Gemini Europe — the United Kingdom and EU affiliate of the Winklevoss twins’ United States-based crypto exchange Gemini — has appointed a new chief compliance and money laundering reporting officer. As part of the firm’s expansion into the transatlantic market, the new appointee, Blair Halliday, will oversee Gemini Europe’s compliance program in the region. A press release published on Jan. 28 revealed that Halliday will be based in London and report directly to Gemini's managing director of the U.K. and Europe, the former Sterling Bank executive Julian Sawyer. A career tackling financial crime Halliday formerly served as chief compliance officer …

The health of a democratic nation’s currency is shaped by two forces: monetary policy, set by its Central Bank; and fiscal policy, set by the state’s ruling government. The thrust of it is that currency and politics are bound together, whether we like it or not. But that’s old news. Citizens of the cryptosphere are already aware of this, as many members of the community will have been drawn to crypto through dissatisfaction with the governance of modern currencies and the sway that politics has over it. At the very least, we recognize it — and are making choices to …

The year 2019, for a short while, raised expectations that stablecoins would bring about mass adoption of cryptocurrencies. 2020, however, seems to be dousing those hopes with ever-tightening regulation that is putting pressure on investors and companies alike. The first complication came only 10 days into the year. In early January, the European Union’s landmark Fifth Anti-Money Laundering Directive, or 5AMLD, was signed into law. The law is the latest evolution of the EU’s response to the Panama Papers scandal, in which a leak of over 11 million documents uncovered the opaque financial networks used by the world’s richest and …

The central banks of Canada, the United Kingdom, Japan, European Union, Sweden and Switzerland created a group with the Bank for International Settlements (BIS) to jointly research central bank digital currencies (CBDC). According to a press release published by the Bank of England on Jan. 21, the aforementioned institutions will share their experience with other group members as they study potential use cases for CBDCs in their respective jurisdictions. The announcement states: “The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate …

Licensed e-money issuer Monerium will support the blockchain protocol Algorand in 2020. News of the two firms’ non-exclusive partnership was announced in a press release on Jan. 21. The cooperation will see Monerium issuing its programmable e-money on the proof-of-stake Algorand protocol, created by the Massachusetts Institute of Technology (MIT) professor and Turing Prize award-winner Silvio Micali. Regulated e-money on the blockchain Founded in 2016, ConsenSys-backed Monerium focuses on bridging fiat money and blockchains by issuing programmable digital cash, denominated in U.S. dollars, euros, British pounds and Icelandic krona. In June 2019, it became the first company worldwide to receive …

On Jan. 10, the European Union’s 5th Anti-Money Laundering Directive (5AMLD), was officially signed into law. The legislation will give sweeping powers to compliance organizations and law authorities. However, aside from tracking dirty money to offshore paradises, the law brings about a series of restrictive demands on crypto companies in a way never seen before. This development cuts into the notion that, in the past, the world’s richest people comfortably diverted money across borders through a financial framework that operates firmly in a legal grey area, which has long lingered in the public consciousness. Until 2016, it seemed as if …

Britain’s Financial Conduct Authority (FCA) now monitors anti-money laundering (AML) and counter terrorist financing (CTF) for companies carrying out cryptocurrency-related activities. According to an official announcement published on Jan. 10, FCA will supervise whether United Kingdom-registered businesses engaged in crypto asset-related operations are compliant with relevant regulations and requirements. List of requirements to crypto businesses Further in the announcement, FCA set forth a list of requirements for cryptocurrency-related businesses, which includes the identification and assessment of risks in regards to AML and CFT, development of policies and controls to eliminate risks associated with AML and CFT, conduction of customer due …

The president of the European Central Bank (ECB), Christine Lagarde, supports the bank’s active involvement in the development of a central bank digital currency (CBDC) to address the demand for faster and cheaper cross-border payments. In an interview with French business magazine Challenges published on Jan. 8, Lagarde discussed the most likely threats to the global economy in 2020, among which she named a downturn in trade and a range of uncertainties, geopolitical risks and climate change. Going further, Lagarde noted that “the EU is still the most powerful economic and trading area in the world, with enormous potential.” Not …

In 2019, we witnessed crypto regulations leave the domain of stuffy legal pontification and enter the realm of geopolitics (as a stuffy legal pontificator, I have mixed feelings about this). We saw President Trump tweet about crypto regulations, as well as powerful international organizations express their agenda on how crypto should be regulated. We saw bold, forward-looking moves from smaller nations play out, and crypto-schizophrenic China plant its flag somewhere on the cryptomoon, though we still don’t know on which side. These actions illustrate the global regulatory landscape evolving along the contours of the legacy international financial order inherited from …

A new year heralds the opportunity for a new beginning. The start of a new life cycle. As the clock strikes midnight on Jan. 1, the year 2019 will be dealt a fatal blow by old father time, a cold-hearted act of destruction that would inspire Thanos himself. Soon, all that will remain of 2019 will be a handful of dust. For many cultures around the world, the New Year is a time celebrated with gifts. Here’s how anyone can spend their crypto like an oligarch this festive season. Luxury goods So, you’ve bought Bitcoin, managed to prevail the treacherous …

Major global cryptocurrency exchange Binance now allows users to buy crypto directly through Visa credit and debit cards. In a Dec. 26 announcement, Binance said that its users are able to directly purchase four cryptocurrencies after binding their accounts to Visa cards issued within the European Economic Area. Binance users can buy four cryptocurrencies with euros or pounds Once the Visa card is linked, users can buy four cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP and Binance’s native token Binance Coin (BNB) with euros or British pounds. According to the announcement, Binance plans to add support for Mastercard and additional …

Japanese financial services giant SBI has partnered with Germany’s second-largest stock exchange Boerse Stuttgart Group to promote the adoption of digital assets. Specifically, SBI will invest an undisclosed amount in two digital asset-focused subsidiaries of Boerse Stuttgart Group — Boerse Stuttgart Digital Exchange (BSDEX) and Boerse Stuttgart Digital Ventures, Cointelegraph Japan reports Dec. 20. BSDEX is a new cryptocurrency exchange venture launched by Boerse Stuttgart Group in September 2019, while Boerse Stuttgart Digital Ventures is the parent company of Sowa Labs, a firm that developed crypto trading app Bison. SBI and Boerse Stuttgart Group to “create digital asset demand worldwide” …