IRS Unveils Draft of New Digital Asset Reporting Form: Major Step Toward Compliance

by Theresa Joy Lacatan | Aug 12, 2024 | Blog News, Crypto News

On August 9, 2024, the Internal Revenue Service (IRS) released an early draft of the much-anticipated Form 1099-DA, a new tool designed to streamline and enhance the reporting of digital asset transactions. This form will become mandatory for brokers beginning in...

Singapore Tightens Regulation of Fund Management Companies, Imposes Licensing Requirements & Enhanced AML-CFT Compliance

by Theresa Joy Lacatan | Aug 12, 2024 | Blog News, Crypto News

On 1 August 2024, the Monetary Authority of Singapore (MAS) introduced its Guidelines on Licensing and Conduct of Business for Fund Management Companies (FMCs), with significant changes taking effect from 1 August, 2024 itself. These revisions are designed to address...

New MAS Circular Tightens Rules on Establishing Sources of Wealth for High-Net-Worth Clients

by Theresa Joy Lacatan | Aug 12, 2024 | Blog News, Crypto News

On July 26, 2024, the Monetary Authority of Singapore (MAS) issued a circular i.e. AMLD 08/2024, aimed at financial institutions (FIs) operating in the wealth management sector. The circular provides detailed guidance on establishing the sources of wealth (SOW) of...

CFTC Proposes Joint Rule for Enhanced Financial Data Transparency, Commissioner CFTC Concurs

by Theresa Joy Lacatan | Aug 9, 2024 | Blog News, Crypto News

On August 8, 2024, the Commodity Futures Trading Commission (CFTC) advanced efforts to enhance data transparency within the financial sector by proposing new technical data reporting standards. Developed in collaboration with major financial regulatory agencies, this...

CFTC Awards Over $1 Million to Whistleblower in Digital Assets Investigation

by Theresa Joy Lacatan | Aug 9, 2024 | Blog News, Crypto News

On August 08, 2024, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award exceeding $1 million to an individual who provided crucial information and assistance that significantly contributed to a successful enforcement action in the digital...

CFTC Secures $12.7 Billion Judgment Against FTX and Alameda for Massive Fraud Scheme

by Theresa Joy Lacatan | Aug 9, 2024 | Blog News, Crypto News

On 08 August 2024, the Commodity Futures Trading Commission (CFTC) announced a landmark decision by the U.S. District Court for the Southern District of New York, which ordered FTX Trading Ltd. and Alameda Research LLC to pay a staggering $12.7 billion in monetary...