Newsfeed

Gyeonggi province in South Korea has unveiled a novel system named the 'Arbitrator Virtual Asset Tracking Electronic Management System' to tackle crypto tax evasion effectively. This innovative approach yielded a substantial 6.2 billion won ($4.7 million) in arrears in the previous year alone. The system integrates advanced technology to trace personal information like phone numbers for known tax delinquents and cross-reference them on crypto trading platforms, significantly streamlining the tracking and collection process. By leveraging residents' registration numbers to trace mobile phone numbers, the system has improved the success rate of detecting membership in virtual currency exchanges, identifying 5,910 tax delinquents with virtual asset accounts and recovering arrears from 2,390 individuals over the past year. Gyeonggi province's innovative system is a significant step forward in combating crypto tax evasion and ensuring fair taxation practices in South Korea. By leveraging...

Digital Currency Group (DCG) has voiced its opposition to the settlement arrangement between the New York Attorney General (NYAG) and Genesis Global, a cryptocurrency lender that recently filed for bankruptcy. DCG, the parent company of Genesis, criticized the settlement for allegedly bypassing proper legal processes and diverting value to preferred creditors, contrary to established bankruptcy procedures. The filing with the U.S. Bankruptcy Court Southern District of New York raised concerns about the fairness and legality of the settlement, highlighting broader legal challenges faced by Genesis and DCG in the cryptocurrency sector. The dispute between Genesis and the NYAG reflects the regulatory scrutiny and enforcement actions facing cryptocurrency firms, particularly in New York. The opposition from DCG signals a potential legal battle over creditor treatment and bankruptcy protocols, highlighting the need for clearer regulatory frameworks in the crypto space. As cryptocurrency...

Apple has unveiled PQ3, a groundbreaking encryption protocol integrated into iMessage as part of the iOS 17.4 update released on February 21. PQ3 represents a significant advancement in messaging app security, as it incorporates post-quantum cryptography to safeguard user communications. This move places Apple alongside Signal as one of the few companies to implement encryption resistant to potential quantum computing threats. Apple claims that its PQ3 protocol achieves a level of encryption unmatched in the messaging app world, surpassing traditional encryption methods and preparing for the future era of quantum computing. Apple's introduction of PQ3 encryption protocol marks a proactive approach to address evolving threats in the digital landscape. By incorporating post-quantum cryptography into iMessage, Apple not only strengthens the security of its messaging platform but also demonstrates its commitment to staying ahead of technological advancements. The integration of PQ3...

A Texas-based crypto company, Lejilex, in partnership with the Crypto Freedom Alliance of Texas (CFAT), has filed a lawsuit against the US Securities and Exchange Commission (SEC), alleging regulatory overreach and seeking clarity on the classification of digital assets. The lawsuit, filed in a federal court in Fort Worth, challenges the SEC's jurisdiction over the cryptocurrency industry, citing concerns about excessive regulation hindering innovation. Lejilex and CFAT argue that the SEC's broad assertion of jurisdiction lacks a clear statutory mandate, leading to uncertainty for crypto startups like Lejilex in listing digital assets. They seek legal clarification to ensure compliance with securities laws while advocating for a more conducive regulatory environment. The lawsuit aims to contest the SEC's characterization of digital assets as investment contracts and advocates for the application of the "major questions doctrine" to nullify agency actions with significant economic and...

Global law firm White & Case LLP has expanded its White Collar Practice with the appointment of Ladan Stewart, a seasoned US Securities and Exchange Commission enforcement attorney and civil litigator, as its New York Partner. Stewart's experience, including her role as head of the SEC's lawsuit against Coinbase and Ripple, positions her as a valuable asset to the firm. With over 20 years of experience, Stewart brings a wealth of knowledge to White & Case, particularly in securities enforcement and civil litigation. Her leadership role in the SEC's specialized crypto and cyber litigation unit underscores her expertise in navigating legal challenges in the rapidly evolving crypto industry. Stewart's addition aligns with White & Case's strategic focus on expanding its White Collar Practice and strengthening its position in the U.S. legal market. Joel M. Cohen, Global Head of White & Case's Global White Collar Practice, emphasizes Stewart's role in addressing heightened regulatory...

Greg Solano, one of the creators of the Bored Ape Yacht Club (BAYC) nonfungible token (NFT) collection, has been appointed as the new CEO of Yuga Labs, replacing Daniel Alegre, who assumed the role last April. Solano confirmed his return to the CEO position in a Feb. 21 post, expressing his excitement for leading the company into its next chapter. He emphasized Yuga Labs' renewed focus on building partnerships and enhancing BAYC's utility, highlighting the importance of community involvement and past successes such as ApeFest and Made by Apes events. Solano's return as CEO is a strategic shift for Yuga Labs, with a renewed emphasis on creativity, community engagement, and partnership building. His previous involvement in creating the BAYC NFT collection positions him well to lead the company's efforts in furthering the utility and brand recognition of BAYC. Solano outlined plans to establish "BAYC LLC" as a Yuga Labs subsidiary dedicated to all things BAYC-related, indicating a...

A Virginia senate committee has put forth a proposal allocating an annual combined fund of £39,240 for two newly established commissions focusing on artificial intelligence (AI) and cryptocurrency. The Subcommittee on General Government of the Senate Finance and Appropriations Committee proposed allocating more than £23.6 million for various legislative departments, with the Blockchain and Cryptocurrency Commission slated to receive £17,192 and the Artificial Intelligence Commission £22,048 for the years 2025 and 2026, respectively. The Blockchain and Cryptocurrency Commission, formed in January 2024, aims to research and provide recommendations on blockchain technology and cryptocurrencies while fostering growth within the state. Comprising 15 members, including legislative and non-legislative appointees, the commission is tasked with initiating its operations within 45 days of the effective date of the act. Similarly, the Artificial Intelligence Commission, formerly known as the...

Japan's Financial Services Agency (FSA), the country's primary financial regulator, has provided clarification on peer-to-peer (P2P) crypto transactions following recent recommendations to local banks. In a letter dated Feb. 14, the FSA urged banks to enhance user protection by halting transfers to crypto-asset exchange service providers if the sender's name differs from the account name. This guidance has raised concerns as it could potentially impact P2P transfers, which often involve different users on the sender and receiver ends. The FSA clarified that its recommendation does not target transactions between individuals. Instead, it aims to combat unlawful money transfers, particularly instances where an individual deposits cash from their bank account into an account belonging to a crypto asset exchange service provider. The agency aims to prevent fraudulent activities where a fraudster persuades a victim to change their name to execute a suspicious transaction. By blocking...