The New York Department of Financial Services (NYDFS) recently published updated guidance establishing heightened standards for virtual currency businesses licensed in New York when listing or delisting cryptocurrencies.
When FTX founder Sam Bankman-Fried was found guilty on all seven charges on November 2, 2023, the general sentiment in the cryptocurrency community was one of relief. Former FTX users who lost funds in the exchange’s implosion are satisfied that the alleged mastermind behind the schemes will likely spend the rest of his life behind bars. Business leaders of legitimate exchanges are pleased to see justice prevail against a man who disgraced their industry.
The evolution of virtual assets is rapidly reshaping the financial landscape. As innovative new products like fiat-referenced virtual assets (FRVAs) emerge, regulatory frameworks must adapt to promote innovation while protecting consumers. This evolving spectrum of virtual assets requires agile governance which is evidenced by the Virtual Asset Regulatory Authority's (VARA) recent update to its regulatory framework governing fiat-referenced virtual assets (FRVAs), commonly known as stablecoins.
Sanctions compliance is of utmost importance for an unhindered functioning of international businesses and global finance. Companies that fail to comply with sanctions regulations may face severe penalties, reputational damage, and legal repercussions. To ensure a robust and effective sanctions compliance program, organizations must understand and implement the Office of Foreign Assets Control (OFAC) framework. This article delves into the intricacies of the OFAC framework, its components, and provides comprehensive insights on achieving effective sanctions compliance.
This is the second article in a series that examines the rise of ransomware, which is critical for crypto businesses to understand and because they need to avoid processing associated transactions involving fraudulent addresses. Unknowingly facilitating money laundering or other illegal activities can result in regulatory sanctions, legal penalties, and reputational damage. [To read the first article, “ How Crypto Has Revolutionized the Ransomware Game”, click here.]
The crypto industry’s record-breaking growth both in terms of market capitalization and market participants has drawn increasing regulatory attention around the world. Moreover, regulators are taking a closer look at the role crypto is playing in the Russo-Ukraine conflict including analyzing its functionality as an emerging medium of cross-border financial flow and the extent to which it can be used for sanctions evasion.
Stablecoins — pegged to a dependable fiat currency such as the US dollar — have become a cornerstone of the crypto ecosystem. Further, there has been an increase in the issuance of stablecoins, and the market cap has grown 20-fold in the last 20 months. The stablecoin market cap is currently, $159.42 billion. With an increase in the popularity of stablecoins, regulatory scrutiny around stablecoins is also increasing. Our panelists, Flavia Naves (General Counsel, Circle), Jamie Whetzel (Deputy General Counsel, PNC), and Rick Levin (Chair, FinTech & Regulation Practice, Nelson Mullins) sat down with Merkle Science’s President, Americas & Global Chief Legal Officer, Mary Beth Buchanan, to discuss the possibilities and limitations of the approach that the U.S. regulators may take towards stablecoins regulations.
The cryptocurrency industry is growing at a rapid pace, with the market capitalization of crypto assets reaching $3 trillion in November this year. With new investors entering into the crypto space, it is essential to have robust insurance solutions in place to manage and hedge risks in the cryptosphere. Our panelists Oliver Tonkin (Co-founder and Director, BCB Group), Shelley Schachter-Cahm (Group Head of Compliance, Mode Global Holdings), Ed Gaze (Senior Manager, Lloyd’s Lab), James Gadbury (Division Director, Costro Brokers Ltd.), George Beattie (Head of Incubator Underwriting, Beazley) sat down with our very own Natalie Hall (Marketing Director, EMEA & APAC) to discuss some of the opportunities and challenges related to insuring the cryptosphere.
The cryptocurrency industry is growing at a rapid pace, with the market capitalization of crypto assets reaching $3 trillion in November this year. With new investors entering into the crypto space, it is essential to have robust insurance solutions in place to manage and hedge risks in the crypto sphere.
On Nov 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) — collectively referred to as the ‘agencies’ — issued a joint statement summarizing their interagency ‘policy sprints’ focused on crypto-assets.
