By: Daniel Knight, Simon Kiburg and Ben Kneebush
The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper.
Read MoreBy: Jeremy McLaughlin and Josh Durham
The California Department of Financial Protection and Innovation (DFPI) is requesting comments on potential rules it will promulgate to implement the state’s recently-enacted Digital Financial Assets Law (DFAL), which establishes a formal licensing regime for digital asset service providers. Please review our client alert for a detailed analysis of the new law, which takes effect 1 July 2025.
Read MoreBy: Nicolet-Serra and Josh Durham
Singapore has just become the 48th nation (joining the US) to begin implementing the international Crypto-Asset Reporting Framework (CARF), which is intended to standardize the automatic exchange of personal financial information between countries and to reduce tax evasion by those engaging in cryptocurrency transactions.
Read MoreBy Daniel Knight and Kithmin Ranamukhaarachchi
Yesterday the Australian Federal Government released its proposal paper on regulating the crypto industry (Paper). The government proposes to regulate exchanges, custodians and other digital asset service providers within the scope the Australian Financial Services (AFS) licensing regime.
Read MoreBy Drew Hinkes, Elizabeth Thomsen, Josh Durham
As blockchain and nonfungible tokens (NFTs) are still new technologies, their legal infrastructure is still developing, creating potential vulnerabilities. Three such vulnerabilities were exposed in our previous article, available here. We have now issued a follow-up Alert that explores solutions to such licensing failures. This blog is a high-level summary; the full alert can be found here.
Read MoreBy Drew Hinkes, Carly Howard, and Judie Rinearson
The Securities and Exchange Commission (SEC) announced a settlement with the digital assets/cryptocurrency exchange Kraken whereby Kraken agreed to cease offering or selling securities through its crypto asset staking services, and agreed to pay a penalty of $30 million (comprising disgorgement, prejudgment interest, and civil penalties).
Read MoreBy Kai Zhang and Judie Rinearson
On 1 February, UK Government commenced another consultation on regulating cryptoassets (other initiatives consulted earlier remain being considered/legislated) which will close on 30 April. This is a consultation on the overall policy approach, i.e. no detailed rules.
Read MoreBy Grant F. Butler, Carly E. Howard, Andrew M. Hinkes
The Board of Governors of the Federal Reserve (the “FRB”) issued a policy statement that interprets Section 9(13) of the Federal Reserve Act to limit state member banks to engage as principal in only activities that are (a) permissible for a national bank or (b) explicitly permissible for state banks under federal law. The activity restrictions apply equally to insured and uninsured state member banks supervised directly by the FRB.
Read MoreBy Andrew M. Hinkes, Clifford C. Histed, Cheryl L. Isaac, and Maxwell J. Black
The Commodity Futures Trading Commission (“CFTC”) filed a civil enforcement action this week against Avraham Eisenberg, charging him with a scheme to defraud others and engage in price manipulation (as announced by the CFTC here). While there have been other enforcement actions related to decentralized finance (“DeFi”) protocols, this is the first case in which the CFTC has charged a person for fraud in connection with “oracle manipulation” on a decentralized exchange. In addition to this CFTC action, the U.S. Department of Justice previously charged Eisenberg with criminal fraud and commodity price manipulation in connection with this same alleged scheme.
Read MoreBy Giovanni Campi, Mathieu Volckrick, Paula Estaban Gomez
On 30 June, European institutions reached a provisional political agreement on the proposal for a regulation on Markets in Crypto-Assets, also known as MiCA.[1]
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