Tag: Regulation

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IRS Delays Enforcement of Digital Asset Reporting Rules, Awaiting Regulations

January 18, 2024

On Tuesday, the U.S. Internal Revenue Service (IRS) and Treasury provided transitional guidance on digital asset reporting, postponing enforcement pending regulation issuance. IRS Temporarily Halts Enforcement of Digital Asset Reporting The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a temporary reprieve for businesses in reporting certain digital asset transactions. The latest…
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South Korea Mulls Issuing Crypto Mixing Regulations to Curb Money Laundering

January 17, 2024

Financial authorities are preparing to issue cryptocurrency mixing-specific regulations in South Korea to stop criminal groups from using these tools to launder funds obtained illegally. The Korean authorities are discussing whether to allow virtual asset service providers (VASPs) to reject transactions from these privacy-enhancing services. South Korea Starts Discussing Cryptocurrency Mixing Regulations Korea might enact…
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South Korean Bankruptcy Court Judge Calls for More Crypto Regulation

January 17, 2024

Source: Valerii Evlakhov/Adobe A South Korean bankruptcy court judge has called on the government to bolster regulation in the crypto industry, claiming investors need more protection. Per Newsis, the claims were made by Judge Lee Seok-jun, of the Seoul Bankruptcy Court. Lee wrote a paper on “regulations intended to protect virtual asset investors.” The paper…
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Ripple CEO Blasts Gary Gensler as ‘Political Liability’ — Says New SEC Chair Will Be Good for the American People

January 17, 2024

The CEO of Ripple, Brad Garlinghouse, has slammed the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, as a “political liability.” Emphasizing that Gensler is not acting in the interests of the people or the long-term growth of the economy, the Ripple executive said: “I think at some point there will be…
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USDT at the Heart of Pig Butchering Scams Says the UN

January 16, 2024

The stablecoin tether has emerged as one of the preferred payment methods for money launderers and fraudsters operating out of Southeast Asia, the findings of a new United Nations study have shown. According to Jeremy Douglas, criminals are choosing to use tether because they know that “cryptocurrency regulations are way behind [the illicit activity].” Underground…
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Ukrainian Police Collaborate With Europol to Apprehend Alleged Cryptojacking Mastermind

January 16, 2024

The Ukrainian police, in collaboration with Europol, recently apprehended the alleged mastermind behind a cryptojacking scheme. According to a statement released by Europol, the arrest underscores why the private sector should collaborate with law enforcement. Law Enforcement and Private Sector Collaboration The Ukrainian police recently arrested a 29-year-old man accused of masterminding a complex cryptojacking…
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SEC Chair Gary Gensler Sees Irony in Spot Bitcoin ETF Approval — ‘This Was About Centralization’

January 16, 2024

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler sees irony in the approval of spot bitcoin exchange-traded funds (ETFs). “This was about centralization and traditional means of finance,” said Gensler, warning: “Investors should be aware that this underlying asset is a highly speculative, volatile asset, and amongst its use cases is really for illicit…
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Apple and Google Remove Several Major Crypto Exchanges From App Stores in India Following Regulatory Crackdown

January 16, 2024

Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country. Various telecom networks and internet service providers in India are also blocking the websites of affected crypto exchanges. India Continues Crackdown on Uncompliant…
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IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won’t Dethrone US Dollar as Dominant Currency

January 16, 2024

International Monetary Fund (IMF) chief Kristalina Georgieva sees crypto as an asset class, not money. She dismissed concerns of bitcoin potentially displacing the U.S. dollar as the world’s dominant currency, citing the size of the U.S. economy and the depth and sophistication of its capital markets as key factors. IMF Chief on Crypto and US…
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Cryptocurrency Rights Bill Lands in Indiana

January 15, 2024

Indiana is adding its name to the list of states that intend to guarantee the cryptocurrency rights of its citizens. A cryptocurrency bill that guarantees the non-intervention of the state government of Indiana in cryptocurrency self-custody, mining, validation, and other issues was recently introduced by Rep. Heath VanNatter in the Indiana General Assembly (IGA). Blockchain…
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