Numerous jurisdictions across the globe are developing their own cryptoasset regulatory frameworks—the UK is no exception. Cryptoasset businesses overseas looking to enter the UK market, or to offer services to customers in...more
What is happening Many of the largest blockchain networks today are subject to a proof-of-stake (PoS) consensus mechanism, such as Ethereum, Solana, and Polygon, which are reliant on users participating in the activity of...more
A significant focus on tax compliance and follow-up enforcement actions may be on the horizon. We previously reported that the Internal Revenue Service (IRS) Cyber Crimes Unit had signaled its determination to increase...more
Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on...more
The U.S. Department of Justice (DoJ) has announced that the co-founder of a cryptocurrency company who misled victims into investing $25 million in a fraudulent scheme has pled guilty for his role in the scheme and faces up...more
The Commodity Futures Trading Commission (CFTC) has approved final interpretative guidance on retail commodity transactions involving certain digital assets, clarifying the agency's views in respect of the "actual delivery"...more
The G20 has urged countries to adopt the Financial Action Task Force (FATF) standards on virtual assets and virtual asset service providers, which were adopted in June last year.
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2/28/2020
/ Bitcoin ,
Blockchain ,
BSA/AML ,
Committee on Payments and Market Infrastructure (CPMI) ,
Cross-Border Transactions ,
Cryptoassets ,
Cryptocurrency ,
Digital Currency ,
Digital Service Providers ,
FATF ,
Financial Instruments ,
Financial Services Industry ,
G20 ,
Popular ,
Virtual Currency
The U.S. Commodity Futures Trading Commission (CFTC) has charged a man from Colorado with fraud and failing to register with it in respect of a scheme that involved Ponzi-type payments....more
2/21/2020
/ Bitcoin ,
Blockchain ,
Civil Monetary Penalty ,
Commodity Pool ,
Cryptocurrency ,
Digital Assets ,
Disgorgement ,
Enforcement Actions ,
Foreign Currency ,
Forex ,
Illegal Trading ,
Investment ,
Investment Fraud ,
Misappropriation ,
Permanent Injunctions ,
Ponzi Scheme ,
Restitution ,
Solicitation ,
White Collar Crimes
The U.S. Department of Justice (DoJ) has indicted a man from Ohio for running Helix, a darknet-based cryptocurrency laundering service that is alleged to have laundered bitcoins worth $300 million....more
2/18/2020
/ Belize ,
Bitcoin ,
Blockchain ,
Criminal Conspiracy ,
Criminal Investigations ,
Criminal Prosecution ,
Cryptocurrency ,
Darknet ,
Department of Justice (DOJ) ,
Digital Currency ,
Indictments ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Popular ,
Search Warrant ,
Virtual Currency
IOSCO has published its final report on the issues, risks and regulatory considerations associated with CTPs, which includes key considerations to help regulatory authorities address those issues. ...more
2/14/2020
/ Conflicts of Interest ,
Cryptoassets ,
Cryptocurrency ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
Investment Opportunities ,
IOSCO ,
Regulatory Standards ,
Risk Management ,
Secondary Markets ,
Securities Regulation ,
Token Sales ,
Trading Platforms ,
Transparency
A man from Michigan has been ordered to repay about $210,000 for his role in a cryptocurrency scam. The fraudster solicited investments from two people, promising them large returns, but he used the investment proceeds to buy...more
2/10/2020
/ Bitcoin ,
Criminal Prosecution ,
Cryptocurrency ,
Digital Currency ,
Guilty Pleas ,
Investment ,
Investment Funds ,
Investment Opportunities ,
Investors ,
Money Laundering ,
Popular ,
Scams ,
Virtual Currency ,
Wire Fraud
The Internal Revenue Service (IRS) has signaled for years that it would eventually bring enforcement actions against individuals who failed to report cryptocurrency gains. It appears that “eventually” is over and that those...more
8/24/2019
/ Capital Markets ,
Criminal Prosecution ,
Cryptocurrency ,
Currency Exchange ,
Enforcement Actions ,
Enforcement Programs ,
Failure to Report ,
Income Taxes ,
IRS ,
Reporting Requirements ,
Tax Fraud ,
Trading Platforms
What has happened?
US President Donald Trump has signed an executive order, establishing a task force that will develop guidance for the investigation and prosecution of fraud, including "digital currency fraud"....more
7/30/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Enforcement Actions ,
Federal Agency Taskforce ,
Financial Fraud ,
Government Investigations ,
Regulatory Agenda ,
Regulatory Oversight ,
Trump Administration ,
Virtual Currency
What has happened?
A US federal court has ordered Dillon Michael Dean and his UK-registered company, The Entrepreneurs Headquarters Ltd (TEH), to pay over $1.9 million in "civil monetary penalties and restitution"....more
7/30/2018
/ Bitcoin ,
CFTC ,
Civil Monetary Penalty ,
Cryptocurrency ,
Digital Currency ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Investment Fraud ,
Misappropriation ,
Token Sales ,
Trade Options ,
Virtual Currency
Anyone working for the executive branch of the US government must disclose their cryptocurrency holdings, because they "may create a conflict of interest"....more
6/20/2018
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Disclosure Requirements ,
Executive Branch ,
Federal Employees ,
Investment ,
Office of Government Ethics (OGE) ,
Regulatory Oversight ,
Token Sales ,
Virtual Currency