#AUSTRAC Issues

[grcessentials]

AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released important guidance to assist organisations under its oversight in meeting their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations following a data breach or external data breach that affects their services or customers. To read our full blog Click here.

[alpaca-clouds]

Is Urban Fantasy a "punkpunk" genre?

It's Punk-O-Clock and today I am gonna ask you: Is Urban Fantasy actually a Punkpunk genre?

The idea originates on TV tropes, where it lists Urban Fantasy in the long list of the punkpunks. And it got me thinking: Is Urban Fantasy actually one of the Punkpunks?

Now, most of you will not know this, but technically... I am an Urban Fantasy writer. Literally all my print published fiction work is Urban Fantasy. All of it. Sure, this is partly because so far the market for Solarpunk is so small - at least over here in Germany - and hence there was not a chance to publish Solarpunk. But... Yeah. I have one Urban Fantasy book published and a plethory of short stories.

I got hooked on Urban Fantasy at a very young age - mostly through vampire media, that often enough is Urban Fantasy. And I always liked the fiction of it. Of a hidden fantasy world within our own.

Quick note: Urban Fantasy is the fantasy of magic existing within our primary world. No, it does not necessarily need to play in a city. No, any high fantasy mostly set in a medieval city or what not is not Urban Fantasy.

TV Tropes defines their criteria for Punkpunk in the following manner (as an "at least one of these needs to be true"):

A world built around a particular technology that is pervasive and extrapolated to a highly sophisticated level.

A gritty or transreal urban style.

A cyberpunk-inspired approach to exploring social themes within a Speculative Fiction setting.

And yes, if we go by this Urban Fantasy definitely hits the spot. It often tends to have that transreal urban setting - and it explores those social themes through the fiction setting often enough.

Now, as with wishy-washy Cyberpunk a lot of Urban Fantasy does not do a lot with the themes. (I have one published essay on how Urban Fantasy deals with the concept of the "hidden" in regards of minorities... But I will spare you the details.) But some of it does. Especially as Urban Fantasy is ripe for exploring themes of power and marginalization through any magical beings. Often enough the magic is hidden within an Urban Fantasy world and if it is not, there is at least discrimination going on against the magical beings. And in that regard it often enough plays around with themes of being forced to hide and finding power in being austracized, finding community and such. Which, yes, can be pretty punk themes.

But remember me whining about wishy-washy Cyberpunk? Yeah, the same issue happens here of course.

Something you need to understand about Urban Fantasy as a genre is, that for the longest time it was a "female" genre. While yes, between those who founded the genre, were men, it was for the most part maligned in the fantasy literature world as "fantasy for women". While the genre title had hung around since the early 80s, it was first really pushed in marketing for this first wave of Urban Fantasy serializations that came out partly because of the hype around Buffy and Charmed. As much as Cyberpunk is a genre of the 80s in its core, Urban Fantasy is a genre specifically of the mid-90s. That does not mean that there was not Urban Fantasy before that, but the big push came in this time. And this push included a lot of more romantic leaning stories.

There is a whole story, though, about how white the genre originally was - and how straight. While a lot of Urban Fantasy writers have since learned to question this (something I have a lot of respect for, as some of the writers really turned their stuff around)... Yeah, there was this thing that happened when men took over the genre like Ken tried to take over Barbieland.

Again, yes, men had always written for the genre. But while the big serials for a long while were really the stuff of (mostly white, mostly cis) women... That kinda changed when Butcher came into the genre... and kinda ruined it. I will for now also spare you the long, long rant about how much I loathe Jim Butcher and his stupid fucking Harry Dresden books. But... yeah, it kinda got a lot more men hooked on the genre, with the genre then catering more to the male interest in power fantasies, that really had nothing much to say thematically.

I still love Urban Fantasy as a genre, but there is a reason that for years now I am mostly reading Indie and Self-Published Urban Fantasy, because that is the kinda Urban Fantasy that usually goes way deeper into themes. Especially those stories written by marginalized people, because Urban Fantasy is a great genre to explore issues of marginalization.

So... Coming back to the question in the beginning: Is Urban Fantasy Punkpunk?

Well, I think it can be. It definitely has the potential to be. But it is not gonna be Punkpunk much, if it is not interested in exploring those themes.

[tallysgreatestfan-art]

While actual accurate autistic rep is still extremely rare, I am so delighted how there are not one, not two, but three bisexual autistic women* I can relate too.

Entrapta (She-Ra and the Princesses of Power): Master enginner and mad scientist but secretly longing for connection. I see myself so much in how austracized she is by everybody but her love interest, disabled too Hordak, and her other struggles and mental health issues, but also, this is the only non-own-voices rep on the list and it shows, and large parts of the fandom are awfully ableist too

Aster (An Unkindness of Ghosts - Rivers Solomon): Forced to live on the lower decks of a racially segregated generation ship, Aster acts as an doctor for the people there and is very needed in her community, but also ends up having frictions with them due to her directness, and more dangerously, ends up in conflict with the white overlords

Xandri (Failure To Communicate - Kaia Sonderby): Xandri acts as the first contact and language expert on her spaceship, using her outsiders view to her advantage. Her fellow crew is fairly accepting in the most part, but command isn't, and the aliens she encounters on diplomatic missions, or the human reactionaries also are not.

*Aster, probably due to the generation ship being patriarchal and so language about that being limited, calls herself a woman and uses she/her, but she also, like her lover, is non-binary.

[citynewsglobe]

[ad_1]  Bitcoin, the pioneer of cryptocurrencies, has garnered substantial consideration globally, and Australia isn't any exception. As extra Australians take into account it for funding, understanding the dynamics influencing its value turns into essential. The decentralised nature of Bitcoin, mixed with its potential for prime returns, attracts a various vary of traders. With the Australian market more and more integrating Bitcoin into its monetary panorama, staying knowledgeable concerning the dynamics surrounding bitcoin value australia is extra essential than ever for savvy traders. This text discusses the important thing elements savvy traders ought to take into account to navigate the Bitcoin market in Australia successfully. Key Elements Influencing Bitcoin Costs There are some things that have an effect on how a lot Bitcoin prices, and understanding about them may also help traders make sensible decisions. One huge issue is provide and demand. There are solely a restricted variety of Bitcoins—21 million in whole—which makes them extra priceless when extra individuals need them. One other essential issue is how individuals really feel about Bitcoin. Information and social media can actually affect this. Excellent news, like huge corporations utilizing Bitcoin or governments supporting it, could make the value go up. However unhealthy information, like safety issues or governments making guidelines in opposition to it, could make the value go down. The Function of Australian Laws and Insurance policies Australia’s regulatory surroundings considerably impacts Bitcoin costs. The nation has taken a balanced method, aiming to guard shoppers whereas encouraging innovation. The introduction of laws just like the Anti-Cash Laundering and Counter-Terrorism Financing Act, which mandates the registration of digital forex exchanges with AUSTRAC, offers a safer buying and selling surroundings. Such regulatory readability boosts investor confidence and may positively have an effect on Bitcoin costs by attracting extra members to the market. Influence of World Occasions on Bitcoin Worth World occasions have a profound affect on Bitcoin’s worth. As an example, geopolitical tensions, financial crises, and shifts in financial insurance policies can drive traders to hunt refuge in Bitcoin as a hedge in opposition to conventional monetary markets. The COVID-19 pandemic exemplified this, as Bitcoin noticed vital value will increase during times of financial uncertainty. Conversely, occasions like China’s crackdown on crypto mining and buying and selling can result in substantial value drops resulting from lowered community exercise and unfavorable market sentiment. Bitcoin Adoption and Its Impact on Market Dynamics The speed of Bitcoin adoption in Australia impacts market dynamics considerably. As extra companies settle for Bitcoin and extra shoppers use it for transactions, the demand for this forex will increase. This adoption shouldn't be restricted to retail however extends to institutional investments, with superannuation funds and enormous companies beginning to allocate a portion of their property to it. Elevated adoption sometimes results in larger liquidity and may stabilise costs over time, making the market extra engaging to traders. Methods for Investing in Bitcoin within the Australian Market Investing in Bitcoin requires a strategic method. Diversification is vital—traders ought to take into account spreading their investments throughout completely different property to mitigate threat. Retaining abreast of market developments and information is important for making well timed selections. Utilizing instruments like technical evaluation may also help in understanding market patterns and predicting potential value actions. Selecting respected exchanges and utilizing safe wallets to retailer Bitcoin can safeguard in opposition to potential safety threats. Understanding the dynamics behind bitcoin value in australia is essential

for savvy traders. From market developments and regulatory impacts to international occasions and adoption charges, a number of components form this cryptocurrency’s panorama. Whereas the volatility of Bitcoin presents challenges, knowledgeable traders can navigate these waters with strategic planning and threat administration. The put up Understanding Bitcoin Worth Dynamics in Australia for Savvy Buyers appeared first on Vamonde. [ad_2] Supply hyperlink

[blogchaindeveloper]

Cryptocurrency Regulations Around the World

Various governments, including those in the United States, China, and other regions, struggle to regulate the rapidly expanding cryptocurrency market. This thorough guide can help us better understand how various countries address the complicated world of digital currencies by navigating their present regulatory frameworks and developments. 

Understanding the regulatory environment is essential for anyone keen to study bitcoin trading and advance to the cryptocurrency expert or advisor position. Blockchain Council's cryptocurrency trading courses shine like a beacon, providing unmatched insights into digital assets and cryptocurrency trading as the need for knowledge in this industry rises.

United States 

The United States, a prominent actor in the bitcoin market, has recently seen considerable regulatory changes. In 2022, a new framework that opened the door to more stringent regulation surfaced. Market authorities like the CFTC and the Securities and Exchange Commission (SEC) have acquired power in this changing environment. 

Under Chairman Gary Gensler's direction, the SEC has moved aggressively toward regulation, as seen by the well-known legal action brought against Ripple. Gensler has highlighted the importance of safeguarding investors, characterizing the cryptocurrency markets as "a Wild West." The White House has also stated that it intends to deal with illicit cryptocurrency activity. It considers changing current laws and assessing the dangers of decentralized finance and non-fungible coins. 

With the Biden administration acknowledging "significant benefits" in investigating a central bank digital currency (CBDC), the possibility of a digital dollar appears to be approaching. Chairman of the Federal Reserve Jerome Powell views a CBDC as a way to prevent the nation from using alternative currency. 

China 

For inheritance purposes, bitcoins are categorized as property in China. The People's Bank of China (PBOC) has banned Bitcoin mining and cryptocurrency exchanges due to worries about government funding and regulatory permission. Despite these constraints, China has been busily creating its digital yuan (e-CNY), and in 2022, it will formally launch the next stage of its CBDC pilot test program. 

Canada 

Canada proactively approaches cryptocurrency legislation. Even though they're not regarded as legal money, cryptocurrencies are liable to capital gains tax. The first Bitcoin exchange-traded fund (ETF) was authorized nationwide, and cryptocurrency trading platforms must register with regulatory bodies. As money service enterprises, all cryptocurrency investment firms must register with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). 

United Kingdom 

Trading cryptocurrencies are considered property in the UK, and exchanges must register with the Financial Conduct Authority (FCA). After the British Parliament's lower house recognized cryptocurrencies as regulated financial instruments and expanded the scope of existing legislation to include stablecoins, the regulatory environment became even more apparent. 

Japan 

Japan is progressive, recognizing cryptocurrency as legitimate property through the Payment Services Act (PSA). Cryptocurrency exchanges are required for anti-money laundering (AML), countering the financing of terrorism (CFT) regulations, and registering with the Financial Services Agency (FSA). The nation has been actively addressing regulatory issues, including taxation, and treats profits from cryptocurrency trading as supplemental income. 

Australia 

Australia taxes capital gains on cryptocurrencies because it considers them legal property. Exchanges must adhere to AML/CTF regulations and register with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Prohibited trading of private coins and imposed restrictions on initial coin offerings (ICOs). 

Singapore 

Similar to the UK, Singapore considers cryptocurrencies to be property. Exchanges are licensed and governed by the Monetary Authority of Singapore (MAS) by the Payment Services Act (PSA). Because long-term capital gains are tax-free, Singapore is an excellent place for cryptocurrency-related business. 

Korea 

Exchanges of cryptocurrencies and suppliers of virtual asset services in South Korea must register with the Korea Financial Intelligence Unit (KFIU). The nation imposed a 20% tax on digital assets; it was initially scheduled to go into effect in 2022 but was postponed until 2025. A law known as the Digital Asset Basic Act is being worked on to control the learn crypto trading industry. 

India 

India's regulations regarding cryptocurrency still need to be clarified. Although a measure to prohibit private cryptocurrency is being circulated, it has yet to be approved. India levies a 1% tax deduction at source (TDS) on cryptocurrency trades and a 30% tax on cryptocurrency investments. In late 2022, the nation started a test program using tokenized rupees. 

Brazil 

Although Brazil has not declared Bitcoin legal cash, it did enact legislation acknowledging cryptocurrencies as legitimate means of payment. The regulatory framework, the "Legal Framework for Virtual Assets," assigns responsibility for overseeing cryptocurrency exchanges to the Brazilian Central Bank. 

European Union 

Most of the European Union allows cryptocurrency, while the individual member states govern exchanges. Taxation varies by country, ranging from 0% to 50%. New regulations like the Markets in Crypto-Assets Regulation (MiCA) seek to strengthen consumer safeguards and implement licensing specifications. 

Current Worldwide Developments 

Around the world, laws are still being developed as the bitcoin business develops. Many nations are working hard to create rules and regulations to deal with the particular difficulties that come with virtual currencies. Crypto exchanges are subject to restrictions in the United States, and legislation requiring crypto service providers to obtain an operating license will soon be introduced in the European Union. Regulating cryptocurrency is happening, but it's still complex and contentious. 

In summary 

Finally, crypto advisor classes are essential for individuals keen to learn about cryptocurrency trading, as cryptocurrencies require a detailed grasp of regulatory nuances. People who want to become cryptocurrency specialists or consultants must keep up with the latest developments as governments worldwide try to find a balance between regulation and innovation.

The cryptocurrency trading courses offered by Blockchain Council are a great approach to becoming an expert in this ever-evolving industry. They convey a comprehensive understanding of cryptocurrency trading and the leading cryptocurrencies. Blockchain Council's cryptocurrency trading courses offer the necessary resources to confidently and competently navigate the complex world of cryptocurrencies, regardless of your experience level.

[glitterycoffeeinfluencer]

To Embrace the Trend| The Global First Digital Asset Trading Platform that Links to the Metaverse, X METAVERSE PRO Drives the Future with Innovation

Metaverse has been a hot spot since 2021. With more breakthroughs in technology, more and more financial institutions, tech companies and traditional enterprises are laying out in the metaverse. Nowadays, the metaverse has become a new opportunity in the digital era, which may decide the innovation direction of the social finance with its development potential.

What is X METAVERSE PRO?

X METAVERSE PRO is a digital asset trading platform that focuses on the metaverse, which is created by X METAVERSE INC, a blockchain fintech company. The platform is invested by X METAVERSE Foundation, which is a strong capital that holds BTCs as cornerstone assets. With such a powerful capital support, the project will stand up to all kinds of risks and challenges.

On X METAVERSE PRO, users are not only NFT buyers, but also NFT designers. That means users can buy high-quality digital collections, as well as casting and issuing their own NFTs, secondary creation is also allowed. At the same time, users can obtain the platform token $XMETA by mining. $XMETA can be used for swapping for NFTs, staking, selling, or reserving for appreciation.

X METAVERSE PRO is being high-profile nowadays. It has participated in Dubai MetaWeek 2022, TOKEN 2049, and won the “Most Advanced Metaverse Project” in Crypto EXPO DUBAI 2022.

Why should we choose X METAVERSE PRO?

A high-quality project is always with the following characteristics: 1, strength, 2, high returns, 3, stable values, and all these three factors are embodied in X METAVERSE PRO. X METAVERSE PRO has obtained NFA license in the U.S., AUSTRAC license in Australia and more, the compliance and security of X METAVERSE PRO are top-level compared with other platforms on the market.

X METAVERSE PRO has two staple products, $XMETA and household medal NFT, they together have built a promising economy model.

The total issuance of the platform token $XMETA is 300 M, the number will never increase. 50% of the tokens are for ecological mining, which can be used for platform plays such as GameFi ecology, digital collection exhibition, metaverse synthesis plant and more. $XMETA can be regarded as the fundamental tool on X METAVERSE PRO platform. Once you become a regular miner or a senior miner, you can enjoy long-term incentives such as global nodes benefits and fund dividends. X METAVERSE PRO has laid out global nodes in North America, Europe, South America, Africa, Middle East and more, and more blockchain enthusiasts and investors are joining us!

Users can obtain household medal NFT issued by X METAVERSE PRO Foundation during the processes of casting, issuing and confirmation. The household medal NFT is a pivot that links content creators with fans in the DeFi+NFT+Metaverse+Web3.0 era. The NFT is not only an identity symbol, it also has value, and the NFT holders can obtain dividends from the Foundation.

Start X METAVERSE PRO Value Investment Now

From above we can come to a conclusion that X METAVERSE PRO is a compliant and stable platform with strong capital support, which brings the whole industry a new revenue model and redefines finance. Everyone is allowed to to gain long-term returns by participating in X METAVERSE PRO multi-chain trading ecosystem, metaverse program and more.

X METAVERSE PRO embraces the trend and drives the future with all its community members. According to its roadmap, the project will be listed on NASDAQ through SPAC in 2024. At that time, the project will be a unicorn enterprise that realizes 10 ,000 times its value in the blockchain finance industry. X METAVERSE PRO will definitely become a dark horse in the industry, let’s wait and see!

[trustka]

Insync litigation support

The documentary evidence must utterly refute the factual allegations in the complaint, resolve all factual issues as a matter of law and conclusively dispose of the claims at issue (Yue Fung USA Enters., Inc. A complaint may be dismissed based upon documentary evidence, pursuant to CPLR 3211(a)(1), only if the factual allegations contained in the complaint are definitively contradicted by the evidence submitted or if the evidence conclusively establishes a defense (Yew Prospect v Szulman, 305 AD2d 588 Sta-Brite Servs., Inc. The complaint asserts a cause of action for negligence and a cause of action for breach of contract.ĭefendant contends that documentary evidence directly contradicts the allegations of plaintiffs' complaint. The complaint concludes that plaintiffs have been damaged because the underlying action could not be pursued due to the expiration of the statute of limitations after inSync failed to make service. The complaint further alleges that inSync accepted the job, but failed to serve the papers as requested and never had any further communication with Agulnick. al., Supreme Court, Queens County, Index Number 703219/2014 (the underlying action). The complaint alleges that Agulnick engaged InSync to serve a summons and complaint on behalf of Butler upon two of the defendants in Butler v the City of New York, Koledin, et. Plaintiffs commenced this action with the electronic filing of a summons and complaint on December 18, 2015. Plaintiffs, Deshon Butler (Butler) and Peter M. Notice of Motion, Affidavits (Affirmations), Exhibits Annexed 1ĭefendant, inSync Litigation Support, LLC (inSync), moves for an order, pursuant to CPLR 3211(a)(1) and (7), dismissing the complaint. The following papers were read on this motion: Papers Numbered InSync Litigation Support, LLC, Defendant(s). This opinion is uncorrected and will not be published in the printed Official Reports.ĭeshon Butler and Peter M. Learn more about our capabilities in Risk Transformation.Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. Overall risk rating, based on our self-assessment of your regulatory risk.Where relevant, benchmarking data to call out leading or lagging behaviours.Actionable insights based on our engagement and industry expertise.Whichever service or support we deliver, we will provide you with a report that presents a meaningful view of your organisation’s regulatory posture and the measures required to safeguard your business. Leverage our broad experience to optimise the brand and reputation impacts of the process.Provide a level of independence and confidence in the eventual outcome.Provide effective challenge, where necessary, to your internal teams and datasets to ensure a validated, verifiable and defensible outcome you can stand behind.Provide board/executive level insights to progress/risks/issues as they evolve during a review.Cost-effectively manage the documentary/evidence based demands of such reviews (using dedicated document management system and tools we can provide, if needed).Use existing regulatory protocols, standards and advisories to ensure responses are fully aligned and reflect regulator expectations.Prepare for and lead/coordinate the response to ensure your business remains focused.Whether it be ASIC, APRA, ACCC, AUSTRAC, or any other regulator or Statutory Authority, our proven experience combined with effective methodologies, tools and techniques, means we can work quickly with your existing resources to provide an optimal response that doesn’t grind the business to a halt. Whether the review is industry-wide or targeting you alone, we have the breadth and depth to quickly resource your needs and provide meaningful, intelligent thinking around the response/engagement strategy and approach. These same skills and experiences are invaluable when responding to unplanned regulatory or government intervention or inquiry where time is of the essence and there is no time for learning curves or familiarisation. Our team have deep practical experience setting up, managing and transforming regulatory compliance regimes and the role they play in supporting an organisation’s ‘ticket to play’. Whether you are responding to regulators, litigation lawyers, or disgruntled shareholders, or dealing with Enforceable Undertakings, Class Actions, a Regulatory ‘Requirements’ Letter, or a government-initiated inquiry, additional skilled resources can be critical to the quality of your outcome. Unplanned regulatory intervention or inquiry can really stretch a business and sometimes a helping hand or fresh set of eyes can help you effectively manage through the process.

[bowsetter]

“It’s A Lion’s Den” – P2P Traders Discuss Challenges of Operating on Localbitcoins

Despite many cryptocurrency users having made their first purchases using Localbitcoins, little attention is paid to the experiences of the traders who operate on the platform. News.Bitcoin.com reached out to several Localbitcoins traders to find out about the challenges facing peer-to-peer crypto brokers.

Also Read: Darknet Buyers Flock to Wall Street as Dream Winds Down

“It’s A Lion’s Den”

News.Bitcoin.com spoke to an Australian Localbitcoins trader who has been operating on the platform for just “a few months.”

The trader, who wishes to remain anonymous, works alongside roughly 2 other individuals, with the company’s operations demanding approximately 40 hours of work. The company was started using pooled savings, with all of the individuals continuing to work outside of trading.

The company conducts trades both online and face-to-face, with in-person trades occurring in public places where security cameras are present. The trader also requests know-your-customer information prior to meeting customers. The traders recently started offering trades via their own website, however, most of their trades are still executed using Localbitcoins.

When first operating on the platform, the trader lost “a lot of money to scammers,” attributing such to having been too trusting toward prospective customers. The trader also recounted having their bank accounts frozen as a consequence of malicious actors hacking the account and using it to carry out scams.

The trader described Localbitcoins as comprising “a lion’s den,” adding “I advise anyone to get good training before going on the platform.” The trader also hopes that the criminal presence on Localbitcoins will be “controlled” following the rolling out of the platform’s new anti-money laundering/counter-terrorism financing policies.

The trader also described “bank hostility” as the largest challenge currently faced by Localbitcoins traders.

Australian Cryptocurrency Regulations Alienates Small Localbitcoins Traders

MJ from Bitcoin Babe has been operating on Localbitcoins for nearly five years. Her company comprises a one-woman operation, demanding approximately 105 hours of MJ’s time each week.

MJ offers both online and face-to-face trades and takes a number of security precautions when trading in person – conducting such in public places where there is sufficient security, such as banks, and informing friends and family as to where she is going and how long the trade should take to complete.

While MJ offers trades through a private website and other P2P websites, the vast majority of her transactions occur on Localbitcoins, with MJ estimating that 95% of her trade takes place on the platform.

Despite Localbitcoins comprising such a large percentage of her operations, MJ states that the benefits of the platform “have been drying up lately,” adding that she has been trying to move away from P2P platforms “for quite some time now.”

MJ describes Australia’s regulatory climate pertaining to cryptocurrencies as an “absolute shit show,” adding that the country’s regulatory body, the Australian Transaction Reports and Analysis Centre (AUSTRAC), “really rushed into things without a proper assessment of the market and community.”

By her assessment, the current legislative framework comprises “an attempt to try and blanket everyone in a one size fits all approach,” resulting in many “small traders/businesses exit[ing] the scene because the cost of regulation killed it for them.” MJ adds that “people continue to trade unregistered with no inkling of punishment or repercussion” despite AUSTRAC having issued “threats of jail time during pre-registration conferences.”

Do you trade peer-to-peer? Share your experiences in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post “It’s A Lion’s Den” – P2P Traders Discuss Challenges of Operating on Localbitcoins appeared first on Bitcoin News.

READ MORE http://bit.ly/2OXKcgw

[grcessentials]

AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released important guidance to assist organisations under its oversight in meeting their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations following a data breach or external data breach that affects their services or customers.

[coinprojects]

New Post has been published on https://coinprojects.net/austrac-releases-2-new-guides-to-help-spot-illicit-crypto-use/

AUSTRAC releases 2 new guides to help spot illicit crypto use

Australian financial compliance enforcement agency AUSTRAC has released two new guides to help entities to spot when customers are using crypto for illicit means, or when they are being forced to pay the creators of ransomware.

But it warned that debanking customers merely on suspicion of such activity was a harmful practice with serious negative effects.

In an announcement posted earlier today, AUSTRAC noted that the growing acceptance, value and adoption of crypto and blockchain tech has been accompanied by an increase in cybercrime.

“Cyber-enabled crime is an increasing threat to Australians. According to the Australian Cyber Security Centre (ACSC), 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15 percent from the previous year,” AUSTRAC stated.

The ransomware and “criminal abuse of digital currencies” guides are not only designed to help spot bad actors, but also to make it easier to report suspicious activity to AUSTRAC — something which businesses must do after reporting the matter to the police.

Blockchain Australia CEO Steve Vallas welcomed the new guides, stating that the “use of digital currencies for criminal purposes has no place in our sector.”

“Open dialogue, pro-active guidance and strong relationships between Government and industry are necessary to ensure businesses can identify and report behavior that puts Australians at risk of harm.”

In the ransomware guide, AUSTRAC highlighted multiple indicators that a customer may be quickly trying to pay a ransom. The list included behaviors such as impatience over the speed of transactions, sudden large transactions from newly onboarded businesses and transfers of one’s entire holdings with a lack of account activity afterward.

While the indicators might seem obvious, AUSTRAC pointed out that most “victims are often reluctant to report” as they are looking to get their businesses out of the clutches of attackers and up and running again as soon as possible.

“Where possible, encourage your customers to report ransomware incidents to the ACSC’s ReportCyber service and law enforcement,” the guide reads.

In the illicit crypto use-focused guide, AUSTRAC listed activities such as tax evasion, money laundering, scams and the purchase of illegal products on the darknet. The regulator paid the most attention to money laundering, as it gave a rundown of its key components which include “placement, layering and integration.”

After purchasing digital assets with fiat (placement), the criminal will then attempt to convert the assets across different accounts and platforms (layering) to “distance the funds from the source.”

Decentralized finance (DeFi) platforms, mixers and privacy coins were stated as methods to do so. Finally, the bad actor will use the final variant of the funds to reintroduce the capital into traditional financial services or products (integration).

“The conversion to and from government-issued currency is the point where a criminal is most exposed and identifiable,” the guide reads.

Related: Australia’s first Bitcoin ETF could attract $1 billion after launch next week

Notably, the guide also urged traditional financial institutions to steer away from debanking customers, as this has been a key issue in the local crypto sector and could have major consequences if a lawful person has incorrectly been identified as a criminal.

“Debanking legitimate and lawful businesses can negatively impact individuals and businesses. It can also increase the risks of money laundering and terrorism financing and negatively impacts Australia’s economy,” the guide warns.

Source link By Cointelegraph By Brian Quarmby

#Altcoin #Bitcoin #BlockChain #BlockchainNews #Crypto

[bestbitcoinexchangeaustralia]

How do you understand Bitcoin?

A Guide to Understanding Bitcoin and Cryptocurrency?

Although Bitcoin is one of the most sought-after terms (according to Google), it is a technology issue for many people and can find advanced technology in the near future. However, there are now hundreds of cryptocurrencies and more and more people want to know how they operate which can be driven by bank distrust, which is a completely different conversation.

It is difficult to define a stranger without using technical terms such as "secret key", "digital key", "digital wallet" and "cryptocurrency" so I will try my best to keep things as simple as possible.

The Fiat Currency Concept, a paper currency, is designed to make it easier for people to exchange goods or services for trade substitution, as it will limit trade between two well-intentioned parties when money allows you to offer services or goods, and then to another or Buy any service or product you need from others.

Therefore, I would argue that Bitcoin is the equivalent of 21st-century trading because it acts as a direct exchange of goods or services between two interested parties. The transaction must be based on each promise and trust, supply, and delivery of the promised product or service.

Today with Bitcoin and any other cryptocurrency each group may need a unique file or a unique key to exchange agreed values ​​with each other.

It is easy to keep a record of every activity with a unique key or file. However, it also presents problems.

Now, trading is a simple exchange of skills or assets. As I said, modern or equivalent to Bitcoin is at risk of a security breach, such as theft or file theft, where "cryptocurrency wallet" enters your debt protection equation. Transactions

Basically, you need a secure environment to buy and hold your cryptocurrency/bitcoin. This is where the need for a hardware wallet comes in.

So once you write/record the value of Bitcoin at any address and it is updated every time you make a transaction, the file is known as a "blockchain" - and it keeps a record of all transactions with crypto exchanges.

Byte Power X Pty Ltd (BPX) is an Australian fintech company incorporated on February 15, 2018. The company is using the cryptocurrency exchange utility in Australia which started business on 13 January 2019.

Byte Power X is registered with the Australian Governing Body, AUSTRAC. This means we need to work with a strong transparent management structure in the market.

[itlawyeraustralia]

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently targeted the National Australia Bank (NAB) due to its struggle in fixing legacy problems with customer identification.

[loexchange]

LOEx Won The US NFA & AUSTRAC Financial Service Licenses, New Era In The Global Compliance Strategy

Recently, LOEx digital currency trading platform announced that it has obtained financial service licenses issued by NFA in the United States and AUSTRAC in Australia. In addition to the original licenses of Seychelles, the United States and Canada MSB, two new members of compliance licenses have been added.

 This is a new milestone that LOEx has taken in the implementation of "providing users with safe and compliant global digital asset services". There is no doubt that LOEx is the world's leading digital currency trading platform. The dual licenses obtained this time indicate that we can carry out digital currency exchange, digital currency transactions, digital currency wallets, remittance services and other related financial services in the United States and Australia.

 LOEx has always adhered to the corporate philosophy that is close to the user's transaction experience and the team has worked tirelessly to provide users with the most professional compliance and legalized digital financial investment services. With the efforts and support of all parties, LOEx has lived up to expectations and respectively won the licences from NFA in December 2020, the AUSTRAC in November 2020, the Seychelles FSA in November 2018, the US MSB in April 2019 and the Canada MSB in May 2019, boarded the high-profile international transaction certification platform in the market. This has promoted the public's confidence in LOEx, and also allowed LOEx Global to gain momentum for sustainable and long-term development.NFA (National Futures Association) is a non-commercial independent regulatory agency that regulates the US derivatives industry. Over the years since its establishment, NFA has been insisting on maintaining the ethics of the futures market, protecting investors' investment interests in the market, and supervising members' compliance with regulatory responsibilities. In addition, the main function of the NFA is to make NFA members strictly abide by federal laws and the rules set by the CFTC, and implement strict management. NFA also has its own rules in order to supervise the broker’s behavioral standards for traders and investors, so as to avoid potential risks of fraud for traders and investors. The Australian Transaction Reports and Analysis Center is an important financial regulatory agency in Australia and the main agency responsible for AML-CFT in Australia. In August 2016, AUSTRAC proposed to regulate the digital asset industry. The Australian government responded positively in May 2017, stating that it is considering implementing reasonable anti-money laundering and anti-terrorist financing regulatory rules and ensuring the normal development of digital assets in the country. In August 2017, Michael Keenan, the Australian Attorney General confirmed that Bitcoin and digital asset transactions in the country were regulated for the first time. In 2018, the Australian Federal Parliament passed the "2018 AML-CFT Amendment", which took effect in April 2018, and officially included digital asset transactions into the scope of AUSTRAC supervision. LOEx was established in Seychelles on November 12, 2018. It is committed to providing safe, simple, fast and one-stop professional financial services for digital asset for global blockchain investors, and is committed to building an exchange that is simple and convenient to operate and has a first-class experience to provide customers with the best service.Regarding regulations, the head of LOEx operations said: "Compliance, safety, and efficiency have always been the core of operations on LOEx. Developing business under the compliance framework of countries around the world is our most important strategy. LOEx was able to obtain the US MSB and NFA licenses, Canadian MSB licenses, Australian AUSTRAC licenses, and Seychelles FSA licenses in such a short period of time, and quickly entered the world's leading exchanges. Although it was unexpected by most people, it shows that the team has consistently standardized operating activities in accordance with the highest standards. This is a concentrated display of the team's determination to develop in the long term and the results of recent efforts. For users, licensed operation is also a natural screening barrier for exchanges that are now numerous. Only when users choose a licensed exchange can they trade with confidence, and the exchange can guarantee the interests of all users. LOEx believes that compliance brings brand effect, and brand effect is conducive to business layout and ecological evolution. Global compliance as the company's broader development strategy, LOEx will not stop. "  LOEx currently supports different languages: English, Chinese, Korean, Malaysia, Russian, Japanese and other languages and countries to expand business. It is a truly international exchange. LOEx will be committed to one-stop localized compliance operations in more countries around the world, and integrate into the local community. The acquisition of two national licenses signifies that LOEx has taken a big step forward from globalization and opened a new chapter in its future development!

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AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released important guidance to assist organisations under its oversight in meeting their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations following a data breach or external data breach that affects their services or customers.

Visit our Blog website:https://grcessentials.com.au/austrac-issues-new-guidance-to-enhance-aml-ctf-compliance-post-data-breaches/

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For Legal Costs, Australian Court Accepts Cryptocurrency Exchange Account as Security

An Australian has agreed that a cryptocurrency exchange account is accepted as security for legal expenses. The court also acknowledged the volatile nature of decentralized assets, and the judge accepted that cryptocurrency is a recognized form of investment.

$20,000 Worth of Crypto is allowed to Cover Legal Costs

The Australian Associated Press reported that in a defamation case, the New South Wales District Court was asked by the defendant to order the plaintiff to put $20,000 AUD (approx. $13,000 USD) into a court-controlled bank account. The money will cover the defendant’s legal costs if the plaintiff decides to withdraw the case or loses the case. The court accepted the request to allow a cryptocurrency exchange account owned by the plaintiff to be used as security for the legal expenses. Judge Judith Gibson stated she was prepared to accept that cryptocurrency was volatile. “However, this is a recognized form of investment,” she pointed out in a judgment issued earlier this week. “I can see the desirability of the defendant receiving prompt notification of any drop in the value of the account. These are uncertain financial times,” added Judge Gibson. The plaintiff will be obliged to alert the defendant’s lawyer if the account’s crypto balance falls below the equivalent of $20,000 AUD. The report says that breaches of these undertakings can lead to the defaulting party being found in contempt of court. Australia is making advancements more than other developed nations in the efforts to regulate the crypto and blockchain space. Cryptocurrencies, similar to bitcoin, have been treated as property in Australia since 2017 and are subject to capital gains tax. The analysis center responsible for financial intelligence gathering and anti-money laundering policies. Austrac has been successfully working in the direction for almost two years. It has already registered more than 300 cryptocurrency exchanges. In January, U.S-based Kraken announced that they had acquired Bit Trade, Australia’s oldest operating exchange. Apart from trading, other services such as crypto payments enjoy the popularity in Australia over the past few years because of platforms such as Hula, Travelbybit, and the Bitcoin Cash Register. Bitcoin has been consistently capturing the largest portion of these expenditures. Also, a leading global exchange donated $1 million in BNB to support the Australian bushfire relief efforts. Ezbitex global: A Hybrid Cryptocurrency Exchange And Payment Solution Provider! https://ezbitex.global/ Purchase digital currencies through Cerberex Exchange https://www.cerberex.exchange/ Read the full article