--- title: News & Events (5) description: News & Events (5) --- # News & Events ![](https://blog.merklescience.com/hubfs/Russia%20Sanctions_Thumbnail.png) ### [U.S., EU, UK, Canada, Japan & Australia Impose Economic Sanctions on Russia](https://blog.merklescience.com/newsevents/economic-sanctions-on-russia) Feb 25, 2022 4:37:48 AM The United States, the European Union, the United Kingdom, Canada, Australia, and Japan have all announced sanctions against Russian financial institutions and oligarchy, while Germany has halted [Nord Stream 2](https://www.aljazeera.com/news/2022/2/23/what-sanctions-have-been-imposed-on-russia), a major Russian gas pipeline project. These sanctions have been issued in response to Russian President Vladimir Putin's decision to deploy additional Russian forces into the Ukrainian territory and recognize the separatist-controlled Donetsk and Luhansk regions in Ukraine as independent states  [Read More](https://blog.merklescience.com/newsevents/economic-sanctions-on-russia) ![](https://blog.merklescience.com/hubfs/SEC%E2%80%99s%20Registration%20Requirements.png) ### [BlockFi Reaches a $100 Million Settlement With the SEC and Ceases Sales of its Lending Product](https://blog.merklescience.com/newsevents/blockfi-reaches-a-100-million-settlement-with-the-sec-and-ceases-sales-of-its-lending-product) Feb 17, 2022 3:10:45 PM On February 14, 2022, the Securities and Exchange Commission (SEC) announced that BlockFi Lending LLC has reached a settlement with it and has agreed to pay a $100 million penalty for selling its crypto-lending product without registering it with the SEC. BlockFi is a financial services company that offers its users crypto wallets, trading, and crypto-backed loans. [Read More](https://blog.merklescience.com/newsevents/blockfi-reaches-a-100-million-settlement-with-the-sec-and-ceases-sales-of-its-lending-product) ![](https://blog.merklescience.com/hubfs/NFT%20-%20Banner.png) ### [The UK Tax Authority Makes First NFT Seizure in a VAT Fraud Probe; the U.S. Department of Treasury Raises Alarm Over NFT - Related Money Laundering Concerns](https://blog.merklescience.com/newsevents/us-uk-increase-scrunity-over-nft) Feb 15, 2022 11:23:17 AM The NFTs market has grown exponentially over the past year. Reportedly, the booming NFTs market generated over [$23 billion](https://dappradar.com/blog/2021-dapp-industry-report) in trading volume in 2021, compared to just $ 94.9 million in 2020. Further, greater commercial viability and an increase in the trading volumes have resulted in increased risk for [fraudulent activities](https://www.finextra.com/the-long-read/338/fintech-trends-for-2022-expect-regulation-innovation-and-collaboration#:~:text=An%20increase%20in%20NFT%20activity,party%20intellectual%20property%20(copyfraud).) such as AML/CFT risks, tax frauds, and copyright violations. The risks associated with NFTs have captured the attention of regulators all around the globe. On February 4, 2022, the U.S. Department of Treasury published a report, warning the investors that NFTs may, potentially, become a tool for money laundering in the [high-value art market](https://www.coindesk.com/policy/2022/02/04/us-treasury-department-warns-of-nft-risk-in-art-related-money-laundering/). Shortly after that, on February 14, 2022, [BBC reported](https://www.bbc.com/news/business-60369879) that Her Majesty’s Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, has seized three NFTs as part of a probe into a suspected value-added tax (VAT) fraud case involving 250 alleged fake companies. [Read More](https://blog.merklescience.com/newsevents/us-uk-increase-scrunity-over-nft) ![](https://blog.merklescience.com/hubfs/HMRC%20Banner.png) ### [The HMRC Updates its Guidance to Provide Clarity on Taxation of Earnings from DeFi Lending and Staking](https://blog.merklescience.com/newsevents/the-hmrc-updates-its-guidance-to-provide-clarity-on-taxation-of-earnings-from-defi-lending-and-staking) Feb 7, 2022 10:27:54 AM As the crypto and Decentralized Finance (DeFi) momentum gains traction, there has been a parabolic rise in market participants. The year 2021 saw the influx of both retail investors and institutional service firms space into the market. The surge in the crypto and DeFi’s growth has also garnered the interest of various regulatory bodies including the federal taxing agencies. [Read More](https://blog.merklescience.com/newsevents/the-hmrc-updates-its-guidance-to-provide-clarity-on-taxation-of-earnings-from-defi-lending-and-staking) ![](https://blog.merklescience.com/hubfs/FederalReserve_Banner-1.png) ### [The Federal Reserve Releases Its Much-Anticipated Study on the U.S. CBDCs](https://blog.merklescience.com/newsevents/pros-and-cons-of-us-cbdc) Jan 26, 2022 8:19:48 AM On January 20, 2022, the Board of Governors of the Federal Reserve System (Fed), released its long-awaited [white paper](https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf) on central bank digital currencies (CBDCs), titled — Money and Payments: The U.S. Dollar in the Age of Digital Transformation. [Read More](https://blog.merklescience.com/newsevents/pros-and-cons-of-us-cbdc) ![](https://blog.merklescience.com/hubfs/UK%20and%20Singapore%20Tighten%20Crypto%20Promotion%20Rules.png) [News & Events](https://blog.merklescience.com/newsevents/tag/news-events) ### [UK and Singapore Toughen Their Stance on Crypto Advertisements](https://blog.merklescience.com/newsevents/uk-and-singapore-tighten-crypto-promotion-rules) Jan 21, 2022 10:49:18 AM With a wide range of digital assets increasing in popularity in 2021, consumer protection looms large over the heads of regulators. Promotions and advertisement of crypto services, in particular, has been drawing a lot of attention. On January 17, 2022, Monetary Authority Singapore (MAS) introduced [Guidelines on Provision of Digital Payment Token Services to the Public](https://www.mas.gov.sg/-/media/MAS-Media-Library/regulation/guidelines/PSO/ps-g02-guidelines-on-provision-of-digital-payment-token-services-to-the-public/Guidelines-on-Provision-of-Digital-Payment-Token-Services-to-the-Public-PS-G02.pdf), limiting crypto firms from advertising their services to the public. The next day, on January 18, 2022, the HM Treasury announced that it will legislate new rules to bring crypto advertisements in line with other financial promotions. Similarly, Spain’s National Securities Market Commission established a preapproval mandate for crypto ads aimed at [100,00 or more people](https://www.pymnts.com/news/regulation/2022/spain-singapore-join-uk-in-crypto-ad-smackdown/), in addition to stating that all crypto ads will have to include investor warnings.  [Read More](https://blog.merklescience.com/newsevents/uk-and-singapore-tighten-crypto-promotion-rules) ![](https://blog.merklescience.com/hubfs/Hong%20Kong%20Regulation_Banner.png) ### [The Hong Kong Monetary Authority Releases Discussion Paper on Crypto-Assets and Stablecoins](https://blog.merklescience.com/newsevents/the-hong-kong-monetary-authority-releases-discussion-paper-on-crypto-assets-and-stablecoins) Jan 19, 2022 12:40:28 PM On January 12, 2022, the Hong Kong Monetary Authority (HKMA) released a [discussion paper](https://www.hkma.gov.hk/media/chi/doc/key-information/press-release/2022/20220112c3a1.pdf) on crypto-assets and stablecoins. The paper discusses the adequacy of the existing regulatory framework in light of the challenges arising from the growing use of stablecoins and other types of crypto-assets in financial markets. [Read More](https://blog.merklescience.com/newsevents/the-hong-kong-monetary-authority-releases-discussion-paper-on-crypto-assets-and-stablecoins) ![The EU Council Reaches Agreement on MICA & DORA](https://blog.merklescience.com/hubfs/European%20Council_Banner.png) [News & Events](https://blog.merklescience.com/newsevents/tag/news-events) ### [The European Council Reaches Agreement on Two Digital Asset Proposals, Moving Closer to Ratifying Uniform Crypto Regulation](https://blog.merklescience.com/newsevents/eu-counsil-adopts-mica-and-dora) Dec 1, 2021 1:30:53 PM On November 24, 2021, the European Council adopted [two proposals](https://www.consilium.europa.eu/en/press/press-releases/2021/11/24/digital-finance-package-council-reaches-agreement-on-mica-and-dora/?utm_source=dsms-auto&utm_medium=email&utm_campaign=Digital+finance+package%3a+Council+reaches+agreement+on+MiCA+and+DORA) that are part of the digital finance package — the ‘Regulation on Markets in Crypto Assets' (MiCA) and the ‘Digital Operational Resilience Act' (DORA). Initially proposing the digital finance package in September 2021, the EU Council recognizes that “lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which could significantly hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.” [Read More](https://blog.merklescience.com/newsevents/eu-counsil-adopts-mica-and-dora) ![Bitcoin Gets Much-Anticipated Taproot Upgrade: Here is What the Users Need to Know](https://blog.merklescience.com/hubfs/BitcoinTaproot_Banner.png) [News & Events](https://blog.merklescience.com/newsevents/tag/news-events) ### [Bitcoin Gets Much-Anticipated Taproot Upgrade: Here is What the Users Need to Know](https://blog.merklescience.com/newsevents/bitcoin-gets-much-anticipated-taproot-upgrade-here-is-what-the-users-need-to-know) Nov 18, 2021 10:09:45 AM On November 14, 2021 Bitcoin Taproot upgrade went live when the Bitcoin blockchain reached the block limit of 709,632. The Taproot proposal was first introduced in January 2018 by Bitcoin core developer [Greg Maxes](https://www.luno.com/blog/en/post/the-taproot-upgrade-what-you-need-to-know). Three years later, on June 12, 2021, a 90% supermajority of Bitcoin miners voted for the Taproot upgrade. Taproot isn’t just a single update, but a combination of three different Bitcoin Improvement Protocols (BIPs) -— BIP 340, 341, and 342. These protocols seek to introduce more privacy, better smart contracts, and cheaper transaction costs to the network. [Read More](https://blog.merklescience.com/newsevents/bitcoin-gets-much-anticipated-taproot-upgrade-here-is-what-the-users-need-to-know) ![The U.S. Treasury Department Releases Highly-Anticipated Report on Stablecoins](https://blog.merklescience.com/hubfs/US%20Treasury_Banner.png) ### [The U.S. Treasury Department Releases Highly-Anticipated Report on Stablecoins](https://blog.merklescience.com/newsevents/the-us-treasury-department-releases-highly-anticipated-report-on-stablecoins) Nov 4, 2021 5:29:56 AM On November 1, 2021, the President’s Working Group on Financial Markets (PWG), joined by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) — collectively referred to as the government agencies —[ released its highly-anticipated report on stablecoins](https://home.treasury.gov/news/press-releases/jy0454). [Read More](https://blog.merklescience.com/newsevents/the-us-treasury-department-releases-highly-anticipated-report-on-stablecoins)