and hold supported coins will have access to the new Binance Japan after December 1. Users who will not have completed the mandatory verification process will only access withdrawals.

Users with “unpermitted tokens” are asked to convert these to the supported ones (a list of permitted tokens will be shared). If not, they have to withdraw these funds to external wallets. Binance will automatically convert all unpermitted tokens to Bitcoin (BTC) on November 30, according to the notice.

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GamStop & Crypto: fostering responsible gambling for a sustainable ecosystem

  • GamStop was created in the United Kingdom to help gamblers get free help when they need it.
  • A lot of gamblers gambling at casino sites not on GamStop in the UK are using crypto.
  • Besides GamStop, there are other responsible gambling tools like GamBan and BetBlocker.

Crypto gambling is slowly immerging as a new trend. Almost 420 million people in the world use cryptocurrency and many of them love to gamble, meaning many of them would prefer crypto gambling. 

However, crypto gamblers need to play responsibly. Tools like GamStop can help the crypto casino ecosystem and make it sustainable.

GamStop – popular responsible gambling tool

There are dozens of responsible gambling tools and their number is growing. One of these tools, GamStop, has become a choice for many crypto gamblers. But what is it?

For starters, GamStop is not GameStop. These are two completely different platforms. 

GamStop was created in the United Kingdom to help gamblers get a free type of help when they need it. People create accounts on GamStop to ensure they only gamble on UKGC-licensed casinos and betting sites. It ensures they cannot play on unlicensed casinos and sites and the ban can last as long as you want it to last up to 5 years after which you can remove the ban or prolong it once again and again. 

The main benefits are a bit obvious. Gamblers can enjoy safer gambling, period. They can use a free tool to get professional help whenever they need it. Players can also get additional help if their condition is a bit more demanding. All of these things make the gambling ecosystem possible and stable!

There is one issue though. Players can bypass GamStop! It is possible to play at non-GamStop casinos, which are sites that are not controlled by UK or UKGC.

Correlation between crypto gambling and casinos not on GamStop

A lot of gamblers gambling at casino sites not on GamStop in the UK have invested in crypto. They will continue to use it and they adore this idea. See, these people don’t like the limitations UKGC has set. They want and need freedom while playing. Non-GamStop casinos offer just that. 

Using crypto means players can get even bigger bonuses, stay anonymous, and do so much more that are not a thing at UKGC sites. 

However, there are some issues we must mention. For instance, these casinos are not heavily regulated like UKGC sites which means that some of them can be problematic. Sites of this kind also don’t invest in security as massive UK casinos do. 

All of this suggests one simple thing. Responsible gambling tools are even more important at non-GamStop casinos. We can say that they are essential and something you should use in 100% of cases. These tools can keep you safe when nothing else will work. 

Other responsible gambling tools in addition to GamStop

Today when more and more people try to equate cryptocurrencies with gambling, it is important to show that there are already available tools that can cover all the requests. If you think that GamStop is the only tool of this kind, you are wrong. 

As a matter of fact, users have a lot of additional options they can use at any given moment. All of these methods, options or apps if you like have one thing they are designed to do. They can be used alongside GamStop and help a player completely. What this means is that GamStop will cover UKGC sites and another tool will cover all the rest. This combo can make gambling online extremely safe and secure. Anyway, let’s see the most common options you can use. 

  • GamBan

GamBan comes in the form of an app. You can get it on computers and smartphones if you like. The app is not free. But you will get a 7-day free trial you can use to check out the app and see how it works. 

The idea is simple. Once installed, the app will block access to gambling and betting websites. You are done. Additionally, GamStop started blocking crypto platforms and it constantly expands its database. There is no way you can remove the app and continue playing and this makes GamStop so effective.

  • BetBlocker

Betblocker is one of the free apps (for this purpose of course) that is rare today. You can install it right now and set it all up in 2 minutes. Then you will see that over 85.000 gambling sites are not available any longer. Once the time frame you have selected expires, you can remove the app and play again. 

  • NetNanny

This is probably the oldest app of this kind. It was developed in the 90s. Then, it was developed for parental controls which some people used. In the 2000s it added functionality to block gambling and betting sites. 

Netnanny works on all operating systems and it is very effective. Try it and you will see why some people have been using it for years. 

Empowering crypto users and ensuring a sustainable gambling ecosystem

Using GamStop or some other tools we have listed here is needed, especially if you like playing at crypto casinos. These are all tools that can help you when you need help the most. At the same time, these can help you control your gambling desires more so you can play in a clever way.

When using these tools and when you invest some time into learning all about responsible gambling, you can make this form of fun special. You can play and don’t have to worry about gambling addiction or anything similar. 

Another benefit of all this is that the gambling ecosystem will become sustainable. There won’t be a lot of people who have issues while playing, meaning that the whole ecosystem will flourish. Without these tools and responsible gambling, all of this will be much harder and maybe even impossible. 

Conclusion

Responsible gambling tools are one thing we all need. These can make any form of gambling better and safer. therefore, it is important to promote them properly around the world and adopt the available tools with different topics. 

Although all players may want to consider these at some point, crypto gamblers simply must. They are in an ecosystem that is still relatively new, so using all the help they can is important.

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South Korea passes law requiring all officials to disclose crypto holdings

  • Korean officials are now required to disclose any crypto holdings above $760.
  • The bill outlining the new law was unanimously passed by lawmakers and ratified on Thursday, 25 May.
  • Strict rules around crypto holdings for public officials come after a scandal where one Kim Nam-kuk was said to have held $4.5 million worth of crypto.

Cryptocurrency news out of South Korea states that the requirement that government officials disclose all their cryptocurrency holdings has been passed into law.

The National Assembly’s move to adopt the bill means South Korea lawmakers and other high ranking government officials will now have to make public their Bitcoin or other crypto assets they hold.

Korean officials to disclose their crypto holdings

According to a local news report by News1, the country’s National Assembly unanimously passed the “Kim Nam-guk Prevention Law” on Monday, 22 May and approved it in plenary on Thursday, 25 May, 2023.

The bill comes into effect a few days after Kim Nam-kuk, a former opposition party member, was revealed to have held crypto assets worth roughly $4.5 million on the Wemix exchange. The revelations caused uproar, with allegations of money laundering surfacing.

South Korea’s amendments to its National Assembly Act and the Public Service Ethics Act now obligates public officials to comply with the law if they hold any cryptocurrencies.

In particular, affected individuals will have to declare all crypto holdings that amount to $760 or more. The requirement is in place for disclosures involving cash, stocks, and bonds among other assets.

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