The Australian Securities and Investments Commission (ASIC) has released important updates to its guidance in INFO 225 on the regulation of digital assets, including in relation to digital asset exchanges, digital wallets, tokenisation, and offshore digital asset businesses promoting, selling or providing services in relation to digital assets in Australia. The significance of these updates is that, if a digital asset is a “financial product,” the entity issuing, dealing in, advising on, or providing a…
In a significant move that has the potential to reshape the global regulatory landscape for digital assets, the United Kingdom and the United States have jointly launched the Transatlantic Task Force for Markets of the Future. Announced during U.S. President Donald Trump’s state visit to the U.K. in September 2025, this initiative marks a significant step toward regulatory harmonization between two of the world’s most influential financial jurisdictions. The task force, co-chaired by officials from…
Thailand’s new Emergency Decree on technological crime imposes shared liability on financial institutions, digital asset operators, and related service providers for fraud losses, unless they meet regulatory standards. In response, the SEC has issued new requirements targeting mule accounts used in illicit transactions, requiring enhanced due diligence and account controls. Digital asset operators must strengthen onboarding, monitor transactions more closely, and suspend suspicious accounts to ensure compliance. For a more detailed analysis, click here.
One of the persistent complaints over the way the U.S. Securities and Exchange Commission has operated in the digital asset space is its failure to issue clear guidelines. Within days of the inauguration of President Trump, and consistent with SEC acting Chairman Mark Uyeda’s commitment to shifting the regulator toward setting clear guidelines for digital assets, on January 23, 2025, the SEC issued Staff Accounting Bulletin (SAB) No. 122, effectively rescinding the controversial SAB No.…
When President Trump nominated Caroline Crenshaw as a Commissioner of the U.S. Securities and Exchange Commission in 2020, she was confirmed unanimously by the Senate. President Biden renominated Commissioner Crenshaw earlier this year but the Senate did not vote on the confirmation prior to the November 5 election. A vote by the Senate Banking Committee was supposed to take place during a meeting this past Wednesday, December 11, 2024, but the meeting was postponed at…
The Monetary Authority of Singapore (MAS) has taken a significant step towards regulating the burgeoning digital asset market by publishing a consultation paper setting out the regulatory regime that will apply to digital token service providers providing services outside of Singapore under the Financial Services and Markets Act (FSMA). The MAS first consulted on this regulatory regime in 2020. This was, among other enhancements to the existing regulatory framework, a response to the Financial Action…
In the United States, the Form 1099 has been used for years by investment firms to report investment income of their customers. As a result of final regulations (the “Final Regulations”) that the United States Internal Revenue Service issued on June 28, 2024, there will now be a Form 1099-DA (not yet released) on which custodial brokers will be required to report sales and exchanges of digital assets, including cryptocurrency. The reporting requirement will go…
The tension between the crypto industry and the United States Securities and Exchange Commission over the issue of which tokens qualify as securities has been well documented. SEC Chair Gary Gensler is on record as saying almost all crypto products are securities. On April 23, 2024, two crypto industry groups, the Blockchain Association and the Crypto Freedom Alliance of Texas sued the SEC in federal court in Texas, challenging the SEC’s rule expanding the definition…
On January 16, 2024, the United States Internal Revenue Service and Treasury Department announced the delay of the reporting requirements for businesses who receive USD 10,000 or more in digital assets, pursuant to section 6050I. Section 6050I obligates any person who receives USD 10,000 or more in cash, in the course of their trade or business, in a single or multiple related transactions, to report such to the IRS using Form 8300. Form 8300 requires…
On July 11, 2023, the United States Senate solicited input from the public on the appropriate treatment of digital assets under US federal income tax law. Noting that uncertainty over the application of existing laws to transactions involving digital assets creates complex tax reporting issues for taxpayers, the Senate signaled that legislation may be required to provide adequate guidance to the industry and the public. Click here to access a full discussion of the matter.