Law and Legislation

Bittrex Now Also a Target of a 100 Bitcoin (BTC) SIM Hack Lawsuit

Digital asset exchange Bittrex is reportedly being sued over a SIM swap-related incident that allowed hackers to steal 100 Bitcoin (BTC), which are valued at around $1 million at current market prices. The case appears to be quite similar to other recent incidents in which a bad actor gains control of a user’s cell phone...
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China to Certify 11 Fintech Products Used in Blockchain and Online Payment Services

China’s central bank, the People’s Bank of China (PBoC), has said that it will certify 11 different types of financial technology (Fintech) hardware and software that are regularly being used for online payment and blockchain-related services with its new verification system, the Certification of Fintech Products. The PBoC introduced the initial list of Fintech products...
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Paxos Receives “No-Action” Letter from SEC to Settle Blockchain-based Equities

Paxos is planning to streamline equities settlement by using a regulatory compliant blockchain-based process. The Paxos Trust Company received a no-action relief letter from the US Securities and Exchange Commission (SEC) on October 28, in order to conduct equity securities trading on a blockchain-enabled platform designed specifically for broker-dealers.  Paxos’s management revealed that Credit Suisse...
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Bitfinex’s Former Payment Processor Crypto Capital’s Oz Yosef Indicted in NY Court

The US Attorney for the Southern District of New York indicted Oz Yosef, an executive at  Crypto Capital, on three criminal counts. According to an October 23 court filing, Oz Yosef was indicted by US authorities on charges involving conspiracy to carry out bank fraud, bank fraud, and conspiracy to run an unregistered money transmitting...
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Another Major AT&T SIM Swapping Heist Targeting Several Crypto Entrepreneurs

A crypto entrepreneur has filed a lawsuit against giant telecommunications firm AT&T over an alleged SIM swapping hack which reportedly led to the loss of  $1.7 million in digital currency, in an attack targeting three blockchain professionals who attended Consensus 2018 Seth Shapiro, a two-time Emmy Award-winner, author and professor at the University of Southern...
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Primitive Ventures’ Dovey Wan on Significance of China’s New Cryptography Law

On October 26, the Standing Committee of the 13th National People’s Congress in China revealed that a new cryptography law will go into effect January 1, 2020, according to local news outlet Xinhuanet. The announcement comes only a day after Chinese president Xi Jinping called on the citizens of the $12 trillion economy, the second-largest...
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Final Russian Nuclear Researcher Receives Prison Sentence for Illegal Crypto Mining

A nuclear lab researcher in Russia will reportedly be serving three years in a prison colony for allegedly using government equipment to illegally mine Bitcoin (BTC). Andrey Rybkin, a nuclear scientist working at the All-Russian Scientific Research Institute of Experimental Physics in Sarov, was the last of three other employees to receive a prison sentence...
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G7 Group of Nations Warns that Global Stablecoins Threaten Existing Financial System

The G7 group of nations has prepared a draft report which notes that globally accessible stablecoins pose a significant threat to the existing financial system. According to BBC, G7’s draft report detailed the different risks involved with digital currency transactions. For instance, even if Libra Association members address relevant regulatory requirements, the project might not...
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IRS Will Ask If You Own Cryptocurrency on its New Income Tax Form 1040

The US Internal Revenue Service (IRS), a bureau of the Department of Treasury, recently added a question regarding cryptocurrency ownership to its standard 1040 income tax form for the upcoming tax filing season. A draft of the “Additional Income and Adjustments to Income” section of the latest 1040 form was released. It included a change...
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SEC, CFTC, FinCEN Issue Warning to Crypto Industry to Adhere to Banking Laws

The heads of three US financial regulators have issued a warning to the crypto asset industry to adhere to relevant banking laws. In a joint statement released on October 11, signed by Commodity Futures Trading Commission (CFTC) chairman Heath Tarbet, Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco and Securities and Exchange Commission (SEC) chairman...
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SEC Obtains Emergency Restraining Order Against Telegram’s $1.7 Billion Token Sale

The US Securities and Exchange Commission (SEC) has obtained an emergency restraining order against the Telegram Group and its subsidiary TON Issuer.  The order has been secured in order to investigate the company’s $1.7 billion token sale. In 2018, The Telegram Open Network #TON raised $1.7B.The round was so successful that the public ICO was...
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Monero Delisted from OKEx, Privacy Coins Zcash, Dash Under Review

The South Korean division of Malta-based digital asset exchange OKEX has suspended the delisting of two privacy-oriented cryptocurrencies due to new regulatory guidelines released by the Financial Action Task Force (FATF).  The planned suspension of Zcash (ZEC) and Dash (DASH) is currently being reviewed, according to a blog post on OKEx’s official website. OKEX first...
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Blockchain Act: Liechtenstein Becomes First Nation to Launch Comprehensive Crypto Regulations

Liechtenstein’s parliament unanimously approved the Act on Tokens and Entities Providing Services Based on Trusted Technologies (TVTG), also referred to as the Blockchain Act. The nation’s parliament passed the Act on October 3. According to local reports, the new law aims to enhance investor protection, prevent money laundering, and establish regulatory clarity. The Act will...
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U.S. Congressman References Crypto US Dollar Idea on Twitter

Tokenizing the Dollar It is clear that the world is trending towards digital forms of money. China is expected to launch its own crypto asset — purportedly based off some derivative of blockchain — in the coming year or two, with officials claiming that the project’s prototype is complete and ready to be tested after...
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