The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance.
Crypto regulation is an umbrella term for the network of laws, statutes and legal practices surrounding the crypto and blockchain industries. Since Bitcoin's 2008 white paper, the legal status of these industries has been the subject of a huge amount of conversation. Lawmakers and regulators have had to cope with an entirely new set of concerns. Some governments have reacted hostilely, seeing crypto as a threat to monetary control. Others have embraced the industry for its capacity to link distant economies and facilitate trustless transactions across the globe. But most of the world is still figuring out exactly how to legislate, regulate and prosecute the set of laws surrounding such a young industry.
TradFi firms with expertise in risk management may soon “fill the void” left by bankrupt crypto lenders, a Duke finance professor predicts.2433
The IRS’s recommendation to check “Yes” boils down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking.18696
The Biden administration touted its comprehensive framework and encouraged regulators and Congress to tighten the screws on crypto in a new statement.7428
It’s alleged that the former FTX CEO attempted to arrange a “constructive relationship” with the current General Counsel of FTX US, Ryne Miller.5390
The new policy would align the allowable activities for insured and uninsured state banks and OCC-supervised national banks by making rules for state banks more restrictive.8861
The bill clarifies that state agencies can legally agree to accept cryptocurrency payments and that these agreements should be enforced by the courts.3711
The bank applied for the application in 2019 and sued the Fed in an attempt to speed up the decision.10051
FTX’s legal team from Sullivan & Cromwell has 150 people on the bankruptcy case, with thirty partners reportedly charging more than $2,000 per hour.5545
The state senator also introduced a similar bill to make Bitcoin legal tender in 2022 but did not succeed.6183
According to sources, the regulator has been probing registered investment advisers over how they’ve offered crypto custody to their clients.11217
After a torrid 2022 that saw it sell off its flagship mining facility, Argo Blockchain’s woes are worsening after a recent class-action suit.6591
The chair of the Financial Services Subcommittee on Digital Assets wants to make America the place for fintech and blockchain innovation.3575
The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.5003
Commodity Futures Trading Commission Kristin Johnson wants to protect customers in a way that reduces the risk of future crises.3174