PYMNTS

FEBRUARY 19, 2020

The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. The IRS has been trying to combat cryptocurrency tax evasion, and the agency has been working on establishing more concrete guidelines for digital currencies.

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PYMNTS

JANUARY 7, 2020

In other crypto news , cryptocurrency tax automation software TaxBit has raised $5 million in funding. TaxBit was founded by software developers, tax attorneys and CPAs to automate and simplify tax compliance for crypto users.

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PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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PYMNTS

FEBRUARY 18, 2019

Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S.,

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PYMNTS

SEPTEMBER 8, 2020

European crypto exchange Eterbase has announced a hack, affecting hot wallets for six of its listed cryptocurrencies and allowing hackers to make off with $1.6 billion in assorted cryptocurrencies, CoinDesk reported. In other news, Hong Kong's Diginex has raised $20 million as a funding round from private investors, Bloomberg reported.

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FICO

MARCH 6, 2020

Visma Connect recently interviewed Jürgen Krieg, FICO's head of global compliance sales. In this excerpt from that article, Jürgen elaborates on the importance of compliance. . At FICO, I am responsible for planning and implementing growth strategies to develop new markets, and the expansion of our compliance business globally.

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PYMNTS

SEPTEMBER 8, 2020

European crypto exchange Eterbase has announced a hack, affecting hot wallets for six of its listed cryptocurrencies and allowing hackers to make off with $1.6 billion in assorted cryptocurrencies, CoinDesk reported. In other news, Hong Kong's Diginex has raised $20 million as a funding round from private investors, Bloomberg reported.

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PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. France is a precursor.

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PYMNTS

JANUARY 3, 2020

Jens Weidmann, president of Germany’s Bundesbank, is urging banks in the area to find and create alternatives to Facebook’s proposed cryptocurrency Libra. The year 2019 may go down as a landmark in the annals of tax policy. US 2019 Auto Sales Were Lowest In Five Years.

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The Paypers

DECEMBER 8, 2022

Bitwave , an enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, has closed a USD 15 million Series A funding round.

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PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. The growing prevalence of cryptocurrencies is also complicating the finance sectors’ security efforts.

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Fraud Fintech Compliance Regulation 189

American Banker

AUGUST 28, 2023

The proposed regulations from the Treasury Department and Internal Revenue Service offer clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion by offering more transparency into customer trades.

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PYMNTS

JANUARY 8, 2020

8), the Securities and Exchange Commission ’s (SEC’s) Office of Compliance and Examinations (OCIE) offered up a list of its priorities for the year that has just dawned. Among them: cryptocurrencies and the financial (alternative) data that is used in the investment realm. “The In documents released Tuesday (Jan.

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PYMNTS

OCTOBER 18, 2019

The Logic was the first to report that the country’s central bank is investigating both opportunities and challenges focused on the project, with some believing that creating a public central bank digital currency (CBDC) could help tackle direct threats related to cryptocurrency.

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PYMNTS

MARCH 14, 2018

” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the massive potential the world of FinTech has touted for the last year or so. Earlier this week, the head of the International Monetary Fund (IMF) described this dichotomy as the “peril that comes along with the promise” of cryptocurrencies.

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PYMNTS

OCTOBER 9, 2019

And the IRS has released new guidance for digital currency investors and their tax advisers, explaining how the agency expects them to report income from their holdings. In addition, assets held for less than a year will be taxed at higher short-term capital gains rates, while those held for longer will qualify for the 23.8

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Bitcoin San Francisco Taxes Compliance 116

Abrigo

JUNE 27, 2023

In 2016 when the Panama Papers exposed an international network of offshore entities involved in tax evasion, fraud, and sanction evasion, some of which included real estate holdings, regulations began to change. The institutions are the ones shouldering the costs of compliance, examinations, and fines.

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PYMNTS

JANUARY 9, 2019

Hans-Ole Jochumsen previously served as vice chairman for NASDAQ Europe, and he plans to help the group with knowledge in know-your-customer (KYC) practices, taxes and the provenance of transactions. The nonprofit is said to be creating a digital currency that comes with a compliance function built in.

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Payments Source

NOVEMBER 9, 2017

The exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U.S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase Inc., one of the biggest U.S. online exchanges.

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PYMNTS

NOVEMBER 14, 2019

Time report collection, data aggregation across different formats and departments, data consolidation for processing, tax withholdings and benefits calculation must all be done, approved, and processed for on-time payroll. Compliance is still a major challenge.

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PYMNTS

DECEMBER 7, 2017

million in Series A funding, provides blockchain-native accounting, auditing and tax software for blockchain and crypto companies and the financial professionals that service them. There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”.

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PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. Unfortunately, the report found, recent tax reform in the U.S.

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PYMNTS

MARCH 5, 2018

And so, the SEC might be shorthand for “Scare Every Cryptocurrency Firm.”. One thing is for sure: The shadowy cryptocurrency world is about to get some sunshine – and sunshine, as the saying goes, is a good disinfectant. The new measures, Reuters reports , include government monitoring of overseas websites tied to cryptocurrencies.

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Bank Innovation

AUGUST 12, 2016

Two years ago the IRS issued a brief notice on the status of bitcoin and all its digital cousins stating that for tax purposes these items are property — not currency. Shortly before the March notice was published, bitcoin had awoken from a stupor, zooming from well under a $100, and nearly hitting $1000, according to Read More.

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Bitcoin Taxes cryptocurrency Compliance 150

FICO

FEBRUARY 27, 2019

“Asia’s reputation for financial probity may take a long time to recover fully and it seems that our region’s bankers agree that we are just at the start of a compliance technology and process overhaul that may take many years to complete,” said Dan McConaghy, president of FICO in Asia Pacific. How APC Will Fight Financial Crime in Panama.

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PYMNTS

JANUARY 17, 2019

Employers don’t simply want a payroll solution, she said, but a holistic suite of human capital management tools that can handle everything from tax compliance to integrations with time-tracking solutions. ” In the U.S.,

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Capital Tools Survey Management 173

CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

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United States Fraud Regulation Compliance 78

PYMNTS

MARCH 16, 2018

Add to the equation the growing burdens of regulatory compliance stretching across anti-money laundering and know your customer efforts … and record-keeping can become daunting even with the best of efforts. Frequently, there are intermediaries involved with financing.

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PYMNTS

MARCH 12, 2018

Obviously, there are tax issues and you’ve got the IRS involved,” said Patel. Said Patel of the ICO-focused firms themselves: “My concern is that we need one agency to rule them all so they know what they need to do to be in full compliance.”. If defined as currencies, should the Department of Treasury be involved?

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PYMNTS

JANUARY 21, 2021

Janet Yellen, President Joe Biden's nominee for Treasury Secretary, is expected to take a hard stance on cryptocurrencies, calling digital currency a “particular concern” that is used “mainly for illicit financing,” Arstechnica and other news outlets reported on Thursday (Jan.

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blockchain cryptocurrency Bitcoin Taxes 281

Fintech Labs Insights

AUGUST 22, 2024

Themis: Raised $9M, compliance and governance tech gaining steady traction, particularly with larger corporate clients. owl.co: Raised $39M, automated background checks and compliance tools, gaining rapid adoption in finance sector. for its cryptocurrency exchange and wallet, introduced new features for easier trading and security.

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San Francisco New York San Jose Tools 15

Tomorrow's Transactions

NOVEMBER 5, 2014

The topic of AML came up time and time again in the discussions around Money2020 in Las Vegas, whether in the sessions about cryptocurrency or remittances or innovation or anything else. According to a KPMG survey, the cost of compliance with anti-money laundering (AML) regulations grew “beyond expectations” for banks last year.

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Lex Sokolin

DECEMBER 25, 2019

Further, actually touching client funds immediately makes these apps into regulated custodians or money transmitters or financial advisors, which means a lot of compliance cost for little upside. Neither of those initiatives are a true cryptocurrency, in the sense that they are neither trustless nor permissionless. Sound familiar? (5)

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PYMNTS

JANUARY 15, 2021

But those same payments mechanisms must be in compliance with various regulatory and legal frameworks. There is at least some indication that the incoming Biden administration will commit to big-picture thinking (witness the $3 trillion tax and infrastructure the president-elect has floated).

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Regulation US Payments Compliance 253

Fintech Labs Insights

OCTOBER 19, 2015

Bitcoin compliance solutions. Tags: Bitcoin, blockchain, cryptocurrency. Source: Finovate. 401(k) management. HQ: Leawood, Kansas. Latest round: $4 million Series A. Total raised: $4.1 Source: Finovate. Real-time investment strategies. HQ: Boston, Massecheusetts. Latest round: $2.7 Total raised: $2.7 Scorechain. HQ: Luxembourg.

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American Banker

DECEMBER 8, 2022

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CB Insights

NOVEMBER 21, 2019

Companies in this subcategory (1) provide technology to accounting and tax, bookkeeping, and expense management players, or (2) leverage technology to provide these services directly to end-users. For example, KNØX Custody (disclosed equity funding of US $6.2M) provides insured cryptoasset and cryptocurrency custody solutions.

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