TRM Weekly Roundup | October 24, 202
Happy Thursday, and welcome back to another Weekly Roundup!
This week, Ari Redbord , Angela Ang , and Isabella Chase take us through the what, why, and how behind this week’s top stories throughout the cryptoverse. On deck:
?????UAE to issue legal status for DAOs
This Friday is an exciting day in the UAE. The Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free trade zone, will release its new ruling on the legal status of decentralized autonomous organizations (DAOs). RAK DAO plans to create a framework that will establish legal and governance guidelines for DAOs, including a legal structure to define tax obligations and ownership rights for on-chain and off-chain assets. According to reports, “under the new regime, DAOs can be established remotely without a physical presence in the UAE, allowing global participants to easily register DAOs and open bank accounts within the country” — all of which will make the UAE more attractive to those looking for a home for their DAO. But how does this compare to other jurisdictions?
?????The US states of Wyoming and Vermont have granted legal status to DAOs since 2021 and 2018, respectively. Vermont provides legal status to “blockchain-based LLCs,” which can be interpreted to include DAOs.
?????The Marshall Islands passed the Decentralized Autonomous Organizations ****Act in 2022, becoming one of the few nations to officially recognize DAOs as legal entities. This law allows DAOs to register as legal entities in the Marshall Islands.
?????DAOs can be incorporated as associations, cooperatives, or foundations under Swiss law — which provides a flexible legal structure for DAOs.
?????Liechtenstein’s 2020 Blockchain Act (Token and Trusted Technology Service Provider Act) includes provisions that support DAOs, offering legal clarity for blockchain entities and DAOs operating in the jurisdiction.
?????Ireland National Payments Strategy takes aim at fraud
Sixteen outcomes will define the success of Ireland’s new National Payments Strategy, unveiled last week. These outcomes are grouped into six categories: The future role of cash; payment resilience; payment fraud; account-to-account payments; the future of payments; and data collection, analysis, and sharing.
Under the "future of payments" category, the strategy highlights the benefits of distributed ledger technology (DLT) in removing unnecessary intermediaries and increasing efficiencies, as well as the opportunities posed by stablecoins for payments. Overall, the strategy supports the role of crypto assets in Ireland's payments landscape.
The "payment fraud" section, however, commands the largest portion of the strategy. To address this growing but still relatively small problem, Ireland will establish an Anti-Fraud Forum and create a "Shared Fraud Database." The forum "will seek to enhance formal cooperation between the financial sector, telecoms, and social media companies, whose networks and platforms are often used to propagate fraudulent activity." The database will "share information across participating organizations to help identify and prevent fraud," operating with a suite of data-matching rules to detect patterns of suspicious activity.
In other news, it was reported last week that Ireland will need to pass urgent legislation to align with the EU’s money laundering rules — likely the Transfer of Funds Regulation — before it comes into force on December 30.
?? Stripe leans further into crypto-payments space with Bridge acquisition; TRM publishes white paper on Managing Risk in the World of Crypto Payments
According to reporting, Stripe has finalized its largest acquisition to date, acquiring stablecoin platform Bridge in a deal valued at USD 1.1 billion.
Bridge provides software tools that help companies accept payments in stablecoins. Stripe, which was?last valued?at USD 70 billion, reinstated crypto payments for US businesses via USDC on Ethereum, Solana, and Polygon earlier this month. In addition, Stripe partnered with Coinbase in June?to incorporate Coinbase's Base Layer 2 network into its crypto payment products, while Coinbase pledged to add Stripe as a way for its customers to buy crypto within its Coinbase Wallet.
Last week, Paxos announced that Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments and allowing payments providers to move faster by leveraging the complete solution stack for onboarding, pay-ins, conversions, and payouts.
The USD 1.1 billion purchase represents the crypto industry's largest acquisition deal to date.
?? As fintechs engage with the digital assets ecosystem, helping deliver on crypto payments’ potential and promise for consumers and businesses — value transfer at the speed of the internet — they also face unique risks. In our latest white paper, get practical advice from the experts: Aaron Chua (Regional Head of Compliance at StraitsX ), Rodrigo Peiteado (Financial Crime Intelligence Lead at BVNK K), and Simona Suskeviciene (Director of Financial Crime Compliance Product Advisory at BVNK).
领英推荐
Read it here.
???? Former IRS-CI agent and Binance exec Tigran Gambaryan released from Nigerian custody
On Wednesday, the Nigerian government dropped charges against former IRS-CI agent and Binance executive Tigran Gambaryan, who was standing trial on allegations of money laundering and currency manipulation, and who had been detained in the country since February.
The case against?Tigran Gambaryan, head of financial crime compliance at Binance, was discontinued on the grounds of his ill health, according to reporting by Bloomberg.
Gambaryan’s lawyer sought an acquittal of the charges, but that request was denied, the people said.
Gambaryan, an American citizen whom US lawmakers say has been unjustly detained, had an appeal for bail on health grounds rejected by the court earlier in October. Gambaryan’s lawyer had pleaded his client be granted bail to allow him to seek medical help for a herniated disk that was making it difficult for him to walk.
???? UK FCA explains importance of strong crypto foundations and takes stance against “finfluencers"
Earlier this week, Val Smith, Head of Payments and Digital Assets Authorisations at the Financial Conduct Authority , emphasized the importance of ensuring that the UK’s crypto authorization regime remains resilient against illicit finance.
She underscored the FCA's commitment to working closely with partners across government, industry, and international jurisdictions to build a safe, reliable crypto sector. Smith stressed that this level of integrity can only be achieved through active collaboration.
In addition to these efforts, the FCA is also taking a firm stance against those facilitating financial crimes that threaten the ecosystem. In a separate announcement, the FCA issued 38 alerts against social media accounts operated by “finfluencers” which may contain unlawful promotions.
?? Why is this important? According to the FCA, “increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. Nearly two-thirds (62%) of 18 to 29-year-olds follow social media influencers; 74% of those said they trusted their advice, and 9 in 10 young followers have been encouraged to change their financial behavior.”
?? SEC releases 2025 Examination Priorities with a focus on crypto
Today, the U.S. Securities and Exchange Commission released its 2025 Examination Priorities, a comprehensive document published by the Commission’s Division of Examinations. It outlines the key areas the SEC plans to focus on when conducting examinations of registered firms in the financial industry — including investment advisers, broker-dealers, and other market participants. The document reflects the SEC’s focus on evolving markets, new technologies, and emerging risks, ensuring robust investor protection and strong regulatory compliance across the securities industry.
This document is particularly important for firms to understand the SEC's priorities, such as adherence to fiduciary standards, cybersecurity, anti-money laundering (AML) measures, and the SEC’s continued focus on crypto.
According to the report, the Division of Examinations will monitor and conduct examinations of registered entities that offer services related to?crypto assets, due to the “high volatility and evolving nature of the crypto market.” The examinations will focus on several key areas:
The SEC has made crypto assets a focus of guidance, enforcement actions, and now, its examination priorities. As the ecosystem continues to grow, it is clear that that focus will continue.
Global Head of Policy and Government Affairs at TRM Labs
1 个月Another crazy week in the #cryptoverse!