New privacy regulations – a chance to reset customer data collection
The average cost of a data breach is $3.86 million dollars – up 6.4% from last year. New privacy regulations worldwide are providing the impetus and opportunity for organizations to rethink customer privacy from the ground up.
Institutionalization of cryptoassets
This paper provides an overview of the crypto market, introduces the emerging tokenized economy, and identifies the key challenges to the adoption of crypto in the global financial services ecosystem. The paper also introduces KPMGs Cryptoasset Framework to help address these challenges. The framework underpins KPMGs crypto capabilities that have been developed through their work with crypto exchanges, start-ups, and large financial services organizations.
The next wave of ICOs
About half a year ago, SEC released an investigative report concluding that DAO Tokens were securities. Since then there have been a number of high profile cases reinforcing this classification world-wide - UIP, LLToken, CCC, and HMS had to issue refunds to the ICO purchasers in China, Protostarr closed up shop, REcoin and DRC World were charged with fraud and so on.
As the Use of Virtual Currencies in Taxable Transactions Becomes More Common,Additional Actions Are Needed to Ensure Taxpayer Compliance
This report presents the results of our review to evaluate the Internal Revenue Serviceâs (IRS) strategy for addressing income produced through virtual currencies. This review is included in our Fiscal Year 2016 Annual Audit Plan and addresses the major management challenge of Tax Compliance Initiatives.
Social KYC for Cryptocurrencies
This paper offers some ideas about identity verifi cation in an online world. It explores some common challenges when using traditional methods, and will introduce a new approach â social KYC, using a personâs digital footprint and online social identities to instantly verify and authenticate their identity with a high degree of confidence. This approach can also be used to reduce fraud and to manage compliance requirements as a complementary approach with other forms of KYC and IDV as required.
Tech Trends 2016 – Innovating in the digital era
The 2016 report identifies eight trends that reflect macro forces fuelling innovation: digital, analytics, cloud, the renaissance of core systems, and the changing role of IT within the enterprise, balanced with the implications of cyber riskâsecurity, compliance, regulatory and compliance, quality, and safety.
PriceWaterhouseCoopers enters the race to commercialize the blockchain
PriceWaterhouseCooper (PwC) recently [announced](http://pwc.blogs.com/press_room/2016/01/pwc-launches-new-global-technology-team-to-harness-bitcoin-technology.html) that they have recruited 15 leading technology specialists “to exploit and commercialise blockchain, the technology that powers the crypto-currency, Bitcoin.”
Despite Early Disappointments, Vogogo Embraces Cryptocurrency Businesses and Finds Success
Compliance and payments startup Vogogo found out the hard way that Cryptocurrency businesses still carry a huge risk. Despite heavy losses, they stuck with the fledgling industry and are starting to see their patience pay off.
Compliance In The Bitcoin Industry Is Difficult To Navigate, And Ever Changing
[HashingSpace Corporation](https://www.hashingspace.com/) is a bitcoin ASIC mining and hosting company, and to avoid potential issues the company has partnered with IdentityMind Global, a leading compliance company.
FinCEN Cracks Down on Suspected Money Laundering
Another exchange has come under fire for not complying with FinCEN. Anti-Money Laundering procedures are a hot focus and it is not restricted to the Bitcoin Industry. However, it appears that the two industries suffer from different penalizations.
