Law Financial News

On Friday, the Bank of Israel published a draft regulation on Anti-Money-Laundering and Combatting the Financing of Terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions.

According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain, Austria, Italy, Luxembourg and the Netherlands. The group is working on “the remit and design” of a new international AML watchdog force that will have a particular emphasis on crypto, and the European Commission — the key executive institution of the European Union — will be the primary platform for the discussion. How will the move affect the European crypto space?

Christopher Wray, the director of the Federal Bureau of Investigation, said that fiat was a more likely avenue for Russia to explore in circumventing sanctions, given the United States’ ability to block efforts using crypto.

Amid the ongoing discussion between the Central Bank of Russia (CBR) and the nation’s Finance Ministry on the future of crypto, a State Duma (the lower chamber of Parliament) working group has voiced their support for regulating rather than banning digital assets.

Joe Biden has signed his 82nd executive order since being sworn into office in January 2021, directly addressing a regulatory framework for digital assets in a rare moment for the U.S. President.

Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai in the United Arab Emirates who holds several positions including prime minister, has announced a new law on virtual assets as well as the establishment of a crypto regulator.

Later today, U.S. President Joe Biden will sign a long-anticipated executive order on digital assets. Despite fears that the order may resound a regulatory clampdown on the industry, the language of the document is fairly favorable, the key focus being coordination and consolidation of various agencies’ efforts within a unified national policy.

The parliament of the European Union has scheduled a vote on a framework aimed at regulating cryptocurrencies after addressing concerns over proof-of-work mining.

The United Kingdom’s Financial Conduct Authority, or FCA, has issued a warning to Binance Markets in response to Binance’s payment company Bifinity and investment firm Eqonex entering a strategic partnership.

A war rages on Europe’s eastern rim, having already left thousands of people dead and injured and millions more displaced. Digital assets have become so woven into the global financial system that a major political and economic crisis like the one unfolding right now has crypto inevitably involved on all levels: individual, institutional and national. From Russian nationals turning their burning passports into nonfungible tokens (NFTs) to refugees using crypto as a last financial resort, millions of dollars worth of crypto donations flowing to Ukraine, and both digital asset platforms and the United States government weighing crypto sanctions against Russia, cryptocurrencies play a significant role in the events surrounding the ongoing calamity. It is also evident at this point that the crisis, in turn, will massively affect crypto itself, accelerating its adoption and regulation globally.

The United Kingdom’s Financial Conduct Authority, or FCA, has announced it has 50 active investigations as part of its efforts to crack down on unregistered crypto businesses.

A group claiming to represent 35 former ConsenSys AG (CAG) employees has requested an audit under the Swiss Code of Obligations to investigate “serious irregularities” they allege occurred at the company during mid-2020.

Economy and finance ministers representing nations in the European Union have said they will address Russia’s potential use of cryptocurrencies to evade sanctions imposed on it following its operations in Ukraine.

The U.S. Securities and Exchange Commission’s enforcement director has reportedly said cryptocurrency companies will not receive amnesty for reporting themselves for possible violations of securities laws.

On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies. 

As public understanding of how digital assets work becomes more nuanced along with the mainstreaming of crypto, the language of Bitcoin’s (BTC) “anonymity” gradually becomes a thing of the past. High-profile law enforcement operations such as the one that recently led to the U.S. government seizing some $3.6 billion worth of crypto are particularly instrumental in driving home the idea that assets whose transaction history is recorded on an open, distributed ledger are better described as “pseudonymous,” and that such a design is not particularly favorable for those wishing to get away with stolen funds.

The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining.

For a state with a small-town feel, Wyoming moves with big-city alacrity when it comes to things crypto. According to the bipartisan bill introduced into its legislature last week, a Wyoming stablecoin could debut before the end of 2022. The announcement caught even Wyoming banker and cryptocurrency champion Caitlin Long by surprise. 

The United Arab Emirates is reportedly getting ready to start issuing federal licenses for virtual asset service providers (VASPs) by the end of the first quarter of 2022. The move is expected to become part of a complex regulatory framework that the Middle Eastern nation is looking to establish on its way to becoming one of the world’s most crypto-friendly jurisdictions. What could this trajectory look like for the UAE?

A European subsidiary of United States-based crypto trading platform Uphold has received approval from the United Kingdom's Financial Conduct Authority (FCA).

California State Senator Sydney Kamlager, representing the 30th Senate District including parts of downtown Los Angeles, has introduced a bill which would amend the state’s code to allow for the acceptance of cryptocurrencies for certain payments.