Two related cryptocurrency firms have fallen foul of U.S. financial regulators for entering into illegal off-exchange swaps in digital assets and foreign currency. Two related cryptocurrency firms have fallen foul of United States financial regulators for entering into illegal off-exchange swaps in digital assets and foreign currency. On July 13, the U.S. Commodity Futures Trading…
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Crypto companies are looking for legal talent as the industry becomes more established. The crypto market might soon see an uptick in legal hiring as it is moving out of regulatory gray zones, according to a recent article from Bloomberg Law. The publication interviewed a number of experts from the industry following the news that…
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Sohrab Sharma would be the 2nd co-founder behind the Centra Tech ICO scam to face prison following the conviction of Robert Farkas in June. Sohrab Sharma, one of the co-founders of cryptocurrency firm Centra Tech facing charges related to a $25 million initial coin offering scam, is reportedly planning to plead guilty. According to a…
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Crypto taxation in South Korea could increase to 20% for capital gains. South Korean private sector members recently discussed a crypto-related taxation bill meant to establish capital gains tax for cryptocurrencies. During these discussions on July 13, members indicated crypto gains taxes could rise as high as 20%. Cryptocurrencies could be considered as “goods” Proposed…
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U.S. regulators team up to fine and halt a crypto portfolio app offering synthetic exposure to traditional assets, which was not offered to U.S. investors. The Securities and Exchange Commission and Commodity Futures Trading Commission issued a joint fine to Abra, a crypto portfolio app that let users get synthetic exposure to traditional markets. According…
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G20 officials announced on July 11 that they would begin laying the regulatory groundwork for the group to accept digital payments. Digital currency payments may become a reality for G20 members before the next summit in Saudi Arabia. As reported by Kyodo News on July 11, officials revealed that the G20 summit compromising representatives from…
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Coinbase CEO says analytics platform is important to comply with AML rules and that only privacy coins can offer true privacy. Coinbase defended the licensing of its analytics software saying if people really wanted privacy, privacy coins were around. Coinbase CEO Brian Armstrong took to Twitter to talk about Coinbase Analytics and the company’s practice…
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Crypto regulation in 2020: The U.S. tightens regulation of crypto, while India has finally allowed banks to get involved with firms. Cryptocurrencies have been around for more than 10 years, but the legal status of Bitcoin (BTC) and most other cryptocurrencies remains unclear and has different definitions in various jurisdictions. Are they money, an asset,…
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Experts are of the opinion that governments need to work hand-in-hand with encryption-centric service providers to combat illegal activities on their platforms. Encrypted messaging services have always presented a tough challenge for government agencies all over the world. On one hand, they allow for freedom of speech, but on the other, they enable miscreants and…
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This week has seen some major breakthroughs in disguise, reminding us of how regulation doesn’t all happen at once. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Policy changes slowly. Crypto wants to move fast. Sometimes fairly, sometimes not, the crypto industry…
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