DOJ Issues Report on Efforts to Combat Digital Asset Criminal Activity and Announces Designated Prosecutors to Support

On September 16, the United States Department of Justice (“DOJ”) released a report on the role of law enforcement in the detection, investigation and prosecution of criminal activities related to digital assets under the President’s Executive Order. Biden on ensuring the responsible development of digital assets (the “EO”). In its press release, the DOJ also … Read more

A GOP takeover of the House could be a boon for crypto legislation

With polls indicating that Republicans will at least take control of the House of Representatives after the US election in November, the common view in Washington is that a divided government will lead to the passing of insignificant laws over the next two years. While Democrats and the GOP are unlikely to reach agreement on … Read more

Verra contemplates future of crypto instruments and VCUs

Launched on August 3, 2022 and continued until October 2, 2022, Verra is hosting a public consultation on the proposed approach for third-party cryptographic tools and tokens. The public consultation is open to comments on the measures to responsibly link verified carbon units (VCUs) with digital assets, the know-your-customer checks that should be conducted on … Read more

Dubai Court rejects Bitcoin claim lacking proof of crypto-wallet ownership (and solutions for digital asset disputes in the UAE)

Dubai court rejects 608 Bitcoin loss request due to lack of evidence of ownership of a crypto-wallet. Dubai Primary Court Rules: “… the plaintiff had sold the cryptographic currency” Bitcoin “to the defendant … he did not indicate how to prove the ownership of the account to the defendant, noting that by referring to the … Read more

Banking Bites – September 21 2022

Summary Welcome to Banking Bites! This is our short summary which points out the key developments in the UK which we hope will inform your business in your market. This edition covers: The UK’s Financial Conduct Authority publishes final rules and guidelines on the new consumer tax Letters from the dear CEO of the regulator … Read more

New UK Sanctions Legislation Expands Mandatory Financial Sanctions Reporting Obligations to Include Crypto Providers

Further changes to the UK’s nine thematic and 29 geographic sanctions regulations came into effect on 30 August 2022, expanding financial sanction reporting requirements to cryptocurrency exchanges and custodial wallet providers. The amendments, introduced pursuant to the Sanctions Regulation (EU Exit) (Various Amendments) 2022 and the Sanctions (EU Exit) (Various Amendments) (2) Regulations 2022 (Amending … Read more

Web3 Investco AG to buy digital asset marketplace Blocktrade

Web3 Investco AG, a private equity firm based in the Crypto Valley of Zug, Switzerland, focused on investing in targeted segments of the blockchain technology, payment services and software industry, today announced the signing of a definitive agreement for the purchase of 100% of the shares of Blocktrade SA, a joint-stock company with registered office … Read more

The Digital Assets (Market Regulation) Bill 2022

Senator releases private bill to regulate digital assets On 19 September 2022, Senator Andrew Bragg released a draft private member’s bill entitled Digital Assets (Market Regulation) Bill 2022 (Bill). The draft Bill is subject to a six week consultation period and proposes to establish a licensing and reporting framework for digital asset exchanges, custody providers … Read more

Form 1099-DA: What We Know So Far

As the IRS continues to define how to regulate cryptocurrencies, the new Form 1099-DA (digital assets) should provide more guidance to investors. In the past, cryptocurrency exchanges and trading platforms have provided individual investors with their tax information through various 1099 forms (1099-MISC, 1099-B, etc.). These modules are not adapted to the complexities of cryptocurrencies … Read more

Guide to Crypto Assets 2022: Ukraine

1. How are cryptocurrencies defined in your jurisdiction? According to the Law of Ukraine on Virtual Goods (the “Law No. 2074-IX”), cryptographic assets are defined as intangible benefits being the objects of civil rights, which have value and are expressed as data sets in electronic form . 2. What is the legal status of cryptocurrencies … Read more