CRYPTO / DIGITAL ASSETS

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    Enforcement

    NYAG Sues Crypto Firms Gemini, Genesis, DCG for Fraud

    By Manesh Samtani | 20/10/2023

    “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” said AG Letitia James. The lawsuit says 230,000 investors lost more than $1bn.

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    Crypto / Digital Assets

    Korea FSS Developing Rules to Implement Virtual Asset Law

    By Mark Johnston | 20/10/2023

    Regulations to implement the Virtual Asset Users Protection Act, which was passed in June, will be ready by January 2024.

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    Crypto / Digital Assets

    ECB Launches Two-Year Preparation Phase for Digital Euro

    By Mark Johnston | 20/10/2023

    The ECB said its Governing Council will decide after the two year preparation phase whether to proceed to the next stage.

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    Crypto / Digital Assets

    ESMA Calls on NCAs, Crypto Firms to Start Preparing for MiCA

    By Manesh Samtani | 20/10/2023

    ESMA is concerned that MiCA’s optional grand-fathering period might allow some crypto firms to continue operating without a full licence all the way until July 2026.

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    AML / KYC

    KoFIU Calls on Financial Industry to Bolster AML Efforts

    By Manesh Samtani | 20/10/2023

    AML evaluations identified independent audit, customer verification, and manpower shortages as areas for improvement. More attention is also needed on virtual assets.

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    AML / KYC

    FinCEN to Require FIs to Report Transactions Involving Crypto Mixers

    By Editors | 19/10/2023

    FIs would have to report information about transactions they know or suspect could involve crypto mixing, whether in the US or in another jurisdiction.

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    AML / KYC

    Singapore Prosecutors Establish Technology and Crypto Crime Task Forces

    By Editors | 19/10/2023

    Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.

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    Crypto / Digital Assets

    ASIC Chair Stresses Need for Strong Regulation in Crypto

    By Mark Johnston | 18/10/2023

    ASIC chair Joe Longo was speaking hours after the launch of a new consultation paper on the future regulation of crypto service providers.

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    Crypto / Digital Assets

    California Governor Approves Digital Financial Assets Law

    By Editors | 18/10/2023

    The law grants California’s DFPI the authority to develop a regulatory framework for crypto activities in the state.

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    Crypto / Digital Assets

    BCBS Consults on Bank Disclosure Requirements for Crypto Exposures

    By Editors | 17/10/2023

    Major banks would have to disclose information on their crypto activities, crypto exposures, and related accounting classifications and capital and liquidity requirements.

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