Regulatory and Legislative Analysis – GLOBAL Transparency International publishes report on illicit use of crypto On May 3, Transparency International’s U4 Helpdesk published a report on illicit use of cryptocurrencies. Some of the main points highlighted in the report: Cryptocurrency is not only restricted to cybercrime but is used for all types of crimes that…
Read more Regulatory and Legislative Analysis – GLOBAL The IMF publishes a report on CBDC capacity development On April 11, the International Monetary Fund (IMF) published a report on Central Bank Digital Currency (CBDC) capacity development, detailing its strategy to support and advise countries exploring CBDCs. The IMF acknowledges the potential impact of CBDCs on monetary policy,…
Read more Regulatory and Legislative Analysis – GLOBAL The FATF released a report to prevent and address ransomware attacks On Mar 14, 2023, the Financial Action Task Force (FATF) released a report titled “Countering Ransomware Financing” that aims to improve global understanding of the financial flow linked to ransomware and provide a list of potential risk indicators…
Read more Regulatory and Legislative Analysis – Global BIS bulletin addresses the risks in crypto and lays out the options On Jan 12, 2023 the Bank for International Settlements (BIS) issued a bulletin “Addressing the risks in crypto: laying out the options”. The bulletin highlights various methods of handling crypto-related risks: banning specific crypto activities (extreme option,…
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On February 1, 2023, the United States Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) List, adding specific Ethereum and bitcoin addresses along with several individuals and entities. OFAC, which sits within the US Department of the Treasury, administers and enforces economic and trade sanctions based on US foreign policy and…
Read more On January 18th, the Department of Justice, US Attorney’s Office Eastern District of New York published a press release that stated that Anatoly Legkodymov was arrested on January 17th in Miami, Florida. Assistant Attorney General Polite stated, “As alleged, the defendant helped operate a cryptocurrency exchange that failed to implement anti-money laundering safeguards and enabled criminals…
Read more Regulatory and Legislative Analysis – Global The Bank for International Settlement (BIS) publishes a report on project mBridge, which experiments with cross-border payments using a common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies (multi-CBDCs). The report was developed by BIS,…
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Criminals go where the money is, so it’s no surprise that with the rise of bitcoin and other virtual assets, crypto scams are on the rise too. And because crypto is so new to so many users, it may be even more difficult for people to identify and avoid potential fraud. This dynamic resulted in reported…
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On June 30, 2022 the EU Council Presidency and the European Parliament reached a provisional[1] agreement on the scope and direction of the Markets in Crypto-Assets Regulation. For the first time, European lawmakers aim to harmonize rules for crypto across the European Union and address the borderless risks introduced by crypto-assets while fostering innovation. Once…
Read more On August 8, 2022, the United States Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) List adding TORNADO CASH (a.k.a. TORNADO CASH CLASSIC; a.k.a. TORNADO CASH NOVA) along with 44 addresses from the Ethereum blockchain. This was an example of OFAC implementing sanctions on the person/entity level. OFAC, which sits within…
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