Here are the most important changes that affect virtual
currency operators in Washington, and how you can prepare to meet the new requirements.
MasterCard called for licensing and regulation of all
digital currency operators that's comparable to the requirements for non-bank money transmitters, including obligations to maintain Know - Your - Customer and anti-money-laundering programs and to file suspicious activity reports, along with setting up consumer complaint processes.
The U.S. derivatives watchdog said on Friday that it has filed charges against three separate virtual
currency operators alleging the defendants had defrauded customers and broken other commodity trading rules, in a further sign regulators globally are cracking down on the emerging asset class.
Earlier this month the regulator sued three
virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies.
Circle is initially deploying Spark within the framework of two new partnerships with Korea's Korbit and the Philippines» Coins.ph, two
digital currency operators that will connect to Circle and leverage the Spark APIs to serve their local markets and currencies.
Bithumb, the second largest virtual
currency operator in South Korea, was also raided by the tax authorities on Wednesday.
Finally, it's unclear if the IRS is also targeting other virtual
currency operators.
«That is what we are looking to do, whether it is now time to impose hard regulations for virtual
currency operators.
According to Reuters, officials from the National Tax Service raided the offices of both local cryptocurrency exchange Coinone and Bithumb, which is the second largest virtual
currency operator in the country.
Finally, it's unclear if the IRS is also targeting other virtual
currency operators.
Digital
currency operators and Bitcoin exchanges are the most common targets of distributed denial of service (DDoS) attacks according to a report titled «Q3 2017 Global DDoS Threat Landscape.»
The US Commodity Futures Trading Commission has filed federal civil enforcement lawsuits against three virtual
currency operators.
The law aims to regulate money transmitters and currency exchanges in the state, including virtual
currency operators.
What are your thoughts about the new Washington money transmitter laws that affect virtual
currency operators?
«That is what we are looking to do, whether it is now time to impose hard regulations for virtual
currency operators.