UK’s FCA Tasked with Supervising AML/CTF Compliance in Digital Asset Industry
The Financial Conduct Authority (FCA) announced Friday that it will be supervising the digital asset industry’s compliance with anti-money-laundering (AML) and counter-terrorist-financing (CTF) requirements.
Lagarde Still Open to Potential European Central Bank Digital Currency
European Central Bank President Christine Lagarde recently indicated that she’s still open to the idea of an ECB-issued digital currency. During an interview with the French magazine Challenges, Lagarde suggested that the bank would continue to explore cryptocurrency technology’s potential benefits for maintaining citizens’ access to currency as demand for physical cash diminishes over time.
SEC’s Announced 2020 Examination Priorities Include Continued Scrutiny of Digital Assets
The Securities and Exchange Commission revealed its Office of Compliance Inspections and Examinations (OCIE) priorities for 2020, confirming that regulators intend to continue to scrutinize digital assets and cryptocurrency-related services. In a January 7 announcement, the SEC noted that it will continue to review fintech innovations like digital currencies and electronic investment advice services:
Qatar Announces Ban on Digital Asset Services
The Qatar Financial Centre Regulatory Authority has announced a ban on all virtual asset services, International Investment reports. The ban will reportedly cover all digital asset trading, transfers, payments, and investments, except digital securities and other instruments regulated by the nation’s central bank or Financial Markets Authority.
Accused North Korea Sanctions Violator Released on $1M Bond
The Ethereum developer who was arrested in November and accused of trying to help North Korea use cryptocurrency and blockchain to evade sanctions has been released on a $1 million bond, the Inner City Press reports. Reports indicate that the accused, Virgil Griffith, will be required to remain with his parents during his release. The bond was reportedly secured by two family members’ homes.
Chinese Regulators Issue New Warning about Cryptocurrency Trading
In response to new concerns about rising interest in cryptocurrencies, Chinese regulators have issued yet another warning to remind citizens not to engage in cryptocurrency-related activities. That warning, titled Risk Tips on Further Preventing ‘Virtual Currency’ Trading Activities, noted that any activities that violate China’s restrictions on cryptocurrency use are illegal and disrupt the country’s “economic and financial order.”
Swiss President Says Libra Has No Chance in Current Form
Swiss president Ueli Maurer told broadcaster SRF that Facebook’s Libra project has failed in its current form, CNBC reports. According to Maurer, the project will need to make serious changes if it hopes to gain the regulatory approval it needs to achieve its vision.
Chinese Official: Digital Yuan ‘Not for Speculation’
People’s Bank of China digital currency research institute head Mu Changchun recently said that the central bank’s new sovereign digital currency will be different than private cryptocurrencies and stablecoins, the South China Morning Post reports. Most notably, Mu asserted that the digital yuan will not be open to speculation:
U.S. House Members: IRS Crypto Tax Guidance Raises ‘New Questions’
Eight members of the U.S. Congress have asked the Internal Revenue Service (IRS) to provide additional information about the agency’s cryptocurrency tax guidelines. In a December 20 letter to IRS Commissioner Charles Rettig, the representatives asserted that the guidelines released by the agency in October “creates many new questions related to the topics it seeks to address.”
Cryptocurrency Act Could Clarify Digital Asset Regulation in U.S.
Arizona Republican Congressman Paul Gosar has introduced a draft discussion bill designed to bring order to the regulation of digital asses in the United States. The Crypto-Currency Act of 2020 would provide clarity on issues like licensing, registrations, and which regulatory bodies are responsible for regulating different kinds of digital assets, Forbes reports.
Libra Board Member Says Project Will Launch in 2020
Libra Association board member Patrick Ellis told Reuters on Thursday that the organization still plans to launch its Libra digital currency payment system next year, despite having no firm plan for the currency’s rollout. However, he suggested that the organization’s discussions with regulators will determine the scope of that rollout.
Fed’s Brainard Highlights Digital Currency Risks
In remarks celebrating European Central Bank executive board member Benoît Coeuré, Federal Reserve Governor Lael Brainard focused on the risks associated with digital currency and stablecoins. Brainard was part of a panel focused on future monetary policy challenges.
UN Agency Turns to Blockchain to Protect Migrant Workers in Hong Kong
The UN-Related International Organization for Migration (IOM) is launching a blockchain-based tool to aid it in its efforts to protect migrant workers in Hong Kong from exploitation. The launch was announced today by IOM’s partner in the venture, blockchain technology firm Diginex.
Feds Charge Five Men for Illicit $722 Million Cryptocurrency Scheme
On Tuesday, U.S. prosecutors brought charges against five men who engaged in a cryptocurrency Ponzi scheme to defraud investors of $722 million, NBC News reports. The allegations were presented in a 27-page indictment in a Newark, New Jersey U.S. District Court.
IRS Criminal Investigation Division to Increase Focus on Crypto Tax Cases
The Internal Revenue Service Criminal Investigation division released its annual report on Thursday, revealing that it is continuing to prioritize cybercrime, employment tax concerns, and cryptocurrency tax-related issues, Accounting Today reports. The division reported that it had identified a total of $1.8 billion of tax fraud so far this year and has successfully prosecuted 91.2 percent of its financial crime cases.
Govt Report: Stablecoin Adoption Could Pose Risk to U.S. Economy
The Financial Stability Oversight Council released a new report this week highlighting various risks to the U.S. financial system and economy. Part of the report focused attention on potential dangers that could result from increased adoption of so-called stablecoins, like Facebook’s proposed Libra currency.
British Virgin Islands to Unveil Details of Digital Currency Rollout at Symposium
The British Virgin Islands is conducting its BVI Digital Economy symposium today, an event that is expected to include a presentation detailing the rollout of a planned digital currency. Those details will be provided by BVI partner LIFELabs, which is working with the British Virgin Islands to create a digital currency and national emergency Rapid Cash Response fund.
South Africa’s Central Bank Plans New Rules for Cryptocurrency Use
The South African Reserve Bank (SARB) will reportedly implement new rules for cryptocurrency use early next year, according to local media outlet Business Report. The new guidelines will be designed to prevent people from using digital currency to thwart the country’s currency controls.
Russian Central Bank Signals Support for Cryptocurrency Ban
The Central Bank of Russia has signaled its support for any possible ban on cryptocurrency within the Russian Federation, Russian media reports. That news comes in the wake of several weeks in which some observers believed that the country might have been warming up to the technology.
Shenzhen Authorities Vow Action Against Illegal Cryptocurrency Activities
Government officials in Shenzhen have signaled a crackdown on illicit cryptocurrency activities and claim that they’ve identified at least 39 entities violating China’s ban on cryptocurrency trading, Sanyan Finance reported today. The announcement comes as The People’s Bank of China has confirmed it is intensifying efforts to combat digital currency transactions in the country.
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