Regulatory Updates
SEC Charges OTC Link LLC with Failing to Report Suspicious Transactions, Imposes $1.19 Million Penalty
On August 12, 2024, the Securities and Exchange Commission (SEC) took decisive action against OTC Link LLC, a New York-based broker-dealer, for...
Bahamas Pioneers New Digital Asset Regulations: DARE Act 2024 Takes Effect
On 26 July 2024, the Securities Commission of the Bahamas (SCB) announced the Digital Assets and Registered Exchanges Act, 2024 (DARE Act) which...
IRS Unveils Draft of New Digital Asset Reporting Form: Major Step Toward Compliance
On August 9, 2024, the Internal Revenue Service (IRS) released an early draft of the much-anticipated Form 1099-DA, a new tool designed to...
Singapore Tightens Regulation of Fund Management Companies, Imposes Licensing Requirements & Enhanced AML-CFT Compliance
On 1 August 2024, the Monetary Authority of Singapore (MAS) introduced its Guidelines on Licensing and Conduct of Business for Fund Management...
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...