Regulation

South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. Out of the $314 million identified illicit assets, prosecutors have linked about 91.4 billion won ($69 million) of the specified amount to Kwon. Although Kwon amassed millions, none of the assets tied

The International Organization of Securities Commissions (IOSCO) will launch a consultation for its regulation report on crypto assets in Q2 2023. The final recommendations from the organization are planned to be published by the end of 2023.  The dates are scheduled in IOSCO’s work program for 2023–24. Two major workflows are dedicated to decentralized assets

A widely shared video of European Central Bank (ECB) President Christine Lagarde admitting that a Digital Euro will be used in a “limited” way to control the payments people can make was taken from the three week old prank video. The video was highlighted by breaking news account Watcher Guru on April 6 and generated

Swedish crypto tax firm Divly has released a new report that estimates that only 0.53% of crypto investors globally paid tax on their crypto in 2022 — however tax experts have cast doubt on the figures and methodology.  The Divly report published on April 5 came up with the estimate after analyzing the relationship between

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement. The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens (NFTs) in its

The Washington State Department of Financial Institutions (DFI) has issued a consumer protection alert addressing the “alleged cryptocurrency exchange” known as Eucoinotrade.  At least one person may have fallen victim to what appears to be “advanced fee fraud,” per the report. This is a confidence scheme that involves soliciting large sum payments for fees under

Arguing over the prudence and implications of issuing a central bank digital currency (CBDC) in the United States has seemingly become one of Washington’s favorite icebreakers. As Congress considers the question, it is critical that Americans clearly understand and soberly consider the immense power a CBDC could grant governments as well as the unacceptable risk

A bitter dispute between Paxful’s co-founders Artur Schaback and Mohamad (Ray) Youssef in Delaware’s courts may have been the real reason behind the Bitcoin marketplace’s sudden closure on April 4.  Schaback and Youssef, who started Paxful in 2015 with a shared passion for Bitcoin (BTC), are now litigating the company’s control with several accusations against each

The California Department of Financial Protection and Innovation said that the company behind cryptocurrency and stock trading platform Robinhood will likely pay more than $10 million in penalties “for operational and technical failures that harmed main street investors.” In an April 6 announcement, the DFPI said the settlement — up to $10.2 million — was

The German government is pushing for more welcoming regulations for startups working with financial innovation in the country, according to the newly drafted legislation of the “Future Finance Act” introduced by the finance ministry on April 5.  Key goals of the legislation include capital markets digitalization through the issuance of electronic securities on a blockchain

A new report from the United States Treasury Department analyzing decentralized finance concluded that actors from the Democratic People’s Republic of Korea as well as other scammers are able to exploit vulnerabilities to facilitate money laundering. In its ‘Illicit Finance Risk Assessment of Decentralized Finance’ report released on April 6, the U.S. Treasury said many

The Web3 project team of Japan’s ruling Liberal Democratic Party has released a white paper containing suggestions for expanding the nation’s industry, which has been incorporated into the national strategy by Prime Minister Fumio Kishida’s administration. The Web3 project team aims to bypass the usual bureaucratic processes to formulate regulatory proposals for everything from nonfungible

Islamic banking and finance is a system based on the principles of Shariah, or Islamic law, which, among many other things, prohibits the charging or paying of interest on loans and emphasizes ethical and equitable financial transactions.  One of the more notable traits of Islamic banking is its prohibition on charging or paying interest on

The collapse of the FTX exchange and its subsidiaries in November 2022 also led to the shutdown of its philanthropic arm, FTX Future Fund. The philanthropic arm had pledged $1 billion in donations toward research academics across prestigious universities. However, the team behind the project resigned after FTX filed for bankruptcy on Nov. 11, 2022. Many

The Chinese government appears to be more bullish on the cryptocurrency industry than one might think, as a major state company is reportedly launching new cryptocurrency funds. CPIC Investment Management, a subsidiary of China Pacific Insurance Company (CPIC), is launching two crypto funds in partnership with the investment firm Waterdrip Capital, the local tech-focused agency

OpenAI, the creators of artificial intelligence (AI) chatbot ChatGPT, is under investigation by Canada’s privacy commissioner for alleged collection and use of personal information without consent. On April 4, The Office of the Privacy Commissioner of Canada (OPC) stated its investigation was brought about following a complaint from an unidentified person. Head Privacy Commissioner Philippe

Singapore regulators work together with traditional banks to develop uniform standards for screening potential customers from the crypto industry. The collaboration has been ongoing for the last six months.  According to a Bloomberg report from Apr. 6, the Monetary Authority of Singapore (MAS) has been working alongside the police forces to help local banks optimize

Trading firms Jane Street Group, Tower Research Capital and Radix Trading have been reportedly identified as Binance’s three “VIP” clients that were cited anonymously in the recent lawsuit filed against Binance by the United States commodities regulator. According to an April 5 Bloomberg report citing “people familiar with the matter,” Radix Trading is “Trading Firm

Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings. In an April 4 filing to a Delaware Bankruptcy Court, media outlets Bloomberg, The Financial Times, The New York Times, and its parent firm the Dow Jones & Company jointly objected

The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office