Regulatory Updates
New MAS Circular Tightens Rules on Establishing Sources of Wealth for High-Net-Worth Clients
On July 26, 2024, the Monetary Authority of Singapore (MAS) issued a circular i.e. AMLD 08/2024, aimed at financial institutions (FIs) operating in...
CFTC Proposes Joint Rule for Enhanced Financial Data Transparency, Commissioner CFTC Concurs
On August 8, 2024, the Commodity Futures Trading Commission (CFTC) advanced efforts to enhance data transparency within the financial sector by...
CFTC Awards Over $1 Million to Whistleblower in Digital Assets Investigation
On August 08, 2024, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award exceeding $1 million to an individual who...
CFTC Secures $12.7 Billion Judgment Against FTX and Alameda for Massive Fraud Scheme
On 08 August 2024, the Commodity Futures Trading Commission (CFTC) announced a landmark decision by the U.S. District Court for the Southern...
Ripple Partners with DIFC Innovation Hub to Propel Blockchain and Crypto Innovation in the UAE
On 2 August 2024, Ripple, a leading provider of enterprise blockchain and crypto solutions, announced its partnership with the DIFC Innovation Hub,...
International Monetary Fund and El Salvador Progress Toward Economic Stability
On 6 August 2024, the International Monetary Fund (IMF) issued a statement following discussions with Salvadoran authorities, led by Mr. Raphael...
SEC’s Proposals Set to Revolutionize Cryptocurrency Options Trading
On 6 August, 2024, in a move to further integrate cryptocurrency assets into the regulated financial system, the Securities and Exchange Commission...
Artists Challenge SEC’s Authority Over NFTs Seeking Clarity of Jurisdiction
On 29 July 2024, conceptual artist Brian Frye and musician Jonathan Mann filed a pre-emptive lawsuit against the United States Securities and...
Binance Faces $86 Million Tax Bill from Indian Authorities Amid Intensified Scrutiny
On 5 August 2024, Indian authorities have issued a substantial tax bill to Binance, the world’s largest cryptocurrency exchange. The Directorate...
Law Commission of England Publishes Digital Assets Draft Bill and Report: Proposes Third Category of Personal Property for Digital Assets
On 30 July 2024, the Law Commission of England and Wales published a supplemental report and draft Bill proposing the establishment of a third...
U.S. Senator Cynthia Lummis introduced Bill ‘BITCOIN Act of 2024’: Strategic Bitcoin Reserve to Revolutionize National Financial Security
On 5 August 2024, the United States Senator Cynthia Lummis is set to introduce the "Boosting Innovation, Technology, and Competitiveness through...
CFTC Grants Exemptions to Singapore-Based FMX Securities and LMAX Pte. Ltd. from SEF Registration Requirements
On 2 August 2024, the Commodity Futures Trading Commission (CFTC) announced the unanimous approval of an amended order exempting two recognized...