Sentences with phrase «virtual currency intermediaries»

It said it would require virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.

The Singapore regulator in 2014 said it would introduce legislations that required virtual currency intermediaries operating in the country to comply with measures to curb money laundering and terrorism funding.

The Monetary Authority of Singapore (MAS) said in a statement Thursday it will «regulate virtual currency intermediaries» operating in the country due to the associated risks.

MAS» regulation of virtual currency intermediaries pertains specifically to the money laundering and terrorist financing risks they pose,» the regulator explained.

In its statement, the regulator said it will introduce legislations requiring virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.

The Monetary Authority of Singapore (MAS) will regulate virtual currency intermediaries in a move to combat risks from terrorism - related financing and money - laundering.

Not exact matches

«From the date of release of this Notice, any so - called platform that provide trading and exchange services for coin offering shall not engage in exchange businesses between legal tender and token or «virtual currency»; or engage in proprietary trading activities or trading as an central counterparty of tokens or «virtual currencies»; or provide pricing services or act as information intermediary for tokens or «virtual currencies.»»

The National Bank of Hungary did acknowledge the benefits of virtual currencies, nodding to their anonymity, speed and ability to cut out intermediary financial institutions, though it went on to say that these strengths also posed «significant risks and problems».

As virtual currencies are a form of P2P payment, they bypass banks and other intermediaries and evade the additional processing charges.

However, if the same payment were made using virtual currency, the transaction cost would have been < 1 % of the transaction amount, as there are no intermediaries.

One of the main reasons for this is that virtual currencies eliminate the need for intermediaries.

The key element of the Streamity project is StreamDesk — a decentralized blockchain - based application that will allow users to convert virtual currencies into fiat money without any intermediaries.

«Citizens may one day prefer virtual currencies, since they potentially offer the same cost and convenience as cash, no settlement risks, no clearing delays, no central registration, no intermediary to check accounts and identities,» Lagarde said.

Virtual currency received from overseas from intermediaries are not tax deductible purchases and instead are treated as non-taxable purchases.

Shanmugaratnam added that at some stage, fiat currency will have to be exchanged for virtual currency, or vice versa, at intermediaries that buy, sell or exchange virtual currency.

MAS» stated in 2014 that while virtual currencies per se were not regulated, intermediaries in virtual currencies would be regulated for ML / TF risks.

MAS» media release of 13 March 2014 had communicated that while virtual currencies per se were not regulated, intermediaries in virtual currencies would be regulated for ML / TF risks.

The intermediaries for virtual - currencies in Singapore have already taken enough measures to combat the finances for terrorism requirements and comply with anti-money laundering procedures.

Issued last month, the FinCEN guidance requires intermediaries that handle virtual currency to register as money services businesses and to follow reporting and record - keeping regulations under the Bank Secrecy Act (BSA), including know - your - customer (KYC) and anti-money laundering (AML) requirements.

In an announcement, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market said it is «reviewing and considering the development of a robust, risk - appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.»