5 state regulators allege organization is tied to Russia, scamming users usin...
"The same rules that apply to investments in the physical world continue to apply to investments in virtual worlds," said the regulators. Authorities in the U.S. states of Alabama, Kentucky, New Jersey, Texas and Wisconsin have filed enforcement actions against the Flamingo Casino Club for allegedly perpetrating a scam through nonfungible tokens (NFTs) tied to a metaverse casino.In a Wednesday announcement, the Alabama Securities Commission, Kentucky Department of Financial Institutions, New Jersey Bureau of Securities, Texas State Securities Board and Wisconsin Department of Financial....
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Conference of State Bank Supervisors (CSBS) is a 100-year-old trade organization for state regulators that primarily concerns itself with representing state regulators interests and dealing with issues facing the industry to federal and state authorities. One of their primary invitations is advocating consistent regulations among the financial industry from state to state. The organization announced a new focus on emerging financial technologies in February of 2014. They formed a task force for emerging payment systems whose purpose was to research and develop regulations for those new....
In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR) has issued a recommendation against the listing of securities tied to crypto assets on the country’s stock exchanges. The “preventive measure” will not affect state-issued digital currencies. Bank of Russia Worried About Common Investors’ Exposure to Crypto Derivatives Russia’s central banking institution, known as Bank of Russia, has again expressed its misgivings regarding decentralized money. Cryptocurrencies and digital assets are characterized by high volatility, lack....
The Russian Ministry of Finance, known for its disdain and intent to criminalize bitcoin activity, is considering the issuance of a state-controlled cryptocurrency in discussions with banks and regulators. The idea of a state-controlled cryptocurrency in Russia is currently being deliberated in meetings between the Russian Ministry of Finance, the Central Bank of Russia and representatives from other banks. Paul Livadniy, deputy director of the Federal Financial Monitoring Service in Russia, also known as Rosfinmonitoring, revealed that while no draft laws for a state-issued cryptocurrency....
The Conference of State Banking Supervisors (CSBS) recently released their “Draft Policy on State Virtual Currency Regulation.” The CSBS is a nationwide organization of banking regulators from all fifty US states, the District of Columbia, Puerto Rico, and the US Virgin Islands who supervise 5,400 state-chartered financial institutions with a combined US$4.2 trillion in assets. The CSBS is not a government agency. It is a confederation of regulators that work for various state agencies but is not itself under legislative control. Instead it is defined as a non-profit organization founded....
The State Duma of Russia, the lower house of parliament, has passed a law permitting law enforcement authorities to seek confiscation of illegally obtained funds from government officials, including cryptocurrency. The state may attempt to seize the assets through court if they exceed the officials’ income.
New Law Allows Russia to Prosecute Officials With Illegal Crypto Holdings
Government officials who possess financial assets — including digital coins — exceeding their declared income from the last three years risk losing them to the state, according to a....