Regulatory Updates

On 10 July 2024, UK authorities successfully converted Monero cryptocurrency into cash for the first time.

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.

This webinar provides an overview of securities token offerings with an emphasis on Hong Kong and US regulation. The webinar also looks at the tokenised securities markets in the AMER, EMEA and APAC. The webinar covers the obligations of intermediaries which market and distribute security tokens under the SFO.

DLT Framework applies to firms that carry on DLT activities i.e. activities that are not subject to regulation under any other regulatory framework that use DLT for the transmission or storage of value belonging to others

The use of cryptocurrency as an intermediary currency in money remittance may also involve providing a payment service regulated under the Payment Service Regulations.

Bank Secrecy Act (BSA) applies to “financial institutions”, money service businesses and broker-dealers and mutual funds obliged to register with the SEC.

OCT 2020 PayPal announces the roll out of crypto features for US users and the approval of its conditional Bitlicense 2021 onwards PayPal users will be able to pay for goods in crypto in transactions with 26m sellers around the world

The SFC will determine the regulatory status of ICO tokens on a case-by-case basis depending on whether they carry rights equivalent to traditional securities.

HK crypto regulation, regulates entities conducting activities in cryptocurrencies where the relevant cryptocurrencies are “securities” or “futures contracts” as defined in the SFO.

Application of FATF recommendations to stablecoins, happens where central governance bodies exist within the stablecoin ecosystem, they will generally be obliged entities under the FATF Recommendations.