RIDDLE&CODE one of the first Austrian FinTech companies to receive FMA licence

VIENNA, 25 May 2021, RIDDLE&CODE FinTech Solutions, an innovative European company empowering financial institutions to handle all aspects of digital asset management, has obtained a licence as a “service provider for virtual/cryptographic tokens” by the Austrian Financial Market Authority (FMA). RIDDLE&CODE FinTech Solutions is one of the first fintech companies in…

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Crypto custodian Protego gets national charter from the OCC

On February 5th, the Office of the Comptroller of the Currency (OCC) announced conditional approval of the conversion of Protego Trust Company, a Washington state-chartered trust company, to become Protego Trust Bank, National Association. The conditional approval was granted after thorough review of Protego’s conversion application. Protego is the second…

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RIDDLE&CODE and Coinfirm Partner to Ensure Regulatory Compliance with New AML Services

RIDDLE&CODE has engaged RegTech provider Coinfirm to leverage the most comprehensive AML compliance solution for digital asset management. As part of its Digital Asset Management RIDDLE&CODE builds and maintains the digital asset infrastructure for banks, cryptocurrency exchanges, and funds. The surging wave of blockchain, cryptocurrency, and digital token adoption is…

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BaFin publishes notes on the license application for crypto custody businesses

Content Basic information on the license application Notes on procedures based on the transitional provision under Section 64y KWG Notes on the subject matter of the license application (a) IT requirements (b) Reliable and professionally qualified managers (c) Number of managers required (d) Prevention of money laundering and terrorist financing…

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BaFin advice: Notes on digital assets custody business

2 March 2020: Today, the BaFin published eagerly awaited information on digital assets custody business. Content I. General facts of the digital assets custody business 1. Digital Assets or private keys 2. For others 3. Safekeeping, administration, and security II Demarcation from other regulated activities III. Authorization requirement for the…

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How the Latest German Regulations Target Bitcoin Exchanges and Custodians

A new German law on regulation requires every entity that holds private keys for others (e.g., bitcoin exchanges and/or bitcoin custodians) and that actively addresses the German market must become licensed as early as January 1, 2020. And to address the most common misconception right at the beginning: No, it…

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Australian blockchain strategy — preparing for a global multi-billion market

The Department of Industry, Science, Energy and Resources has now published a “Blockchain Strategy” on behalf of the Australian government. It describes the measures and proposals to be implemented by the Australian government within the next 5 years. To this end, the roadmap formulates 12 demands to create a political…

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German Crypto-Custody license: 40+ expressions of interest

As the German Handelsblatt reports, the law has triggered a run on the license among German banks. As Handelsblatt writes, the German Federal Financial Supervisory Authority (BaFin) has already received more than 40 expressions of interest from banks for a German crypto-custody license. As a result of the Fifth EU…

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FINMA: Stricter identification requirements for Bitcoin transactions

On February 7, 2020, the Swiss Financial Market Supervisory Authority FINMA has announced an amendment to the guidelines for Bitcoin regulation. It affects the thresholds for reporting crypto transactions; FINMA wants stricter identification requirements for Bitcoin/crypto transactions. FINMA is proposing to “amend the thresholds for client identification in the FINMA…

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BaFin Clarifies Licensing Process for Foreign Crypto Custodians

The Federal Financial Supervisory Authority (BaFin) in Germany is currently clarifying how the new German cryptocurrency custody law will apply to companies that have their jurisdiction outside of Germany but still serve the German market. There is still widespread uncertainty, especially among non-German companies, with regard to obtaining the BaFin…

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