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India’s Union Budget 2025-26 Introduces Stricter Cryptocurrency Regulations and Compliance Measures
On 1 February 2025, the Indian government released the Union Budget for the financial year 2025-26, addressing various economic sectors, including cryptocurrency regulation. The budget reaffirmed the government's cautious stance on digital assets by maintaining the 30% tax on cryptocurrency income while introducing new compliance requirements and penalties for unreported gains. The government continues to classify cryptocurrency as a high-risk speculative asset, disallowing investors from offsetting losses against other income sources. Cryptocurrency entities are now mandated to report transaction details under Section 285BAA of the Indian Income Tax Act, a requirement that brings them under scrutiny, akin to traditional financial institutions. The Indian budget 2025-26 introduced a 70% penalty on undisclosed gains from cryptocurrency transactions, retroactively applying to profits made over the past 48 months. This provision specifically targets unreported earnings from the...
US Federal Court Orders Florida Resident to Pay $7.6 Million for Digital Asset Fraud
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the District of Massachusetts had entered a consent order dated 6 February 2025 against Randall Crater, a resident of Heathrow, Florida, in connection with a fraudulent digital asset scheme. The consent order for permanent injunction and other equitable relief against Randall Crater, requires Crater to pay over $7.6 million in restitution to defrauded victims, with a dollar-for-dollar credit for payments made under a parallel criminal action. The court also permanently enjoined him from trading in US CFTC-regulated markets, engaging in transactions involving commodity interests or digital asset commodities, and registering with the US CFTC. The order resolves the US CFTC’s enforcement action against Crater in relation to his role in My Big Coin, a fraudulent virtual currency scheme that misled investors about the legitimacy, backing, and...
US Federal Court Orders New York Resident to Pay Over $1.5 Million in Digital Assets Fraud Case
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the Eastern District of New York had entered an order dated 16 January 2025, against Rashawn Russell, a New York resident, in a US CFTC enforcement action. The order finds Russell liable for fraudulent solicitation and misappropriation of investor funds intended for digital assets trading and requires him to pay over $1.5 million in restitution to victims. The order permanently enjoins Russell from engaging in activities that violate the Commodity Exchange Act and CFTC regulations. Additionally, it imposes an eight-year trading ban on him and prohibits him from registering with the CFTC, soliciting investments, or trading in any CFTC-regulated markets on behalf of third parties. The order resolves the CFTC’s enforcement action against Russell, originally filed on 11 April 2023. According to the order, the US SEC alleges that between November 2020...
US SEC Grants Temporary Exemption from Rule 13f-2 Compliance and Form SHO Reporting of US Securities Exchange Act
On 07 February 2025, the United States Securities and Exchange Commission (US SEC) issued an order titled Order Granting Temporary Exemption Pursuant to Section 13(f)(3) of the United States Securities Exchange Act of 1934 from Compliance with Rule 13f-2 and Form SHO. This exemption delays the requirement for institutional investment managers to comply with US SEC Rule 13f-2 and report on US SEC Form SHO until 02 January 2026, extending the original deadline of 02 January 2025. The first required US SEC Form SHO filings, initially due by 14 February 2025, will now be due by 17 February 2026, covering the January 2026 reporting period. The order provides relief to institutional investment managers that meet or exceed certain reporting thresholds, giving them additional time to implement necessary technical updates and address compliance challenges. US SEC Rule 13f-2, adopted on 13 October 2023, mandates institutional investment managers meeting specified thresholds to file US SEC Form...
US CFTC to Hold CEO Forum to Discuss Launch of Digital Asset Markets Pilot
On 07 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced to hold a CEO Forum of industry-leading firms to discuss the launch of US CFTC’S Digital Asset Markets Pilot, which will focus on integrating tokenized non-cash collateral, such as stablecoins, into the regulated financial ecosystem. The initiative will bring together industry leaders, including Circle, Coinbase, Crypto.com, MoonPay, and Ripple, to discuss the framework and implementation of the US CFTC’s digital asset markets pilot program. Further details regarding the CEO Forum will be provided as they are finalised. The pilot program is designed to act as a US regulatory sandbox, allowing digital asset markets to operate within a structured framework while ensuring compliance with existing financial regulations. Acting Chairman Pham had previously proposed such a US CFTC pilot program to provide regulatory clarity and establish guardrails for digital asset markets. The US CFTC has...
UK FCA Intensifies Crackdown on Misleading Financial Adverts with Crypto Asset, Debt Solutions, and Claims Management Company
On 07 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) published its report detailing its regulatory actions in 2024. The report states that nearly 20,000 financial promotions were withdrawn or amended, marking a 97.5% increase from 2023. The UK FCA stated its concerns surrounding cryptoasset promotions. The UK FCA identified 9,197 CMC-related promotions in 2024 that were subsequently withdrawn. Many of these promotions pertained to housing disrepair and motor finance claims, which were flagged as misleading. The regulator also issued 2,240 warnings about unauthorised or potentially fraudulent firms. Social media influencers, commonly referred to as ‘finfluencers’, came under increased scrutiny, leading to 20 individuals being interviewed under caution for their involvement in illegal financial promotions. As part of its enhanced regulatory framework, the UK FCA introduced the Section 21 Gateway, which requires firms to obtain permission before approving...
IMF Explores Tokenisation’s Impact on Financial Market Inefficiencies
The International Monetary Fund (IMF) has released its latest Fintech Note, ‘Tokenization and Financial Market Inefficiencies (Note 2025/001)’, authored by Itai Agur, Germán Villegas-Bauer, Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, and Brandon Tan. This report presents an in-depth analysis of how tokenization: a financial innovation driven by digital ledger technology may influence inefficiencies in financial markets. The study provides a conceptual framework grounded in economic principles, evaluating potential changes in transaction frictions, externalities, and market structures resulting from tokenization. The note by IMF examines tokenisation’s role in mitigating financial market inefficiencies, which include asymmetric information, search frictions, transaction costs, and counterparty risks. While recognising its benefits, the report elaborates on potential risks, such as increased financial interconnectedness and market volatility, relevant for policymakers...
Czech National Bank to Explore Expansion of Investment Portfolio
On 30 January 2025, the Czech National Bank (CNB) held a Bank Board meeting where it reviewed on international reserve management in 2024 and approved a proposal to analyse the potential for investing in additional asset classes. The assessment will consider whether broadening the CNB’s investment portfolio would be beneficial in terms of diversification and return. The initiative was proposed by Governor Aleš Michl, and any future decisions on implementation will depend on the results of the analysis. Until then, no changes will be made to the CNB’s reserve portfolios. The CNB has been diversifying its investments over the past two years, aligning with its reserve management strategy. Expanding investments to additional asset classes is now under consideration to further enhance diversification and improve returns. The Bank Board’s decision to conduct an analysis stems from ongoing efforts to optimise reserve management practices. The Bank Board reviewed international reserve...
Czech National Bank Prepares for Oversight Role Under EU MiCA Regulation
On 06 December 2024, the Czech National Bank (CNB) was designated as the competent authority under the European Union’s Markets in Crypto-Assets Regulation (MiCA), in accordance with the draft Act on the Digitalisation of the Financial Market. The law was approved by the Chamber of Deputies on 6 December 2024 and subsequently forwarded to the Senate on 30 December 2024. The legislation is expected to take effect the day after its promulgation. Until then, the CNB does not hold the authority to process applications or notifications under MiCA Regulation (EU) 2023/1114. The Act on the Digitalisation of the Financial Market is currently under discussion in the Parliament of the Czech Republic and, once in effect, will enable the CNB to receive and process applications and notifications relating to crypto-assets. The CNB’s regulatory scope will extend to various aspects of the crypto-asset market, ensuring compliance with MiCA’s provisions. The transition follows the EU-wide regulatory...
US SEC Commissioner Speech: ‘The Journey Begins’ for Crypto Regulation with Crypto Task Force Initiative
On 04 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce delivered a speech titled The Journey Begins, where she discussed the launch of the US SEC’s Crypto Task Force and its commitment to establishing a structured and transparent framework for the crypto industry. She addressed past regulatory inconsistencies, enforcement-driven oversight, and the need for a clearer regulatory approach that fosters innovation while ensuring investor protection. Peirce compared the past decade of crypto regulation to an unplanned road trip, where the agency lacked clear direction, resulting in legal ambiguity and numerous enforcement actions. She expressed confidence that the newly formed Crypto Task Force would take a more structured path, collaborating with experts across various regulatory bodies to address the challenges posed by digital assets. Her remarks made clear that the objective is to create an environment where innovation can thrive...
US SEC Announces Executive Staff Appointments Under Acting Chairman Mark T. Uyeda
On 04 February 2025, the United States Securities and Exchange Commission (US SEC) announced the executive staff appointments under Acting Chairman Mark T. Uyeda. The newly appointed team will advise the Acting Chairman on matters before the Commission and collaborate closely with US SEC staff to ensure efficient regulatory oversight. Gabriel Eckstein has been appointed as Chief of Staff at the US SEC. Steven Levine has been appointed as Deputy Chief of Staff at the US SEC. Holly Hunter-Ceci, Charles Lee, Jaime Marinaro, and Kelsey Pristach have been appointed as Senior Advisors to the Acting Chairman at the US SEC. Peter Gimbrere has been appointed as Managing Executive at the US SEC. Andrew Vollmer has been appointed as Counselor to the Acting Chairman at the US SEC. Graham Conlan, David Marcinkus, and Richard Gabbert have been appointed as Counsel to the Acting Chairman at the US SEC. Richard Gabbert has also been appointed as Chief of Staff for the Crypto Task Force at the US...
US SEC Secures Final Judgment against Investment Adviser Over Fraudulent “Cherry-Picking” Scheme
On 23 December 2024, the United States Securities and Exchange Commission (US SEC) secured a final judgment against Steven J. Susoeff and his investment advisory firm, Steve Susoeff, LLC, doing business as Meritage Financial Group. The judgment was issued by the United States District Court for the District of Nevada in Securities and Exchange Commission v. Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), Civil Action No. 2:23-cv-00173. The case arose from allegations that Susoeff engaged in a fraudulent “cherry-picking” scheme, improperly allocating investment profits in violation of United States federal securities laws. According to the complaint, filed on 1 February 2023, the US SEC alleged that Susoeff, as the sole owner and principal of Meritage Financial Group, engaged in a scheme where he systematically directed profitable trades to favoured accounts, including those of his girlfriend and business associate, while consistently assigning unprofitable...
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