Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with […]
NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry
On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]
Regulator Halts Trading of FTX Tokens in Indonesia
The agency overseeing Indonesia’s crypto market has stopped the trading of FTX tokens on domestic platforms. The announcement comes after FTX, the exchange that issued the FTT token, filed for bankruptcy in the United States and was subjected to investigations by regulatory bodies around the world. Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token […]
Indonesia to Change Crypto Regulators as Part of Plan for Stricter Oversight
The government of Indonesia wants to assign crypto supervision to the Asian nation’s financial watchdog in order to ensure better protection for investors. The move is part of a planned overhaul of regulations in the sector aimed at increasing oversight of the expanding digital assets market. Indonesia Mulls Over New Financial Legislation Designed to Tighten […]
Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements
The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial […]
China to Crack Down on Copyright Infringement Through NFTs
Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online […]