On May 2, 2019 US Department of Treasury’s Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (the Framework), which provides a specific outline of what OFAC considers to be essential elements of an effective sanctions compliance program. Crypto businesses should consider the applicability of the Framework to their products.
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Hunton Andrews Kurth attorney, Mayme Beth Donohue, member of the firm’s blockchain working group, was recently interviewed as part of the University of Virginia’s new podcast series, Common Law, exploring cutting-edge issues about the future of law. Mayme discussed various practical applications of blockchain, including supply chain management, product authenticity and blockchain-based mortgages, and how in-house lawyers should think about issue spotting blockchain implementations.
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On July 27, 2018, the Justice BN Srikrishna committee, formed by the Indian government in August 2017 with the goal of introducing a comprehensive data protection law in India, issued a report and draft data protection bill. The Bill has been submitted for consideration to the Ministry of Electronics and Information Technology and is expected to be introduced in Parliament at a later date.
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On June 28, 2018, the Governor of California signed the California Consumer Privacy Act of 2018. The Act introduces key privacy requirements for businesses, and was passed quickly by California lawmakers in an effort to remove a ballot initiative of the same name from the November 6, 2018, statewide ballot. The Act will take effect January 1, 2020.
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