Politics, Legal & Regulation

September 9, 2024 @ 3:49 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) says it has reached a settlement with GSB Gold Standard Corporation AG (GS Partners or GSB Group), a Fintech and banking firm that allegedly solicited more than 800,000 investors around the world to participate in investments including digital… Read More

September 9, 2024 @ 11:09 am By JD Alois  |  

The Federal Deposit Insurance Corp. (FDIC) is expected to propose new rules impacting For Benefit Of (FBO) accounts which will affect the neobanking sector. According to a report by Bloomberg, the FDIC will make the proposal as soon as this month. This follows the Synapse… Read More

September 8, 2024 @ 4:13 pm By Michael Wong  |  

National legislatures will play a pivotal role in shaping the future of artificial intelligence (AI) and enhancing cybersecurity, according to a statement released by representatives of the Group of Seven (G7) countries. The statement was issued at the conclusion of the G7 Speakers’ Meeting held… Read More

September 6, 2024 @ 8:51 am By Omar Faridi  |  

Chainalysis has shared key insights focused on Russia’s cryptocurrency pivot as well as legislated sanctions “evasion.” In response to mounting financial pressures of Western sanctions, Russia enacted significant legislation “legalizing cryptocurrency mining and permitting the use of cryptocurrency for international payments.” Chainalysis added that the… Read More

September 5, 2024 @ 11:02 pm By JD Alois  |  

As was reported earlier, the Payment Systems Regulator (PSR) has decided to review the reimbursement cap on App fraud with the intent to set it at £85,00. This has been widely embraced by the payments sector as previously the reimbursement cap was expected to be… Read More

September 5, 2024 @ 8:00 pm By JD Alois  |  

Last week, OpenSea, a popular NFT [non-fungible token] marketplace, revealed that it had received a Wells Notice from the Securities and Exchange Commission (SEC). The missive indicates a good probability of a forthcoming enforcement action against the firm. While NFTs are largely aligned with digital… Read More

September 5, 2024 @ 11:04 am By Omar Faridi  |  

California Attorney General Rob Bonta announced a $3.9 million settlement with crypto trading platform Robinhood Crypto, LLC for failing to allow customers to withdraw their cryptocurrency from their Robinhood accounts from 2018 to 2022, and for “failing to fully disclose aspects of its trading and… Read More

September 4, 2024 @ 1:44 pm By Omar Faridi  |  

Taxbit, the digital asset tax and accounting platform, announced its comprehensive support for the 1099-DA form, a crucial step toward ensuring compliance with the newly released US Treasury and IRS Digital Asset Broker Regulations. This represents an important step towards digital asset tax compliance, as… Read More

September 4, 2024 @ 12:17 pm By JD Alois  |  

The UK Payment Systems Regulator (PSR) has updated the status of APP scam protections. APP scams incorporate digital fraud, where users of financial or transactional Apps send money to bogus sites or fraudsters.  The PSR says that in 2023, there were over 250,000 cases of… Read More

September 4, 2024 @ 10:01 am By JD Alois  |  

The House Subcommittee on Oversight and Investigations, part of the House Financial Services Committee, has  scheduled a hearing entitled ” The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.” The hearing was initially scheduled for this past July… Read More

September 3, 2024 @ 4:22 pm By JD Alois  |  

The House Financial Services Committee, Subcommittees on Digital Assets, Financial Technology, and Inclusion & Oversight and Investigations, has scheduled a meeting on DeFi. Entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance, the hearing was previously scheduled for July and then postponed. The hearing… Read More

September 3, 2024 @ 1:49 pm By JD Alois  |  

The Securities and Exchange Commission has settled charges with Galois Capital Management LLC pertiainging to allegations for shortcomings in crypto custody. Without admitting or denying the SEC’s findings, Galois Capital consented to the entry of an order requiring it to cease and desist from further violations… Read More

September 3, 2024 @ 12:19 pm By JD Alois  |  

OpenSea, a leading NFT [non-fungible token] platform, has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that the SEC is recommending that the Commission pursue enforcement action against the target firm. While not conclusive, it is highly likely… Read More

September 2, 2024 @ 9:52 pm By Omar Faridi  |  

Chainalysis has release the report entitled, 2024 Crypto Crime Mid-year Update Part 2: China-based CSAM and Cybercrime Networks On The Rise, Pig Butchering Scams Remain Lucrative. Key findings of the Chainalysis update: CSAM networks Reportings of China-based CSAM sites have increased since late 2023. A… Read More

September 2, 2024 @ 1:51 pm By Omar Faridi  |  

In line with the Third Financial Sector Strategy issued by Qatar Central Bank, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have announced the launch of the QFC Digital Assets Framework, a comprehensive and innovative regime for the creation and… Read More

August 31, 2024 @ 6:09 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) announced the conclusion of an investigation and subsequent disciplinary proceedings against WeChat Pay Hong Kong Limited (WPHK), resulting in a fine of HK$875,000 ($112,000). The penalty is imposed for violations under the Payment Systems and Stored Value Facilities Ordinance… Read More

August 31, 2024 @ 6:07 pm By Omar Faridi  |  

The World Federation of Exchanges (WFE), the global industry association for exchanges and central clearing counterparties, has released recommendations that establish good practice for crypto-asset custody providers, drawing lessons from traditional financial markets to guide the emerging digital asset space. The ruling against FTX and… Read More

August 31, 2024 @ 3:09 pm By Omar Faridi  |  

The Commodity Futures Trading Commission issued an order filing and settling charges against Nasdaq Futures, Inc., formerly a designated contract market (DCM). The order finds Nasdaq Futures, Inc. reportedly failed “to properly establish, monitor, or enforce rules related to an incentive program Nasdaq Futures, Inc. offered… Read More

August 30, 2024 @ 2:13 pm By Omar Faridi  |  

The Biden administration’s regulatory approach towards crypto-assets has led to considerable restructuring at a relatively small, yet somewhat prominent digital assets bank. FOX Business has revealed that Custodia Bank, a Wyoming based financial institution that provides various banking services to crypto firms, said  Thursday that… Read More

August 29, 2024 @ 10:24 am By JD Alois  |  

In a working paper posted yesterday, the Bank for International Settlements (BIS) posted a treatise on Novel risks, mitigants and uncertainties with permissionless distributed ledger technologies (DLT). The executive summary of the paper is brief, explaining: “Banks that transact on permissionless blockchains or similar distributed… Read More