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We are delighted to announce the listing and support of GensoKishi Metaverse (MV) on Tap!

MV is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold MV for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting MV will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Since the Metaverse x GameFi project launched in early 2022, GensoKishi Metaverse has taken the cryptosphere by storm, already listed on several top exchanges. The MV token pairs with another token to power GensoKishi Online, the blockchain-based play-to-earn (P2E) game that allows users to create, buy and sell unique characters, weapons and maps. The blockchain-based innovation has leveraged the already existing MMORPG world of Elemental Knights.

While ROND acts as the GensoKishi Metaverse in-game currency, the MV token acts as the governance token primarily used outside of the game. The governance token provides users with voting rights on future developments to the platform, while also providing discounts on in-game items such as land, cosplay equipment, monsters, and non-player characters (NCPs).

Get to know more about GensoKishi Metaverse (MV) in our dedicated article here.

We are delighted to announce the listing and support of Curve Dao (CRV) on Tap!

CRV is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold CRV for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting CRV will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Curve Dao is a one of the most used decentralized finance (DeFi) platform that utilises an automated market maker to manage liquidity. Curve is an exchange liquidity pool on Ethereum that allows users to trade stablecoins efficiently, with limited risk and the opportunity to earn supplemental income, this is an attractive option for liquidity providers.

In addition to the income generated from providing liquidity, the Compound protocol or iearn.finance also generates additional income for liquidity providers behind the scenes.

CRV is the active token to the Curve platform. CRV holders are rewarded with governance rights, fee payments, and long term rewards based on their liquidity commitment and length of ownership.

Get to learn more about Curve (CRV) in our dedicated article here.

We are delighted to announce the listing and support of Uniswap (UNI) on Tap!

UNI is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold UNI for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting UNI will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Launched in 2018 UNI is the native token to the Ethereum-based automated crypto exchange, Uniswap. Currently the biggest contender in the DeFi space, Uniswap has become synonymous with decentralized exchanges and the automated trading of decentralized finance (DeFi) tokens.

Sparked by the DeFi movement, the platform has seen enormous success not only in the DeFi space but in the cryptocurrency industry as a whole providing to UNI a potent store of value and a  strong medium of exchange.

Get to learn more about UNI in our dedicated article here.

After weeks of trading sideways, Bitcoin and Ethereum are showing renewed strength and a surge in upward momentum, taking the market in a perfect storm yet again.

Bitcoin has experienced a significant price reversal over the past several weeks, rising from below $30,000 to over $46,000 in value on august the 11th.

BTC gained almost 19% in the past week making it its strongest monthly performance since March closely followed by 18.5% in July. Meanwhile, Ethereum (ETH) is trading around $3,100, having posted a gain of 11.5%last month, its largest increase in three months. As Ethereum's rally accelerates and bitcoin's advances have slowed, some on the institutional side speculate it could overtake Bitcoin as the world's largest cryptocurrency by value.

Clearly, the crypto bulls do not go on holiday.

The world's total cryptocurrency market capitalization peaked at over $2 trillion Wednesday afternoon for the first time in about three months.

Over the last year, there has been an increase in investment appetite for cryptocurrencies due to crypto trading volume growth, fintech company crypto offerings allowing you to acquire crypto with a click from your phone.

AJ Bell's research suggests that more adults in the United Kingdom invested in crypto than stocks in the last year: 7% of the population versus 5%for stocks. Data show that 71% of these investors said that they made a profit from their investments, while only 12% admitted losing money.

Retail clients aren't the only ones interested in the recent cryptocurrency mania. Institutions and hedge funds managers are also entering the game. It seems that the world's gone crypto crazy.

More institutions are also introducing cryptocurrency products for high-net-worth clients, including JP Morgan and Wells Fargo. A recent report by the AIMA in partnership with PWC report that 47% of traditional hedge fund managers surveyed representing $180billion in assets under management (AuM) are already investing or looking into investments in crypto. Benefit-wise, the median crypto hedge fund returned 128%in 2020 despite the COVID-19 pandemic which generated the economic downturn.

As a result of the lack of laws and regulations in place, some major financial institutions are reluctant to involve themselves. Some other traditional asset managers often shy away from cryptocurrency investing due to its volatile nature, lack of appropriate infrastructure, as well as the recentness of the industry. However, Increasing regulation and interest in the digital currency industry could force traditional institutions to hop in, either through buying a stake in cryptocurrencies or launching their own cryptocurrency-tracking funds.

The alternative assets class of cryptocurrencies is becoming a driving force in the market. The price discovery for these digital currencies is different from traditional investments because it cannot be correlated with traditional sources of values, such as stocks or bonds. In spite of this distinction, crypto may provide diversification opportunities and an additional source for portfolio returns that are otherwise unavailable as yields decrease and the stock exchange might be unpredictable given the current economical downturns.

Though excitement is high for rally markets, anyone who wants to put their money in cryptocurrencies needs to be knowledgeable about the result of trading as cryptocurrencies are notoriously volatile and that education and experience are the key

Any crypto trader or investor will know the rigorous, albeit essential, process of completing KYC practices before being able to buy or sell Bitcoin and other cryptocurrencies. In this article, we're debunking the myths and highlighting the reality of why these Know Your Customer processes are necessary, and how it fits in with AML (anti-money laundering) laws.

As cryptocurrency exchanges continue to solidify their position in the greater financial landscape, the need for strict and regulatory practices has increased. Due to the nature of cryptocurrency transactions being pseudonymous, the need to weed out illicit activities is imperative. 

With little regulation in place, the market remains vulnerable to all kinds of criminal activity, from terrorist financing to ransomware attacks. While regulators were scrambling to change this, a whole new industry within the crypto space evolved. From the even more decentralised nature of DeFi to entirely unregulated NFT dealings, both financial regulatory bodies and institutional investors have joined forces to create more structured frameworks to fight blockchain crime. The results have proven to be successful.

With fast-changing landscapes and increasing innovation, regulating the crypto markets comes with a need to match the pace. Considering that the current financial regulatory frameworks were created based on fundamentally different economic principles, regulatory bodies have their hands full when it comes to building and implementing regulations that can support, while not extinguishing, this financial services revolution. Not to mention the laws required from an insurance standpoint.

What Is AML In Crypto?

Anti-money laundering encompasses a range of regulations, procedures and laws to stop criminals from disguising illegally obtained funds as legitimate income. These measures were not implemented into big exchanges in the early stages of the crypto timeline, but are rather now making their way into platforms' due diligence processes as per tighter regulations. These generally involve traders confirming their identity before being able to conduct any payments when buying digital assets or executing any crypto transactions. 

As noted in the banking and crypto industries, when individuals or businesses attempt to conceal unlawful earnings this is typically done in three stages: placement, layering, and integration. The placement layer involves the money being deposited on the crypto exchange. 

The layering stage is when the illegitimate funds are mixed with legal funds making it challenging for authorities to keep tabs on them. In the final stage, the laundered money is "cleaned" and returned to the beneficiary. This is how criminals circulate illicit income and manage to launder money undetected.

In the decentralised world of cryptocurrencies keeping tabs on such activities has its own set of challenges. Hence why AML measures and controls are vital to the industry's operations as well as reputation. 

However, as mentioned above, these measures need to be carefully implemented so as not to kill the nature of why people are attracted to cryptocurrencies in the first place (being free from third parties or central authorities). The regulations need to respect the decentralised nature of cryptocurrencies while still providing the opportunity for policing should illicit activities be happening, and then needs to be built into the business model of the company providing the crypto services.

The Crypto AML Red Flags

While there are plenty of anonymous means of transacting your crypto, such as privacy-focused cryptocurrencies, there are still several aspects that traditional cryptocurrencies possess that trigger red flags when it comes to AML.

The estimated amount of money laundered in 2021 is $800 billion - $2 trillion, with roughly 50% of money laundering going undetected. According to a Basel System Report, 62% of compliance officers in business crime say that this type of criminal activity is becoming more difficult to spot. With this in mind, here are the top AML red flags that are present across the board: 

Obscured identity of transaction makers

Unclear transaction size 

Obscured geographic location

Unofficial profiles of parties involved

Lack of information on the source of funds

Withdrawing funds from a wallet with no transaction history

Consecutive high-value transactions

How AML Protocols Are Implemented At Crypto Exchanges

As crypto exchanges work toward integrating cryptocurrencies into the mainstream financial landscape, they are required to work hand in hand with regulatory bodies. These actions vary around the world, with many countries opting to embrace different methods of imposing AML practices. 

Here is a look at how 5 countries imposed varying rules:

The U.S.

Governed by the Financial Transactions and Reports Analysis Centre (FINTRAC) and Financial Crimes Enforcement Network (FinCEN) the country has strict regulations when it comes to AML and KYC regulations. It continues to work on the legal framework.

South Korea

Following an investigation with crypto exchange Bithumb revealing that $1.45 billion worth of funds were illegally moved through the platform, the country is working on imposing more defined AML and KYC rules.

Singapore

Taking a rare approach to crypto regulation, the financial hub of Asia and a key player in the development of the blockchain and crypto industries, Singapore is choosing to educate people on the technology rather than impose stringent policies. 

Canada

The country recently imposed regulations under the guidance of the FINTRAC unit that mandates the same KYC requirements as traditional financial institutions.

Thailand

The Thai regulatory bodies have implemented regulations to keep foreign investors out of their local markets by upgrading their KYC regulations with in-person verification and microchips in their ID cards. 

Today, most modern nations have implemented rules that demand businesses to use sophisticated technologies to prevent crypto from being utilised to finance unlawful activities and protect their investors.

Cryptocurrency compliance is an industry that has its own set of rules. Every year, businesses must demonstrate greater levels of security and minimise risks in order to stay compliant. KYC/KYB/AML processes are taken very seriously by reputable cryptocurrency firms. They might be subject to huge penalties if they fail to comply with this requirement.

In Conclusion:  AML Is Here To Stay

While these new financial transparency measures might go against the very nature of cryptocurrencies, it is important to ensure the security of crypto users, and for the overall adoption of the industry. They also play an imperative role if crypto wants to live alongside fiat currencies in the global financial landscape.

The introduction of new global regulations contributes to the growth of the cryptocurrency industry. Despite a widespread misconception, digital currencies are traceable and do not account for most financial crimes.

Reputable cryptocurrency platforms collaborate with law enforcement to assist in the prevention of illegal activities. They also safeguard their users from fraud and other potential risks.

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We are delighted to announce the listing and support of 1Inch (1INCH) on Tap!

1INCH is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold 1INCH for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting 1INCH will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

1inch is a cryptocurrency trading tool for traders, allowing them to quickly find and access competitive prices on decentralised exchanges (DEXs) using its innovative 1INCH token, which provides both utility and governance functionalities to token holders.

By utilising 1inch, traders have the convenience of trading from a single platform while being exposed to the lowest trading fees and best prices across several DEXs.

The 1INCH token is an ERC-20 token that serves as a utility and governance token for the platform.  On top of functions like spending, sending, holding, and staking, the 1inch token also provides voting rights to token holders on any proposed updates to the protocol.

Get to know more about 1Inch (1INCH) in our dedicated article here.