SEC Charges OTC Link LLC with Failing to Report Suspicious Transactions, Imposes $1.19 Million Penalty

by Theresa Joy Lacatan | Aug 13, 2024 | Blog News, Crypto News

On August 12, 2024, the Securities and Exchange Commission (SEC) took decisive action against OTC Link LLC, a New York-based broker-dealer, for neglecting to file mandatory Suspicious Activity Reports (SARs) over a period exceeding three years. The firm has agreed to...

Bahamas Pioneers New Digital Asset Regulations: DARE Act 2024 Takes Effect

by Theresa Joy Lacatan | Aug 13, 2024 | Blog News, Crypto News

On 26 July 2024, the Securities Commission of the Bahamas (SCB) announced the Digital Assets and Registered Exchanges Act, 2024 (DARE Act) which came into effect on 29 July, 2024. It aims to establish a clear legal framework for the issuance, sale, and trade of...

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...