The NYDFS Issues Guidance Urging Virtual Currency Businesses to Adopt Blockchain Analytics
The FBI, CISA, and the U.S. Department of Treasury Release a Joint Alert on Crypto-Centric North Korean Cyberattacks
On April 18, 2022, the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the U.S. Department of Treasury issued a joint Cybersecurity Advisory to highlight the cyber threat associated with crypto thefts and the tactics used by a North Korean state-sponsored advanced persistent threat (APT) group. The advisory states that the APT group is commonly tracked by the cybersecurity industry as Lazarus Group, APT38, BlueNoroff, and Stardust Chollima.
Five Key Takeaways from Janet Yellen’s Landmark Speech on Digital Assets
On April 7, 2022, the U.S Secretary of Treasury Janet Yellen delivered her first speech on digital assets at the American University’s Kogod School of Business Center for Innovation.
The UK Unveils Comprehensive Plan to Become Global Hub for Cryptoasset Technology
On April 4, 2022, the United Kingdom unveiled its plans to become a global cryptoasset technology hub. The UK’s vision was set out in a speech by the Economic Secretary to the Treasury, John Glen, at the Innovate Finance Global Summit. “If crypto technologies are going to be a big part of the future, then we in the UK, want to be in, and in on the ground floor,” stated Glen.
The U.S. Department of Treasury Imposes Sanctions on Russian Darknet Market Hydra and Crypto Exchange Garantex
On April 5, 2022, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that it has sanctioned the world’s largest and most prominent darknet market place Hydra Market and Russia-linked crypto exchange Garantex. These sanctions form a part of the coordinated international effort to disrupt the proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings available through Russia-based sites. The news follows German authorities’ announcement that they have shut down Hydra after securing server infrastructure and seizing 543.3 BTC worth around $25 million. Additionally, the OFAC added more than 100 crypto addresses belonging to Hydra and Garantex to its SDN list.
Swiss DeFi-first bank alternative Fluid Finance SA joins forces with predictive blockchain analytics partner Merkle Science
Fluid Finance SA and Merkle Science announce a partnership to create a seamless on- and off-ramp for digital assets, with compliance and security at the forefront.
The BOE, FCA, and PRA release interconnected papers assessing crypto-related financial stability risks and the state of crypto regulations in the UK
On March 24, 2022, the Bank of England (BOE), the Prudential Regulatory Authority (PRA), and the Financial Conduct Authority (FCA) released interrelated documents outlining crypto-related financial stability risks and analyzing the current state of crypto regulation in the UK.
Three Key Takeaways from the U.S. Senate Banking Committee’s Hearing on How Crypto May Be Used in Financial Crime
On March 17, 2022, the U.S. Senate Banking Committee conducted a hearing titled “Understanding the Role of Digital Assets in Illicit Finance.” In the backdrop of Russia escalating its attacks against Ukraine, the Senate Banking Committee took a closer look at the role crypto is playing in the Russia-Ukraine conflict and the extent to which it is being used to evade sanctions.
Japanese Crypto Exchanges to Enforce the Travel Rule from April 1
The Japan Crypto Asset Trading Association (JVCEA) announced that domestic crypto exchanges will have to start enforcing the FATF’s Travel Rule guidance from April 1, 2022. JVCA is a self-regulatory body charged with creating rules and policies applicable to crypto exchanges in Japan. It is responsible for implementing the Travel Rule regulation in Japan.
The U.S. Secret Service Launches Cryptocurrency Public Awareness Hub
On February 18, 2022, the U.S. Secret Service launched a public awareness hub. The public awareness hub is dedicated to sharing information on digital assets, such as cryptocurrencies, and combating their illicit usage. The public awareness hub will also feature the Secret Service’s latest response work against the illicit use of digital assets, as well as information on securing them from threats.