Regulatory and Legislative Analysis – NAM (United States & Canada) SEC freezes assets and charges 18 Utah defendants in $50M fraud On August 3, the U.S. Securities and Exchange Commission (SEC) secured a temporary asset freeze and restraining order against Digital Licensing Inc. (also known as “DEBT Box”) and its principals. The agency’s complaint alleges…
Read more Regulatory and Legislative Analysis – GLOBAL BIS claims there could be over 20 active CBDCs by 2030 A July 2023 paper published by the Bank for International Settlements (BIS), reveals that 93% of central banks worldwide are actively researching central bank digital currencies (CBDCs). The survey conducted by BIS predicts that by 2030, there could…
Read more Regulatory and Legislative Analysis – GLOBAL Basel Committee on Banking Supervision publishes guidelines for cryptoassets treatment The Basel Committee on Banking Supervision published its guidelines for the prudential treatment of cryptoassets exposures. The standard outlines minimum regulatory, supervisory review and disclosure requirements of banks’ cryptoasset exposures under Pillars 1, 2 and 3 of the Basel…
Read more 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 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,…
Read more Regulatory and Legislative Analysis – United States Various reports issued in response to the March 2022 Executive Order of responsible development of digital assets on September 16th (various links within text) US Department of Treasury issued Action plan to address illicit financing risks of digital assets. This report discussed threats (i.e., money laundering and terrorist…
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