Politics, Legal & Regulation

March 12, 2021 @ 12:03 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that its Traveler product has been developed to assist virtual asset service providers or VASPs with adhering to the international “Travel Rule” regulations by securely sharing digital currency transaction details with other “vetted” VASPs. CipherTrace explains that its tools are… Read More

March 12, 2021 @ 10:57 am By JD Alois  |  

While there is a good amount of discourse regarding the risk of digital assets and the ability for bad actors to use crypto to launder money or perhaps finance illicit activities FinCEN recently indicated their attention in a more tactile direction. Earlier this week, FinCEN… Read More

March 11, 2021 @ 11:10 pm By Omar Faridi  |  

South Korean authorities have stated that they’re planning to impose heavy penalties or fines on individuals and businesses violating applicable guidelines for cryptocurrency transactions. The Korean financial regulator stated that it would impose a fine on virtual currency exchanges if they fail to report suspicious… Read More

March 11, 2021 @ 11:21 am By JD Alois  |  

The Canadian Securities Administrators (CSA) has provided guidance on disclosure provided by issuers of crypto assets. The CSA is a group that represents provincial securities regulators. In Canada, there is no federal agency overseeing the securities sector. According to the CSA, in Canada, most crypto-asset… Read More

March 11, 2021 @ 11:08 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order and asset freeze against Shawn C. Cutting. The SEC alleges that Cutting raised millions of dollars by falsely claiming to be a financial adviser with securities licenses, overstating… Read More

March 10, 2021 @ 10:14 pm By JD Alois  |  

A new trade group has been launched to advocate on behalf of the Fintech industry. Today, the Financial Technology Association (FTA), is hoping to educate stakeholders and support the modernization of financial regulation. Founding members of the group are Afterpay, Betterment, Brex, Carta, Figure, Marqeta,… Read More

March 9, 2021 @ 11:45 pm By Omar Faridi  |  

Vietnamese banks are becoming a lot more aware of Open Banking policies and are beginning to realize that they should look into leveraging open APIs in order to remain relevant in the evolving digital financial services sector. There are at least two local banks in… Read More

March 9, 2021 @ 10:34 pm By Omar Faridi  |  

The Indian government may not completely ban (or attempt to) the use of decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). During a recent interview (conducted on March 5, 2021), India’s finance minister Nirmala Sitharaman clarified that she intends to support innovative crypto initiatives. #CNBCTV18IBLA… Read More

March 9, 2021 @ 12:19 pm By JD Alois  |  

The European Commission has shared its vision for the digital transformation of Europe by 2030. The policy initiative is an all-encompassing approach to many aspects of the economy and daily existence. The EU states that this builds on the Commission’s digital strategy of February 2020…. Read More

March 9, 2021 @ 9:58 am By JD Alois  |  

The European Banking Authority has published a document that addresses anti-money laundering (AML) and counter-terrorist financing (CFT) when it comes to crowdfunding. The guidelines for crowdfunding platforms are incorporated into the Final Report “on customer due diligence and the factors credit and financial institutions should… Read More

March 9, 2021 @ 8:54 am By JD Alois  |  

The Senate Banking Committee will hold a hearing today on the GameStop/Reddit/Robinhood saga entitled; “Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing.” The hearing is scheduled to commence at 10AM. The hearing will review the concerted effort by individuals chatting on… Read More

March 8, 2021 @ 10:55 pm By Omar Faridi  |  

Chinese authorities have increased their scrutiny of the nation’s Fintech sector. China’s regulators have now cracked down on JD Technology’s (potentially) $3 billion initial public offering. JD Technology, the Fintech division of Chinese digital commerce giant JD.com Inc., is reportedly looking into withdrawing its application… Read More

March 8, 2021 @ 2:57 pm By JD Alois  |  

The Internal Revenue Services (IRS) is in midst of tax season, typically a time of anxiety for most taxpayers as they scramble to package the litany of documents demanded by the IRS to complete federal taxes. Over the years, the IRS has issued multiple statements… Read More

March 8, 2021 @ 2:24 pm By JD Alois  |  

Last week the Senate Banking Committee held a confirmation hearing for Gary Gensler, the individual selected by President Biden to lead the Securities and Exchange Commission (SEC). Gensler is well known to Washington, DC having previously been Chairman of the Commodities Futures Trading Commission during… Read More

March 8, 2021 @ 8:12 am By Omar Faridi  |  

A new United Kingdom Visa to attract Fintech experts might lead to undesirable results unless the government figures out how to effectively deal with some of the potential issues, according to analysts. Rishi Sunak, the Chancellor of the Exchequer, noted in Wednesday’s (March 3, 2021)… Read More

March 7, 2021 @ 6:10 pm By Omar Faridi  |  

There are no extensive regulations yet on Open Banking in Thailand, however, the government’s digital transformation strategy (and the Thailand 4.0 strategy) along with the introduction of the Personal Data Protection Act (PDPA) in 2020 indicate that the country may soon offer an Open Banking… Read More

March 6, 2021 @ 7:10 pm By Omar Faridi  |  

China’s regulatory authorities have reportedly been telling local banking institutions to “trim” their loan books during 2021 to guard against potential risks resulting from bubbles in domestic capital markets. This, according to an update from Reuters which cited sources familiar with the matter (on March… Read More

March 6, 2021 @ 11:02 am By Xu Gao  |  

Chinese Fintech Companies Need to Meet Capital Adequacy Requirements with a Maximum of Two Years On March 2nd, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said at a press conference of the Information Office of the State Council that Chinese… Read More

March 5, 2021 @ 9:07 pm By Omar Faridi  |  

The Securities and Exchange Commission (SEC) in Thailand is reportedly backing off its initial draft plan that would have required a 1-million-baht (appr. $32,800) minimum annual income and various other requirements for local crypto investors. The Thai SEC clarified that the draft bill was meant… Read More

March 5, 2021 @ 12:44 pm By JD Alois  |  

John David McAfee, a well-known crypto proponent and founder of the McAfee antivirus firm, has been indicted in Federal court for fraud and money laundering. According to the United States Attorney’s Office for the Southern District of New York, McAfee and Jimmy Gale Watson, Jr,… Read More