FCA Tightens Crypto AML, Russian Mining Data and Crypto Valley Taxes

This Week in Crypto Compliance & Regulations | by Coinfirm

Global Regulations, 4th September – Coinfirm has a quick snapback on the week’s global compliance and regulatory news affecting our stakeholders.

Denmark’s Blockchain Anti-Corruption Thoughts

The Ministry of Foreign Affairs of Denmark has released a report analysing the use of blockchain in the fight against corruption. Noting that “Blockchain technology can create increased transparency in administration of landownership and financial transactions. Digitalization of public procurement and public services reduces opportunities for corruption in the digitalized parts of the process”. –Cointelegraph

FCA Tightens Grip on Crypto AML

The UK’s Financial Conduct Authority is expanding their Anti-Money Laundering regulations to all cryptocurrency firms in a recently released consultation paper which seeks to make crypto firms regardless of operating turnover adhere to submitting an annual report on how they are dealing with their AML risk. The expansion of the rule will result in the additional filings of 4,500 companies per year. –Invezz

Russia Mulls Mining Data

Cryptocurrency mining firms operating in Russia may soon have to report to the government under a proposed bill regarding data centres’ operations, of which definition mining firms in the country fall under. –CoinDesk

Crypto Valley Residents Pay Taxes in Kind

Residents of the innovative blockchain-loving region in Zug, Switzerland – dubbed ‘Crypto Valley’, will now be able to pay taxes in Bitcoin (BTC) and Ethereum (ETH). Tax settlement by means of cryptocurrency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs. –Cointelegraph