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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.
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.
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.
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.
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.
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.
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.
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.
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.
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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