Why Blockchain Firms Shouldn't Ignore New EU Cybersecurity Laws
We know that 'virtual currencies' (the term to be hardwired into European Union law) will be covered by new anti-money laundering and terrorist financing regulations. But, while the details on this industry-specific regulation will follow shortly, there are also other pieces of the EU legislation that deserve attention in the meantime. Going forward, it is quite clear that blockchain as a technology will primarily attract the attention of regulators interested in particular applications. Lawyers, by and large, think about bitcoin from the perspective of financial regulations or look at....
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The European Union (EU) parliament has approved a new set of cybersecurity laws, ordering firms in “essential service” industries like banking, health, energy and transport to bolster their defenses against cyber-attacks. The EU network and information security (NIS) directive represents the first EU-wide standards on cybersecurity. According to an EU parliament statement, they are designed to increase cooperation between member states as well as to prevent attacks on EU countries’ interconnected infrastructure. EU Parliament rapporteur Andreas Schwab said: “Cybersecurity incidents very....
SEC enforcement director Gurbir Grewal reportedly said the agency wouldn't be ignoring the funds or securities laws violations for crypto companies that come to them. The U.S. Securities and Exchange Commission’s enforcement director has reportedly said cryptocurrency companies will not receive amnesty for reporting themselves for possible violations of securities laws.According to a Monday report from Reuters, the SEC director of the agency’s division of enforcement, Gurbir Grewal, said the agency may view crypto companies’ conduct “more favorably” if they reach out first for....
Two U.S. senators passed a new bill amending the Cybersecurity Information Sharing Act of 2015 to include the crypto firms to report cyberthreats they face. The U.S legislators, Cynthia Lummis of Wyoming and Tennessee’s Marsha Blackburn, revised the Cybersecurity Information Sharing Act aimed at reducing criminal activities in crypto-space. Cryptocurrency’s growing issues like cyber attacks, […]
Under the proposed amendment, the 2015 legislation would be renamed the Cryptocurrency Cybersecurity Information Sharing Act. United States Senators Marsha Blackburn and Cynthia Lummis have introduced proposed changes to a 2015 bill that would allow “voluntary information sharing of cyber threat indicators among cryptocurrency companies.”According to a draft bill on amending the Cybersecurity Information Sharing Act of 2015, Blackburn and Lummis suggested U.S. lawmakers allow companies involved with distributed ledger technology or digital assets to report network damage, data breaches,....
Recently, it was estimated that the Financial Industry would be investing in over $1bn in Blockchain Technology by the end of this year and investment will continue at this pace well into 2016. Blockchain holds the promise of more fluid and safer transactions and the traditional financial institutions are investing heavily and creating divisions geared towards maximizing the opportunity Blockchain presents. Debates are on both sides of the coin (no pun intended) on this as Blockchain is the underlying technology for bitcoin, which these same institutions are leery of as the reputation is....