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On 25 October 2021, the Dubai Financial Services Authority, the regulatory body of the Dubai International Financial Centre (DIFC), announced that it implemented a regulatory framework for investment tokens issued or traded within the DIFC, which follows from the Consultation Paper No. 138 (Regulation of Security Tokens) it issued earlier in March this year.…
Continue Reading Dubai Financial Services Authority Recently Launched Its Framework for Regulating Digital Assets

On November 8, 2021, law enforcement agencies in both the United States and European Union announced that a series of actions, including a number of arrests, were taken against the Russia-linked ransomware group, “REvil.”…
Continue Reading Russia-Linked REvil Hackers and Their Affiliates Hit with Arrests by the U.S. and International Allies

On November 1, 2021, the President’s Working Group released a long-awaited report on stablecoins. The Report outlines a number of significant legislative recommendations for Congress to consider as well as a number of interim measures that agencies should adopt under their existing authorities to protect against prudential risks in the near-term.…
Continue Reading President’s Working Group Releases Report on Stablecoins

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments on the sanctions risks associated with facilitating ransomware payments. OFAC, with assistance from the FBI, also designated SUEX OTC, S.R.O., as a malicious cyber actor, the first such sanctions designation against a virtual currency exchange.…
Continue Reading OFAC Designates Virtual Currency Exchange as Malicious Cyber Actor

The US Department of the Treasury’s Office of Foreign Assets Control settled with BitPay, Inc. for $507,375 to resolve 2,102 apparent violations of multiple US sanctions programs for allowing individuals located in sanctioned jurisdictions to use digital currency on its platform to transact with merchants in the United States and elsewhere.…
Continue Reading OFAC Settles with Digital Currency Services Provider for Apparent Violations of Multiple Sanctions Programs

Amid the rise of digital currency services, the US Department of the Treasury’s Office of Foreign Assets Control published a cautionary tale on December 30, 2020, discussing a recent settlement with BitGo, Inc., a California-based technology company that facilitates digital currency transactions and provides non-custodial digital wallet management services.…
Continue Reading OFAC Settlement Highlights Risks for Those Dealing in Digital Currencies