On June 22nd, 2022, the European Union (EU) — wide Regulation on a Pilot Regime for market infrastructures based on distributed ledger technology (DLT Pilot Regime) came into force, applying from March 23rd, 2023. This Regulation is part of the EU Digital Finance Package introduced by the European Commission in 2020 and forms within this Package together with the Regulation of …
On August 1st, 2021, the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT Act) and the associated blanket ordinance came into full force, bringing various aspects related to the distributed ledger technology (DLT) and blockchain technology into the Swiss law. Switzerland was one of the first countries to enact legal …
Switzerland’s DLT Act: An FAQ answering the most prominent questions Read More »
According to a press release from the Council of the European Union (EU), dated June 29th 2022, negotiators from the Council presidency and the European Parliament have reached a provisional agreement on a proposal aiming to update the rules on information accompanying the transfers of funds – after three months of negotiations. This proposal is part …
In June 2022, the UK Treasury announced in the report Response to the Consultation that its proposed rule that would have required all senders of funds to private crypto wallets to collect identification details of recipients will not be implemented. In July 2021, the UK Treasury proposed in a Consultation document, that the originator and beneficiary of funds …
Globally, the cryptocurrency industry is subject to illicit activities, notably money laundering — read about the underlying reasons in our previous article Combating money laundering related to cryptocurrencies. In 2018, the National Risk Assessment (NRA) regarding Risk of money laundering and terrorist financing posed by crypto assets and crowdfunding concluded that this global risk is also considerable for …
Crypto based assets are one of the major applications of the blockchain technology in finance and gain rapid popularity globally. As a reaction to this development, numerous countries are undertaking efforts to bring crypto based assets into their respective regulatory realms and to provide legislations to boost their potential and mitigate risks, such as cyber …
An introduction to the Regulation of Markets in Crypto-Assets (MiCa) Read More »
The cryptocurrency industry has emerged largely in an unregulated space, making it subject to illicit activities, notably money laundering. Money laundering activities related to cryptocurrencies range from laundering digital proceeds to converting large sums of cash into virtual assets. There are various reasons for the use of cryptocurrencies in money laundering activities. The decentralised nature …
Money laundering risks related to cryptocurrencies Read More »
On 31. March 2022, European Union lawmakers, through two committees in the European Parliament, jointly voted in favour of introducing a new tracing rule for crypto transfers which originates from the FATF (Financial Action Task Force) Travel Rule first proposed in 2019 — yet going one step further. The FATF Travel Rule is an extension of the …
How the EU Parliament addresses new crypto tracing laws Read More »