Regulatory Updates
UAE Introduces New VAT Regulations Affecting Virtual Assets: What Businesses Need to Know
On 6 September 2024, the UAE Cabinet issued Cabinet Decision No. 100 of 2024, significantly amending the Federal Decree-Law No. 8 of 2017 on Value...
UK FCA Fines Starling Bank £29 Million for Failures in Financial Crime Systems and Controls
On 2 October 2024, the UK Financial Conduct Authority (UK FCA) issued a final notice for a fine of £28,959,426 imposed on Starling Bank Limited for...
US Judge finds New California Election Deepfake Law Unconstitutional and imposed Preliminary Injuction against Assembly Bill 2839
On 2 October 2024, U.S. District Judge John A. Mendez by its order issued a preliminary injunction against California’s newly enacted law, Assembly...
U.S. SEC Announces Departure of Enforcement Director Gurbir S. Grewal, Names Acting Leadership
On 2 October 2024, the U.S. Securities and Exchange Commission (US SEC) announced the resignation of Gurbir S. Grewal, Director of the Division of...
Barclays Bank Settles with US CFTC Over Five Million Misreported Swap Transactions, Agrees to US$4 Million Penalty
On 30 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC) announced that Barclays Bank PLC had reached a settlement in...
Singapore High Court Grants Zettai Pte. Ltd. Four-Month Moratorium Amidst Cryptocurrency-Related Financial Crisis
On 27 September 2024, the High Court of the Republic of Singapore issued an order in the ongoing case of Zettai Pte. Ltd., a company undergoing...
Crypto ATM Operator Pleads Guilty to Unregistered Network and Money Laundering Offences
On 30 September 2024, the UK Financial Conduct Authority (UK FCA) made a landmark announcement regarding the conviction of Olumide Osunkoya, who...
UK FCA & BoE unveils Digital Securities Sandbox: Opens Applications for Innovation and Real-World Testing
On 30 September 2024, the Bank of England and the UK Financial Conduct Authority (UK FCA) launched the Digital Securities Sandbox (DSS) and...
US CFTC Charges Fake Commodity Trading Platform with Fraud and Misappropriation in Scheme Targeting Asian Americans
On 27 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC) filed a civil enforcement action in the U.S. District Court...
US CFTC’s Division of Clearing and Risk to Hold Roundtable on New and Emerging Clearing Issues
On 27 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC)'s Division of Clearing and Risk announced a public...
US FinCEN & US Treasury Takes Coordinated Actions Against Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitators
On 26 September 2024, the United States’ Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, passed an...
Singapore High Court Orders WazirX & Zettai Pte. Ltd. to Address Creditors’ Queries Amid Ongoing Moratorium Dispute
On 25 September 2024, in moratorium hearing before the High Court of Singapore, Zettai Pte. Ltd. was enquired with several questions. The...