In a bipartisan effort, US Senators Elizabeth Warren and Bill Cassidy have called upon US authorities to take action against the use of cryptocurrency in the illegal trade of child sexual abuse material (CSAM). The pseudonymity of cryptocurrencies has played a significant role in enabling the movement of payments for such illicit activities into the
Regulation
With the recent greenlight from the European Parliament on new Anti-Money Laundering Regulations (AMLR), Crypto Asset Service Providers (CASP) in Europe are now facing the challenge of implementing stringent Know Your Customer (KYC) procedures. These measures are essential in combating money laundering activities within the crypto sector. Expansion to Non-Financial Sectors The new laws not
Recent reports indicate that Nigerian authorities are intensifying their efforts to clamp down on crypto trading activities within the country. The focus has shifted towards targeting peer-to-peer (P2P) platforms such as OKX, Binance, KuCoin, and Bybit. A circulating document on social media platforms has outlined specific instructions for financial institutions to identify and impose restrictions
Two influential organizations in the cryptocurrency space, the Blockchain Association and the Crypto Freedom Alliance of Texas, have recently filed a legal challenge against the US Securities and Exchange Commission (SEC). They argue that the SEC exceeded its authority by implementing a rule that redefines the criteria for identifying a “dealer” of securities. The groups
In response to reports of state actors using Tether’s USDT tokens to bypass US sanctions, the stablecoin issuer has taken a firm stance on regulatory compliance. Tether has vowed to freeze any addresses linked to sanctioned entities, aligning with the Office of Foreign Assets Control (OFAC) SDN list. This proactive approach reflects Tether’s dedication to
In a surprising turn of events, two lead lawyers at the Securities and Exchange Commission (SEC) have recently resigned amidst controversies surrounding the regulator’s legal case against crypto firm DEBT Box. Michael Welsh and Joseph Watkins made the decision to resign in April, following reports that the SEC was planning to terminate their roles if
In response to the rapid growth and increasing complexity of the digital assets industry, the Hong Kong Securities and Futures Professionals Association (HKSFPA) has called for the establishment of independent self-regulatory organizations (SRO) dedicated to overseeing this sector. The initiative aims to enhance the regulatory landscape in Hong Kong to support innovation and security within
The upcoming MiCA regulation is set to bring significant changes to the crypto industry, requiring companies to ensure compliance for a smooth transition. As the European Union (EU) takes steps towards regulating the crypto-asset market, companies need to be prepared for the implications of MiCA on their operations. Key Requirements of MiCA MiCA aims to
The recent amended complaint filed by the US SEC against Justin Sun and other defendants has raised eyebrows in the legal and cryptocurrency communities. The argument that Sun’s alleged visits to the US should grant the SEC the jurisdiction required to pursue legal action seems tenuous at best. While it is true that Sun spent
US Senators Cynthia Lummis and Kirsten Gillibrand have recently introduced a legislative bill that has stirred up controversy within the crypto industry. Former Blockchain Association member Jake Chervinsky harshly criticized the Lummis-Gillibrand Payment Stablecoin Act, labeling it as “deeply flawed.” He expressed concerns that the proposed legislation would effectively limit the issuance of algorithmic stablecoins