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
United States seizes more than $6 Million in alleged proceeds of a Crypto-Confidence Scheme
The United States seized over $6 million worth of cryptocurrency from perpetrators overseas. The perpetrators in Southeast Asia targeted one or more individuals in the United States and fraudulently obtained millions of dollars’ worth of cryptocurrency through a cryptocurrency confidence investment scheme. The FBI was able to trace victim funds on the blockchain and located multiple cryptocurrency wallet addresses which still held victim funds totaling more than $6 million. Read more
SEC Charges Flyfish Club, LLC for Unregistered Offering of NFTs
The Securities and Exchange Commission today charged Flyfish Club, LLC (Flyfish) with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs) that raised approximately $14.8 million from investors to finance the construction and launch of a private members-only restaurant called Flyfish Club. It has to be noted that FlyFish has settled with the SEC. Read more.
SEC settles with eToro crypto trading platform.
The SEC announced that eToro USA LLC has agreed to pay $1.5 million to settle charges claiming that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets. Read more.
Federal Court denies motion to dismiss SEC allegations against Kraken.
The US District Court for the Northern District of California denied the motion to dismiss filed by Payward, Inc. and Payward Ventures (d/b/a “Kraken”) in a lawsuit filed by the SEC alleging that Kraken operates as a broker, dealer, exchange, and clearing agency for crypto asset securities without proper registration. The court found that “the SEC has plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.” Read more.
CFTC issues order against Uniswap for illegal digital asset derivatives trading.
The Commodity Futures Trading Commission (CFTC) announced it issued an order filing and settling charges against Universal Navigation Inc. (dba Uniswap Labs) for illegally offering leveraged or margined retail commodity transactions in digital assets via a decentralized digital asset trading protocol. Read more.
California court upholds daily transaction limit for crypto kiosks.
The California Department of Financial Protection and Innovation (DFPI) announced that the Superior Court for Los Angeles County upheld the state Digital Financial Assets Law’s consumer protections for users of crypto asset kiosks, or bitcoin ATMs. Read more.
FBI San Diego Seizes Cryptocurrency Recovery Websites
Special Agents with the FBI San Diego Field Office have seized websites belonging to three cryptocurrency recovery services. The seizures come as the FBI continues to crack down on an emerging scam tactic aimed at further defrauding cryptocurrency scam victims. Read more.
California passes bill to prohibit unauthorized AI replicas of the deceased
California’s Senate passed Assembly Bill 1836, prohibiting unauthorized AI-generated replicas of deceased personalities without prior consent to protect performers’ rights and likenesses. Read more.
AI may lead to inflationary pressures: Bank of Canada
Bank of Canada Governor Tiff Macklem said that investments in artificial intelligence may lead to higher inflationary pressures in the short term and cause financial stability issues. Read more.
ASIA
Japan’s Financial Regulator Mulls Taxing Crypto as Financial Asset
Japan’s Financial Services Agency said it may be worth taxing crypto as a financial asset. The country currently taxes crypto profits as income, which can result in a 45% tax rate for high earners. Read more.
India leads in crypto adoption for second straight year, report shows
India led the way in global adoption of cryptocurrencies for the second straight year as investors braved the country’s tough regulatory stance and steep trading taxes. Read more.
Hong Kong prepares AI guidelines for finance sector
By introducing new policies, Hong Kong authorities aim to increase the use of AI in Hong Kong’s traditional trading, investment banking and cryptocurrency markets. Read more.
South Korea Warns Crypto Firms as $4 Million Threshold Risks Life Sentence
South Korea’s financial regulator is ramping up oversight of the virtual asset market. It is warning of severe consequences for illegal transactions just two months after implementing new protective legislation. Cryptocurrency scammers can now serve life sentences behind bars if their illegal operations exceed $4 million. Read more.
Hong Kong to align crypto OTC derivative rules with European standards
Two top-level Hong Kong financial regulators have co-announced their intent to adopt reporting requirements set by the European Securities and Markets Authority (ESMA) for crypto over-the-counter (OTC) derivatives. Read more.
Turkish capital markets board publishes new regulations for cryptocurrency exchanges
The Capital Markets Board (CMB) has announced a significant set of regulations in the cryptocurrency space. These regulations entered into force with the amendments made to the Capital Markets Law No. 7518 and were announced in line with the framework determined by the Temporary Article 11 added to the Capital Markets Law No. 6362. The new regulations cover a wide range from the operation of crypto asset platforms to the protection of customer rights. Read more.
Turkey’s $200 limit on cash payments: What does it mean for crypto?
Should the Turkish government pass new amendments, all cash payments above $205 would be subject to fines of 10%. Read more.
MIDDLE EAST
Qatar Financial Centre issues Digital Assets Framework
The Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have announced the launch of the QFC Digital Assets Framework, a comprehensive and innovative regime for the creation and regulation of digital assets in the QFC. Read more.
SCA and VARA set regulatory framework for the UAE’s virtual assets sector in boost to the country’s global position in the field
UAE regulators to allow Dubai-licensed VASPs to service entire country. The agreement between UAE regulators covers the mutual supervision of crypto providers, penalty imposition, information exchange and employee training. Read more.
AUSTRALIA
Australia Introduces Non-Legally Binding AI Framework to Help Shape Future Policy
Australia has introduced voluntary AI safety standards aimed at promoting the ethical and responsible use of artificial intelligence, featuring ten key principles that address concerns around AI implementation. Read more.
GLOBAL
US, EU and UK sign world’s first international AI treaty
The US, EU and UK have signed the world’s first legally binding international AI treaty, prioritizing human rights and accountability in AI regulation. Read more.
UN advisory body proposes new measures for AI governance
The United Nations Artificial Intelligence advisory body has released its final report, outlining seven key recommendations to address AI-related risks and governance gaps. The report was released on Thursday and will be presented at a U.N. summit in September. Read more.
IMF staff propose REDI framework to catalyze CBDC adoption
IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption. International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on ways to increase the uptake of central bank digital currencies (CBDCs) globally. Read more.
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