In order to combat money laundering a group of international organisations has been established (FATF, ATG, MONEYVAL, GAFILAT, ESAAMLG, EAG).
The Travel Rule, accepted in 2019, requires all cryptocurrency transfers to include details about the initiator and beneficiary.
Singapore – Asia
is working on implementing stricter rules on crypto exchanges to comply with the FATF standards. The Monetary Authority of Singapore (MAS) has granted an exemption to Ripple and Binance to provide payment services. Regulation are applied by APG.
Exchanges and Crypto Entities: Binance, Ripple
Hong Kong – Asia
has currently an “opt in” licences approach policy for crypto exchanges that avoid “securities like crypto”. This will soon change as Hong Kong’s Securities and Futures Commission (SFC) declared it will regulate all cryptocurrency trading. No exchange has yet a full licence to operate. The Hong Kong government launched a consultation on the proposed new rules that is open until January 31. Regulation are applied by APG.
Exchanges and Crypto Entities: FTX
Belarus – Europe
Activities related to mining, creation, acquisition and sale of digital tokens will remain tax-free until 2023. Regulation are applied by EAG.
Nov. 2020: The state-owned bank, Belarusbank launched the first legal cryptocurrency exchange service in Belarus, through its partnership with White Bird, a local cryptocurrency firm.
Malta – Europe
is a Southern European island country near Italy. The Malta Financial Services Authority (MFSA) has not issued operational licenses to any crypto-related company. Malta has one of the lowest corporate tax rate for international firms in the EU (only 5% compared to EU’s 22%). It introduced blockchain laws, under the VFA Act, in 2018. Regulation are applied by MONEYVAL.
Exchanges and Crypto Entities: Binance
Panama – North America
has no crypto regulations at the moment and supports blockchain innovation. Regulation are applied by GAFILAT.
Exchanges and Crypto Entities: Deribit
Jan. 2020: European Union’s Fifth Money Laundering Directive (5AMLD), require exchanges to register and enforce customer due diligence. As a result Deribit moves to Panama.
Seychelles – Africa
has no current regulations for crypto currencies. The most active trading routes in 2019 were between Seychelles — EU, US, and South Korea. Regulation are applied by ESAAMLG.
Exchanges and Crypto Entities: Huobi