Politics, Legal & Regulation

July 17, 2022 @ 10:07 pm By JD Alois  |  

Russia has enacted legislation that will effectively ban crypto payments according to multiple reports. The legislation was signed into law on July 14th and reportedly takes effect within ten days. At the beginning of 2022, the Bank of Russia issued statements relaying concerns regarding crypto:… Read More

July 17, 2022 @ 3:00 pm By JD Alois  |  

The Association of Online Investment Platforms (AOIP) has forwarded a letter to members of Congress in support of the JOBS Act 4.0 legislation. In the spring of 2022, Republicans on the Senate Banking Committee submitted draft legislation on the 10th Anniversary of the JOBS Act… Read More

July 15, 2022 @ 4:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained final judgment on an initial coin offering (ICO) that involved John McAfee, the peripatetic software entrepreneur and blockchain advocate. McAfee died in a jail cell in Barcelona after being apprehended on tax evasion accusations. The claims against… Read More

July 15, 2022 @ 9:14 am By JD Alois  |  

Earlier this year, FINTRAC announced that crowdfunding platforms, as well as certain payment providers, must now register with FINTRAC. FINTRAC is the Financial Transactions Reports Analysis Centre of Canada. It is the agency that seeks to detect, prevent, and deter nefarious activity such as money… Read More

July 14, 2022 @ 9:52 pm By JD Alois  |  

In a speech delivered early today by the Financial Conduct Authority Chief Executive Nikhil Ratha, the top UK regulator addressed the future of regulation. Of course, the digitization of financial services, including crypto assets was in the mix. Ratha noted that the FCA has invested… Read More

July 13, 2022 @ 1:49 pm By JD Alois  |  

IOSCO or the International Organization of Securities Commissions and the Bank for International Settlements (BIS) – Committee on Payments and Market Infrastructures (CPMI) have published final guidance on stablecoins. The guidance follows a proposal for consultation in 2021. The publication is called a “major step… Read More

July 13, 2022 @ 11:20 am By JD Alois  |  

The European Securities and Markets Authority (ESMA) has commenced a consultation on distributed ledger technology (DLT) or blockchain. The goal is to establish “consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, uniform and consistent… Read More

July 12, 2022 @ 11:52 pm By Lee Schneider  |  

SOL, the native token of the Solana public blockchain, is the latest victim of a scurrilous attack by plaintiffs’ lawyers claiming that yet another blockchain token is an investment contract under the test famously set forth in S.E.C. v. W.J. Howey.  The claims perpetuate the… Read More

July 12, 2022 @ 4:08 pm By JD Alois  |  

The US Department of Treasury has issued a request for comments pertaining to the risks and opportunities affiliated with digital assets or crypto. Under Secretary of the Treasury for Domestic Finance, Nellie Liang issued the following statement on the request: “For consumers, digital assets may present… Read More

July 12, 2022 @ 10:14 am By JD Alois  |  

Three Arrows Capital (3AC), a crypto hedge fund that was recently ordered to liquidate its holdings following the impact of crypto contagion, is in the news once again as a report indicates its founders have disappeared. Meanwhile, one founder has reappeared on Twitter, indicating they… Read More

July 11, 2022 @ 9:42 am By JD Alois  |  

The Bank for International Settlements (BIS) has issued a report on the interoperability of central bank digital currencies or CBDCs. While few countries have issued a CBDC, just about all developed countries, and some developing ones, are investigating the possibility of migrating fiat to a… Read More

July 11, 2022 @ 8:12 am By Omar Faridi  |  

The Financial Stability Board (FSB) published for public feedback a report on “the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments.” The report provides preliminary recommendations “about key performance indicators (KPIs) that could be used to monitor… Read More

July 11, 2022 @ 1:07 am By Omar Faridi  |  

Fintech Group Fiinu has reportedly had its shares admitted to trading on AIM, with a valuation of around £53 million. Fiinu has obtained its deposit-taking bank license from the Bank of England (BoE). The issuing of the bank license/authorization from the Prudential Regulation Authority (PRA)… Read More

July 9, 2022 @ 1:37 pm By Omar Faridi  |  

As part of a self-discipline initiative, China’s leading technology companies have reportedly decided to enforce “real-name” authentication for NFT (or non-fungible token) buyers and also want to help users avoid secondary marketplaces The agreement (not legally binding at the moment) serves as confirmation from the… Read More

July 8, 2022 @ 5:06 pm By JD Alois  |  

Federal Reserve Vice Chair Lael Brainard delivered a speech today for the Bank of England. The topic of discussion was crypto-assets and financial stability, currently a hot subject. Recently, digital asset markets have floundered causing several firms to cease operations. Tanking valuations have raised fears… Read More

July 8, 2022 @ 9:31 am By JD Alois  |  

Celsius Network, a once-prominent crypto lending and yield platform that bashed traditional banks, has been sued in the State of New York, blasted with allegations of operating a “classic Ponzi scheme.” Last month, Celsius effectively shut down operations. On June 13th, Celsius tweeted: [we] are… Read More

July 7, 2022 @ 1:33 pm By JD Alois  |  

  It has been a tough few weeks for crypto assets. Fears of contagion ripped through the sector when several firms shut down withdrawals. This week, Voyager Digital filed for bankruptcy protection the in the US under Chapter 11. This was predicated by the pending… Read More

July 7, 2022 @ 1:09 pm By Collette Allen  |  

The entire world is on edge with the events unfolding in Ukraine. As NATO responds and sanctions have been imposed on Russia, what does this mean for businesses? As part of an overall Anti-money laundering and fraud protection strategy, screenings performed for new clients prevent… Read More

July 7, 2022 @ 8:07 am By Omar Faridi  |  

HM Treasury had introduced a consultation in July of last year, entitled “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022.” This consultation outlined how the UK Government intended “to amend the UK’s Money… Read More

July 6, 2022 @ 9:20 pm By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has appointed six directors as it “expands its headcount to meet a growing remit and to achieve its ambitious strategy, which launched in April.” The appointments announced recently, which fill a mix of new and existing roles, “draw on… Read More