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.
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.
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.
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.
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.
On March 9, 2022, President Joe Biden signed a much-anticipated executive order (EO) titled “Ensuring Responsible Development of Digital Assets” as well as released an accompanying fact sheet. The order focuses on six key areas — ensuring consumer and investor protection, maintaining financial stability, combating illicit financing activities, establishing U.S. leadership in the global financial system, and securing economic competitiveness, financial inclusion, and responsible innovation.
Before the ongoing Russo-Ukrainian conflict reignited in late February, the U.S. and several other jurisdictions have already imposed sanctions and economic pressure on Russia. More recently, after Russian troops positioned in Belarus launched an invasion of Ukraine, the U.S. Department of Treasury stepped up its sanctions against Russia and imposed additional sanctions on Belarusian financial institutions and the defense sector.
On March 4, 2022, the Financial Action Task Force (FATF), in its plenary session, added the United Arab Emirates (UAE) to its grey list due to strategic deficiencies in its framework to counter money laundering, terrorist financing, and proliferation financing. The UAE has joined 22 other jurisdictions on the list including Malta, Turkey, Syria, the Caymen Islands, Yemen, and more.
As the Russian invasion continues, millions in cryptocurrency donations are pouring into Ukraine. We are proud to announce the launch of Crypto For Ukraine: Powered by Merkle Science — a live dashboard tracking cryptocurrency donations to various government and non-profit organizations supporting Ukrainian efforts on the ground.
[Update: 2022.03.02]
