ECOVIS ProventusLaw brings you a new curated selection of global crypto news and updates from the digital currency markets and provides viewers a look at what’s ahead and high-profile insights from the ever-changing crypto industry all around the world.
AMERICAS
US Busts Alleged Crypto Money Launderers for Sinaloa Cartel
US authorities have arrested individuals allegedly laundering cryptocurrency for the Sinaloa Cartel. The operation targeted a network using digital assets to obscure the origins of drug money. This bust highlights the growing use of cryptocurrencies in illegal activities and underscores the importance of robust regulatory measures to combat financial crimes. Read more.
US Government to Report Seized Crypto as Nonmonetary Property
The U.S. government will now classify seized cryptocurrencies as nonmonetary property. This change in reporting aims to streamline the management and disposition of digital assets obtained through enforcement actions. The classification reflects the government’s evolving approach to handling cryptocurrencies within legal and regulatory frameworks.
$5M Reward Offered for Missing “Cryptoqueen”
The U.S. State Department is offering a $5 million reward for information leading to the arrest or conviction of Ruja Ignatova, known as the “Cryptoqueen.” Ignatova is wanted for her role in the OneCoin cryptocurrency scam, which defrauded investors of billions of dollars. This reward highlights the ongoing global efforts to bring financial criminals to justice. Read more.
New US Bill Empowers President to Block Digital Assets
A new U.S. bill aims to empower the President to block the issuance and use of digital assets to mitigate financial risks and security concerns. The proposed legislation targets cryptocurrencies and other digital financial instruments, citing their potential for misuse in illegal activities. If passed, this bill could significantly impact the digital asset market and regulatory landscape in the United States.
Argentina Launches Virtual Asset Service Providers Registry
Argentina has established a registry for Virtual Asset Service Providers (VASPs). This new system aims to regulate and monitor entities offering digital asset services, enhancing transparency and compliance within the industry. The registry is part of Argentina’s broader efforts to integrate cryptocurrencies into its financial system while ensuring robust oversight and consumer protection. Read more.
EUROPE
Danish Regulator to Ban Unhosted Bitcoin Wallets
Denmark’s financial regulator plans to ban unhosted Bitcoin wallets, citing concerns over money laundering and illicit activities. The proposed ban aims to enhance regulatory oversight and ensure compliance with anti-money laundering (AML) standards. If implemented, this measure would require all Bitcoin wallets to be linked to regulated financial institutions, increasing transparency and security in the cryptocurrency market.
UK Releases Crypto Travel Rule Guide
The UK has introduced a guide for its Crypto Travel Rule, requiring digital asset firms to share transaction information to combat money laundering and terrorism financing. This rule aligns with global standards set by the Financial Action Task Force (FATF). The guide provides clarity on compliance, aiming to enhance transparency and security within the cryptocurrency industry.
EU Report: Crypto Mixing and Privacy Coins Pose Security Risks
An EU report highlights the security challenges posed by crypto mixers and privacy coins. These technologies, while enhancing user privacy, complicate law enforcement’s ability to trace illicit activities. The report calls for improved regulatory measures to balance privacy with security, addressing the use of these tools in criminal activities and ensuring better oversight in the digital asset space. Read more
FCA Issues Warning Against Digital Assets’ Nest
The UK’s Financial Conduct Authority (FCA) has issued a warning about Digital Assets’ Nest, a company promoting high-return investments in cryptocurrencies. The FCA cautions investors that Digital Assets’ Nest is not authorized to operate in the UK, raising concerns about the legitimacy and safety of its investment schemes. This alert emphasizes the importance of conducting due diligence before investing in crypto assets. Read more.
CySEC Launches Virtual Sandbox for Financial Innovation
The Cyprus Securities and Exchange Commission (CySEC) has launched a virtual sandbox, attracting stakeholders from the financial sector. This initiative aims to foster innovation by providing a controlled environment for testing new financial technologies and services. The sandbox facilitates collaboration between regulators and fintech companies, enhancing the development of compliant, cutting-edge financial solutions in Cyprus.
EBA Releases Regulatory Guidelines for Crypto Assets
The European Banking Authority (EBA) has published new regulatory guidelines under the Markets in Crypto-Assets Regulation (MiCA). These guidelines aim to standardize crypto-asset regulations across the EU, enhancing consumer protection and market integrity. The EBA’s regulatory framework addresses key issues such as transparency, market abuse, and financial stability, reflecting the EU’s commitment to a well-regulated crypto market. Read more.
Swiss Regulator Closes Crypto-Linked FlowBank
The Swiss Financial Market Supervisory Authority (FINMA) has shut down FlowBank, a bank linked to cryptocurrency activities, and initiated bankruptcy proceedings. This move underscores FINMA’s stringent regulatory stance on financial institutions involved in the crypto sector. The closure aims to protect investors and maintain financial stability in Switzerland’s banking industry. Read more.
EU Bans Crypto Providers Supporting Russia’s Defense Industry
The EU has banned crypto providers from offering services to entities supporting Russia’s defense industrial base. This move aims to curb Russia’s military capabilities amid ongoing geopolitical tensions. The sanctions target financial flows and aim to prevent the use of digital assets to circumvent existing economic restrictions, reflecting the EU’s commitment to enforcing stringent measures against Russia. Read more
ASIA / PACIFIC
South Korea Implements Virtual Asset Protection Laws
South Korea will implement new laws on July 19 to enhance the protection of virtual asset investors. The legislation introduces stricter regulations for cryptocurrency exchanges, including mandatory insurance to cover potential losses and enhanced security measures. These laws aim to increase investor confidence and ensure a safer trading environment in the rapidly growing digital asset market. Read more.
Australia Bans Credit Cards and Crypto for Online Gambling
Australia has prohibited the use of credit cards and cryptocurrencies for online gambling. The new regulations aim to curb gambling addiction and reduce financial risks for consumers. This move aligns with broader efforts to enhance consumer protection and promote responsible gambling practices within the country’s digital gaming industry.
Invest Hong Kong and Crypto Valley Association Sign MoU
Invest Hong Kong has signed a Memorandum of Understanding (MoU) with the Crypto Valley Association to bolster fintech ecosystems and exchanges. This collaboration aims to enhance innovation, foster talent, and promote investment between Hong Kong and Switzerland. The partnership is expected to drive growth in the digital asset sector and strengthen both regions’ positions as global fintech hubs.
Uzbekistan’s Islamic Authority Retracts Anti-Crypto Fatwa
Uzbekistan’s Islamic authority has retracted its previous fatwa against cryptocurrency and issued a public apology. The reversal marks a significant shift in the country’s stance on digital assets, now allowing their use under Islamic law. This change is expected to boost the adoption of cryptocurrencies in Uzbekistan and aligns with the country’s broader efforts to embrace financial innovation.
AFRICA
Nigeria SEC Requires Crypto Firms to Register
Nigeria’s Securities and Exchange Commission (SEC) now mandates that all cryptocurrency firms operating in the country must register. This regulatory move aims to enhance oversight, ensure compliance with financial standards, and protect investors. The SEC’s directive reflects Nigeria’s commitment to regulating the digital asset space and fostering a more secure investment environment. Read more.
MIDDLE EAST
Dubai Updates Crypto Token Regulations
Dubai has updated its regulations for crypto tokens, aiming to enhance clarity and investor protection. The new rules include stricter compliance requirements and guidelines for token issuers and service providers. This regulatory update reflects Dubai’s commitment to fostering a secure and transparent environment for digital asset innovation and investment. Read more.
UAE Introduces Stablecoin Licensing System
The UAE has launched a licensing system for stablecoins to regulate and oversee their use. This framework aims to ensure financial stability, protect consumers, and promote transparency in the rapidly growing digital asset market. The initiative reflects the UAE’s commitment to fostering innovation while maintaining robust regulatory standards in the financial sector. Read more
Saudi Central Bank Launches Open Banking Initiative
The Saudi Central Bank (SAMA) has launched an Open Banking initiative aimed at fostering innovation and competition within the financial sector. This initiative allows customers to securely share their financial data with third-party providers, enabling new financial services and products. The move aligns with Saudi Arabia’s Vision 2030, which seeks to modernize the economy and enhance financial inclusion. Read more
GLOBAL
IMF: CBDCs Could Enhance Financial Inclusion in the Middle East
The IMF suggests that Central Bank Digital Currencies (CBDCs) could significantly improve financial inclusion and payment efficiency in the Middle East. By offering secure, accessible digital transactions, CBDCs can help bridge the gap for unbanked populations and streamline cross-border payments. The report underscores the potential of digital currencies to transform financial systems in developing regions. Read more
BIS Survey: Increasing CBDC Interest Among Central Banks
A recent survey by the Bank for International Settlements (BIS) reveals that more central banks are exploring Central Bank Digital Currencies (CBDCs). The growing interest reflects the potential benefits of CBDCs, including improved payment systems and financial inclusion. Central banks worldwide are considering digital currencies to enhance economic stability and adapt to the evolving financial landscape. Read more
BIS mBridge Project: Advancing Multi-CBDC Platforms
The Bank for International Settlements (BIS) is progressing with the mBridge project, which focuses on developing a multi-CBDC (Central Bank Digital Currency) platform. This initiative aims to facilitate seamless cross-border payments between participating countries. By leveraging CBDCs, the project seeks to enhance efficiency, reduce transaction costs, and improve financial inclusion on a global scale. Read more
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