Hash(SHA 1):05cb88cd1b8e4b7601cd2a52868d625785302d27
No.: Lianyuan Hotspot Insights Broadcast No.001
Our PandaLY security team is well aware that global cryptocurrency regulation is crucial to the healthy and safe development of the blockchain industry, so our operations department has invested a lot of energy in conducting detailed investigations and will continue to track and update international regulatory changes. The following reviews are a summary This report provides the latest news, updates, guidance, legislation and frameworks released by regulators, industry alliances, professional associations, banks, governments and other entities, and analyzes their impact on the global crypto industry.
Key points
U.S. Treasury Department and Internal Revenue Service (IRS)
The announcement said that companies do not have to report digital asset income like cash income until the Treasury Department and the Internal Revenue Service issue relevant regulations. This decision provides some breathing space for crypto companies, but also reflects the uncertainty of future regulatory details. The move by the Department of Justice and the IRS shows their efforts to balance regulatory needs with the burden on businesses.
U.S. Securities and Exchange Commission (SEC)
The definition of “dealer” has been expanded to include market participants that regularly provide significant liquidity in transactions and market activities, including digital asset securities. The new definition may cover certain crypto businesses that will need to register with the SEC. Become a member of a self-regulatory organization (SRO) and comply with federal securities laws. This change shows that the SEC is trying to strengthen supervision of the digital asset market to ensure market stability and transparency, while also potentially increasing compliance for certain companies. cost.
U.S. Energy Information Administration (EIA)
The EIA has obtained emergency permission to conduct a temporary survey of electricity consumption information for certain crypto mining companies operating in the United States. The EIA plans to begin collecting data monthly from February to July 2024. The move reflects the regulators concern about the crypto mining environment. This is not only a direct regulation of the crypto industry’s energy use, but also a concern for its environmental sustainability.
Commodity Futures Trading Commission (CFTC)
Debiex, a digital asset platform, was accused of using a romance scam strategy to embezzle $2.3 million in customer funds for digital asset commodity trading. The CFTC’s Office of Customer Education and Outreach issued a report warning the public about artificial intelligence scams. The enforcement actions demonstrate its commitment to protecting investors from fraudulent activities while also raising public awareness of emerging scams.
US Congress
Senators introduced the Partnership to Stop Illegal Financial Practices Act of 2024, which would establish a plan for the government and private sector to share information about illegal financial practices. Senator Cynthia Lummis of Wyoming and others proposed overturning the SEC Staff Accounting Bulletin (SAB) 121, these pieces of legislation and resolutions show that lawmakers are exploring new ways to combat illicit financial activity while fostering collaboration between the public and private sectors.
U.S. Department of Justice (DOJ)
Unveiled indictments charging a Belarusian and Cypriot national with ties to the BTC-e exchange, which facilitated global cybercrime. DOJ also charged three people in connection with a SIM hijacking scam that netted more than $400 million. , the DOJ also charged two crypto fraud suspects and obtained a guilty plea from another suspect in connection with a $1.89 billion global crypto Ponzi scheme called HyperFund. These cases showcase the DOJ’s Determination and action to combat cryptocurrency-related crimes.
International News
Regulators in several countries and regions, including the European Union, Germany, Luxembourg, South Korea, Thailand, the UAE, and the United Kingdom, have released important updates and action plans related to crypto assets. For example, the European Union has adopted a new anti-money laundering program , crypto asset service providers must conduct customer due diligence measures when conducting transactions of 1,000 euros or more. German police seized 50,000 bitcoins worth 2.17 billion in the largest cryptocurrency seizure ever US dollars. South Korean authorities arrested three executives of Haru Invest, a cryptocurrency yield platform, for allegedly stealing approximately $828 million worth of cryptocurrency. UAE-based OKX Dubai subsidiary obtained a virtual asset service provider (VASP) license. Bank of England The Treasury and the Treasury have published their response to a consultation paper on a digital pound, leaving undecided whether to issue a digital pound but promising privacy as a “core design feature”.
Conclusion
This issue of Crypto Regulatory Update covers a wide range of policy and regulatory changes involving multiple countries and regions. The U.S. Treasury and IRS’s announcements on changes to digital asset income reporting requirements, the SEC’s expansion of the definition of a trader, and the CFTC, EIA, etc. The dynamics of the institutions will have a profound impact on the crypto industry. Internationally, regulatory actions in the European Union, South Korea and other regions also show that crypto regulation is developing rapidly around the world. The PandaLY security team believes that keeping an eye on and understanding these changes will It will help crypto builders and investors better respond to changes in the regulatory environment and ensure the compliance and sustainability of their businesses.
Lianyuan Technology is a company focusing on blockchain security. Our core work includes blockchain security research, on-chain data analysis, and asset and contract vulnerability rescue. We have successfully recovered many stolen digital assets for individuals and institutions. At the same time, we are committed to providing industry organizations with project security analysis reports, on-chain traceability and technical consulting/support services.
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