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.”
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President’s Working Group Releases Report on Stablecoins
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.
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OFAC Continues to Emphasize Regulatory Focus on Virtual Currency Regulation Through Its Sanctions Programs
On October 15, 2021, the Department of Treasury’s Office of Foreign Assets Control issued “Sanctions Compliance Guidance for the Virtual Currency Industry” and related updated FAQs.
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OFAC Designates Virtual Currency Exchange as Malicious Cyber Actor
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.
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U.S. Treasury Announces Cryptocurrency Reporting Requirements
On May 20, 2021, the U.S. Department of the Treasury announced a proposal that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service.
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OFAC Settles with Digital Currency Services Provider for Apparent Violations of Multiple Sanctions Programs
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.
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OFAC Settlement Highlights Risks for Those Dealing in Digital Currencies
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.
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EDPB Publishes Its 2021-2023 Strategy
On December 21, 2020, the European Data Protection Board released its 2021-2023 Strategy. This post reviews the four main pillars of the EDPB strategic objectives through 2023 and key actions to help achieve those objectives.
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European Commission Releases First Report on Evaluation of GDPR
As recently report on the Hunton Privacy & Information Security Law Blog, the European Commission submitted its first report on the evaluation and review of the EU General Data Protection Regulation to the European Parliament and Council.
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Digital Assets Featured in US Treasury 2020 National Strategy
The US Treasury Department recently announced its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (the 2020 Strategy). The 2020 Strategy identifies the US government’s top anti-money laundering and countering the financing of terrorism priorities and serves as a roadmap of Treasury’s plan to stay ahead of evolving illicit finance threats. Digital assets feature heavily in the 2020 Strategy.
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