The recent approval of new Anti-Money Laundering Regulations (AMLR) by the European Parliament has significant implications for Crypto Asset Service Providers (CASP) in Europe. These regulations mandate stringent Know Your Customer (KYC) procedures to combat money laundering. CASPs, including banks, assets and crypto asset managers, as well as real and virtual estate agents, are now
Regulation
The Nigerian authorities are intensifying their efforts to clamp down on crypto trading, with a specific focus on peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating document on social media has revealed that the Central Bank of Nigeria (CBN) has instructed financial institutions to identify and impose restrictions on individuals or
Two leading organizations in the cryptocurrency realm, the Blockchain Association and the Crypto Freedom Alliance of Texas, have recently taken a bold step by filing a legal action against the US Securities and Exchange Commission (SEC). Their argument revolves around the SEC’s alleged overreach in sanctioning a rule that redefines the parameters for determining a
Stablecoin issuer Tether has announced that they will freeze any addresses linked to sanctioned entities. This move comes after reports revealed that state actors were using Tether’s USDT tokens to bypass US sanctions. A spokesperson for Tether stated that the company respects the Office of Foreign Assets Control (OFAC) SDN list and is dedicated to
In response to the rapid growth and increasing complexity of the digital assets sector, the Hong Kong Securities and Futures Professionals Association (HKSFPA) has called for the establishment of independent self-regulatory organizations (SRO) dedicated to overseeing this industry. This initiative aims to enhance the regulatory landscape to support innovation and security within the burgeoning field.
Recently, two SEC trial lawyers, Michael Welsh and Joseph Watkins, resigned amidst the legal case against crypto firm DEBT Box. The controversy surrounding their handling of the case led to their resignations in April. It is concerning that inaccuracies in the information presented by Welsh and Watkins resulted in a temporary restraining order and asset
The MiCA regulation, set to reshape the crypto industry, is a significant development within the European Union. This regulatory framework aims to provide clarity and security within the crypto-asset market, addressing the needs of crypto-asset service providers (CASPs) and issuers, while also safeguarding investors. As the crypto industry approaches this regulatory evolution, companies must understand
The recent amendment to the US SEC’s complaint against Justin Sun and other defendants has brought to light the regulator’s argument that Sun’s alleged visits to the US should establish the jurisdiction necessary to initiate legal proceedings. According to the SEC, Sun purportedly spent more than 380 days in the US between 2017 and 2019,
The recent legislative bill introduced by US Senators Cynthia Lummis and Kirsten Gillibrand has sparked controversy within the crypto industry. Former Blockchain Association member Jake Chervinsky criticized the bill, calling it “deeply flawed” and warning that it would only allow centralized and custodial stablecoins to operate. Chervinsky argued that the proposed ban on algorithmic stablecoins
Recently, the provincial government of Buenos Aires has taken a stand against Worldcoin, accusing the company of violating consumer laws. The government has pointed out several issues within Worldcoin’s user agreement that are deemed as abusive towards consumers. One of the main concerns raised is the alleged ability of Worldcoin to interrupt services without any
Recent discussions between House leaders and Senate Majority Leader Chuck Schumer may lead to action on stablecoin legislation during this summer’s session or in the year-end lame-duck session, according to investment bank TD Cowen. House Financial Services Chair Patrick McHenry and ranking member Maxine Waters met with Schumer last week to deliberate on stablecoin legislation,
In the realm of blockchain technology, the debate over data transparency and ownership is reaching a critical point. While the blockchain’s inherent transparency and immutability are praised for democratizing data, there is a growing concern over individual control and ownership of personal information. Striking a balance between the two is crucial, but is it realistic
The IRS criminal investigation chief, Guy Ficco, recently addressed the growing concern of taxpayers engaging in tax crimes related to cryptocurrencies. He emphasized that there has been a surge in what he referred to as “pure crypto tax crimes” falling under Title 26 of the US Code, which deals with federal income tax violations. These
The European Securities and Markets Authority (ESMA) issued a warning about the high level of concentration in the crypto markets on April 10. This concentration is concerning because the failure of a single asset or exchange could have a widespread impact on the entire crypto ecosystem. ESMA’s research found that market capitalizations and trading volumes
Upon receiving a Wells notice from the US SEC, Hayden Adams, the founder of Uniswap, took to social media to express his feelings about the impending legal action. Adams stated, “I’m not surprised. Just annoyed, disappointed, and ready to fight.” He also emphasized the legality of Uniswap’s products and criticized the SEC for what he
During a recent Senate hearing, Senator Tim Scott criticized the current US administration for focusing on digital assets as the main source of terrorism financing while neglecting more significant traditional sources. Scott pointed out that Iran’s $35 billion in oil exports and $16 billion in US hostage relief and electricity waivers are major contributors to
The persistent issue of a disconnect between policymakers and technology has led to challenges in regulating emerging technologies like blockchain and artificial intelligence (AI). Despite efforts by lawmakers such as Senator Cynthia Lummis to introduce legislation like the Digital Asset Innovation Act, there is still a lack of understanding of the intricacies of these technologies.
Lithuania has announced its plans to implement stringent licensing requirements on crypto firms by 2025. The new regulations are aimed at reducing the number of companies operating in the country, with only a select few expected to meet the comprehensive criteria for full permits. Central bank board member Simonas Krepsta highlighted that out of the
Singapore’s Monetary Authority (MAS) recently made significant changes to its Payments Service Act (PSA) in an effort to strengthen its oversight and enhance user protection in the cryptocurrency industry. This move reflects Singapore’s commitment to becoming a leading hub for cryptocurrency activities while maintaining a regulatory environment that encourages innovation and safeguards investors. MAS has
The landscape of artificial intelligence (AI) and its impact on security and privacy is rapidly evolving. As the industry continues to advance, new challenges and concerns are emerging that require careful consideration. Last week, John deVadoss presented and discussed the implications of AI relating to security with members of Congress and their staff in Washington,
The Binance-linked HKVAEX exchange has made the decision to close down and has officially withdrawn its application for an operational license in Hong Kong, as stated on the Securities and Futures Commission (SFC) website. The exchange, which operates under the name BX Services Ltd, formally pulled back its license application on March 28. This move
The US Department of the Treasury recently took action against the Palestinian news network Gaza Now for its alleged support of Hamas. This move by the Office of Foreign Assets Control (OFAC) targeted not only Gaza Now but also several crypto addresses associated with the network and its affiliates. The sanctions specifically included the designation
Portugal’s National Data Protection Commission (CNPD) recently announced its decision to ban Worldcoin from collecting biometric data, specifically data related to the iris, eyes, and face, for a period of three months. The CNPD justified this restriction by highlighting several key issues. Firstly, it pointed out that Worldcoin lacks a reliable mechanism for verifying the
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently imposed sanctions on several entities and individuals in the financial services and technology sectors of the Russian economy. This move comes in response to reports of these entities engaging in activities that enable the evasion of US sanctions, particularly in the
WisdomTree, the issuer of a Bitcoin exchange-traded fund (ETF), has successfully obtained regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business within the state. This approval comes in the form of a charter granted to the asset management firm to operate as a limited-purpose trust company
The recent approval by the Commodities and Futures Trading Commission (CFTC) for Coinbase Derivatives Exchange to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC) has garnered significant attention in the crypto community. These listings are set to go live and begin trading on or after April 1, 2024, according to
The recent regulatory filings from the US Securities and Exchange Commission (SEC) have revealed a delay in the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs). This news has impacted proposals from various investment firms, including VanEck, Ark Invest, Hashdex, Grayscale, and Fidelity. The delays have sparked discussions within the crypto community about