The PFSA warns scammers are asking people to send cryptos to verify a transaction’s legality before depositing them in a fake investment fund. The Polish Financial Supervision Authority, or PFSA, issued a warning on the surge of scammers offering fake crypto investment opportunities, which they claim to be the only authorized investment fund in Poland.…
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The Financial Industry Regulatory Authority’s new request for digital assets activities adds more confusion to the regulatory environment. The United States Financial Industry Regulatory Authority, or FINRA, has once again invited itself to the digital assets oversight party for at least another year. Specifically, on July 9, FINRA published “Regulatory Notice 20-23,” which encourages broker-dealers…
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Compliance with FATF’s travel rule presents major technical difficulties, but the blockchain industry is best-equipped to overcome them. In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs — the term…
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Iran’s government OKs power plants mining crypto as the country moves forward with a national strategy for cryptocurrency mining. Crypto mining in Iran is set to become even bigger with the government giving the green light for power plants to mine cryptocurrencies like Bitcoin (BTC). The news is the latest piece of positive development on…
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As Trump clamps down on Chinese social media in the U.S., tech in general becomes subject to nationalism. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The U.S.–China trade war continues its brazen spillover into tech. In response to concerns over where…
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Konstantin Ignatov is probably breathing a sigh of relief today. Konstantin Ignatov, co-founder of major cryptocurrency exit scam, OneCoin, initially faced up to 90 years in jail after pleading guilty in November 2019. Now, however, it seems that Ignotov is no longer one of the key defendants in legal actions brought by victims of the…
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North Korean hackers are reportedly using untraceable altcoins to convert stolen cryptocurrencies into cash. North Korea-based cybercriminals are suspected to be using untraceable alternative cryptocurrencies, or altcoins, to convert stolen funds into cash. According to an NK News report, an unpublished United Nations Panel of Experts report states that North Korea-backed hackers have stolen approximately…
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Republic is trying to swap one SEC exemption for another to move its security token from the private to public markets. On Aug. 5, Republic, a platform for investing in startups, announced that it had sold out commitments for coming fundraises for its security token, Republic Note, happening under two distinct exemptions. The firm is…
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Government authorities and executives at Free Economic Zone “Bishkek” are reportedly involved in running a large-scale illegal mining farm. Law enforcement authorities in Kyrgyzstan have reportedly detected an illegal cryptocurrency mining farm on the territory of a local free economic zone (FEZ). The State Service for Combating Economic Crimes, an anti-corruption service in the Kyrgyz…
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Forsage members are courting a high risk with the Philippines’ securities regulator. A full month after the Philippines’ Securities and Exchange Commission flagged Forsage as a likely Ponzi, it remains the second-most popular Ethereum DApp on internet rankings. As of Aug. 6, Forsage has 390,000 users and a turnover of $3.11 million per 24 hours…
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