Scorechain's Blog

Crypto AML compliance in 2023: 5 things to consider

2022 has been a tough year for crypto assets, with the crypto winter and scandals that shook the industry. However, it also showed that the crypto industry needs better governance to regulate crypto activities and service providers while protecting consumer interests. While there was already a global trend in regulating

Crypto sanctions: how to comply in 2023?

Recently, the Office of Foreign Assets Control (OFAC) issued its first crypto-related sanctions of the year. This first wave of sanctions targets individuals and entities supporting Russia’s military complex and evading US sanctions. The aim is to increase pressure on Russia for its invasion of Ukraine and limit its access

The biggest crypto regulation developments of 2022

2022 was a challenge for the crypto industry. However, it also showed the need for better governance and crypto regulation in the sector from which positive outcomes could stem. Governments worldwide have continued to recognize the potential of crypto assets and their role in the global economy, which means the

MiCA set to be voted into law in 2023

The European Union (EU) has put forward the Markets in Crypto Assets Regulation (MiCA), which should be voted on by the European Parliament in 2023. It regulates transparency, disclosure, authorization, and supervision in the crypto market. MiCA approved by the EU council and ECON in 2022 MiCA was first proposed

Crypto AML & compliance basics

Crypto assets are one of the most dynamic, fast-changing, and innovative parts of the financial services area. However, innovation comes with risks; one primary concern among policymakers is the potential for money laundering tied to such assets. To address this issue, firms operating with crypto assets must implement crypto AML &

Switzerland requires stricter identity verification for certain crypto transactions

FINMA, the financial regulator in Switzerland, published a partially revised Anti-Money Laundering Ordinance on November 2. The authority enacted the revision following the recent amendments of the Anti-Money Laundering Act and the Federal Council’s Anti-Money Laundering Ordinance. FINMA revises AML requirements for crypto assets The Swiss Financial Markets Regulatory Authority

Outcomes of Financial Action Task Force plenary meeting from October 20-21

Last week, on October 20-21, the latest Financial Action Task Force Plenary took place in Paris. It was the first Plenary under the Presidency of T. Raja Kumar and gathered over 200 participants. What is the Financial Action Task Force (FATF)? The Financial Action Task Force (FATF), is a global

AML/CFT requirements for crypto companies in the UK

At the end of September, Revolut, FinTech providing banking and crypto services, successfully registered with the Financial Conduct Authority (FCA). Registering with the FCA is one of the AML requirements for crypto companies in the UK. AML requirements and regulation related to crypto assets in the UK Since January 2020,

State of crypto regulation in Austria

There is currently no specific crypto regulation in Austria. However, the FMA is considering crypto assets under its AML regulations. Crypto compliance in Austria quick guide This quick guide gives you quick insights into the regulation of crypto assets in Austria. Crypto and AML regulation in Austria Austria transposed the

Unhosted wallets and AML compliance

From FinCEN in the US to MiCA in the EU, unhosted wallets and AML compliance have already been at the heart of some regulatory debates in the last few months. What is an unhosted wallet? An unhosted wallet is a crypto wallet that is not hosted on a crypto platform