Global Regulation

On 25 July 2024, the Securities and Futures Commission (SFC) issued a stern warning about CoinUnited.io, an unlicensed virtual asset trading platform. CoinUnited.io claims to offer trading services across a variety of assets including cryptocurrencies, stocks, indices, forex, and commodities, but lacks the necessary licenses from the SFC.

On 17 July 2024, WazirX experienced a major security breach resulting in the theft of over $230 million from a multisignatory wallet. This breach involved Liminal’s digital asset custody services.

On 10 July 2024, UK authorities successfully converted Monero cryptocurrency into cash for the first time. Convicted seller Jack Finney has been compelled to repay £23000 from his criminal proceeds. This case has set a precedent for law enforcement in tracking and seizing privacy-focused cryptocurrencies to set out legal fines.

On 2 July, 2024, Swiss cryptocurrency infrastructure platform Taurus announced partnership with Zand Bank in the United Arab Emirates (UAE). This collaboration aims to significantly enhance Zand’s capabilities in custody, tokenization, and blockchain connectivity.

The Australian Tax Office (ATO) is closely tracking crypto gains as the financial year ends on June 30, 2024. This year, the ATO has significantly ramped up its efforts in crypto tax compliance by launching an improved data matching program to ensure accurate reporting from crypto investors.

The Indian Directorate of Enforcement (ED) on 19 June, 2024 arrested Manideep Mago under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a significant illegal foreign remittances case. Mago was presented before the court on June 18, 2024, where he was remanded to five days of ED custody until June 23, 2024.