By: Jay Lee, Natalie Chow, and Alvin Lam
On 29 October 2024, the Hong Kong District Court issued the judgment of the first legal action (Chan Wing Yan and Another v. JP-EX Crypto Asset Platform Ltd and Others [2024] HKDC 1628) against JPEX, which the Hong Kong Securities and Futures Commission has identified as an unlicensed virtual asset trading platform (VATP).
Read MoreBy: Jeremy McLaughlin and Joshua Durham
On 2 October 2024, the California Department of Financial Protection and Innovation (DFPI), issued draft proposed rules to implement the state’s new cryptocurrency licensing regime, the Digital Financial Assets Law (DFAL). DFPI is seeking comments on the proposed rules and set a deadline of 18 November 2024.
Read MoreBy: Jeremy M. McLaughlin and Joshua L. Durham
Good news for the cryptocurrency industry. On 29 September 2024, California Governor Gavin Newsom approved Assembly Bill 1934, which extends the time within which digital assets companies must obtain a license to engage in digital financial asset business activity under the Digital Financial Assets Law (DFAL). Entities now have until July 2026 to obtain licensure, which is a year later than originally planned.
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