This week, the US took a step forward on crypto regulations, China debated draft AML crypto laws, 200 Australians were duped by a crypto scam, and Indian law enforcement dismantled a crypto and gold scheme.
US Congressman proposes new Act on crypto regulations
On September 12, 2024, the US Congress representative for Tennessee, John Rose, proposed the Digital Global and Electronic Digital Assets Act, or BRIDGE Act.
The Act would focus on ensuring the stability and future of the crypto industry by forming a Joint Advisory Committee (JAC) to support liaison between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The JAC is expected to foster a better understanding of regulations and policies concerning digital assets between the SEC and CFTC, which Rep. Rose believes will allow the US crypto industry to flourish in the future. He added that “the current heavy-handed, regulation-by-enforcement approach isn’t working and is instead encouraging investment in this key innovation overseas.”
Find out more at Congressman John Rose, and read the bill here.
China mulls draft new AML crypto law revisions
China’s top legislative entity, the Standing Committee of the National People’s Congress, is reviewing a draft amendment to the Anti-Money Laundering Law. The revision is intended to improve lawmakers’ capacity to track and assess new money laundering typologies as they appear, with a strong focus on the risks posed by emerging technological threats such as cryptocurrencies.
The proposed revisions also called upon the Central Bank of China and the country’s financial regulators to work together to establish protocols for managing emerging technologies’ risks. The revisions also noted that financial institutions should take the initiative to counter these risks.
Find out more at Cointelegraph.
200 Australians duped in global crypto scam
As many as two hundred Australians have lost millions to a worldwide crypto scam. Trading under the name Validus, the scammers enticed their victims with promises of up to 300% returns. Validus is also allegedly targeting people in New Zealand, South Africa, and Papua New Guinea.
The losses occurred despite the Australian Securities and Investment Commission’s (ASIC) November 2022 warning to the public not to invest in Validus. ASIC added that Validus had no Australian financial services (AFS) license. Dubai, New Zealand, and Belgium have reportedly also warned their citizens against Validus.
Find out more at News.com.
Joint US & Indian operation busts crypto & gold crime group
The Indian Central Bureau of Investigation (CBI) has dismantled a cybercrime network involved in trading cryptocurrencies and gold bullion.
Acting on a tip from the Federal Bureau of Investigation (FBI) in the US, the CBI conducted physical raids in Mumbai and Kolkata on September 12 and 13. As a result of these raids, a key figure in the cybercrime syndicate was arrested, along with the seizure of 57 gold bars and laptops used to commit cryptocurrency fraud.
The CBI operation was the culmination of a lengthy investigation into the cybercrime group, which had been active since 2022. The FBI tip-off was prompted by a woman in the US who laid a complaint after being fleeced of $454K by the syndicate. The CBI’s investigation continues, and it expects to make more arrests and seizures.
Find out more at Thecyberexpress.
US senators call on BTM operators to combat crypto fraud
A group of seven US Senate Democrats led by Senate Judiciary Chairperson Dick Durbin has implored ten of the country’s largest crypto ATM operators to take prompt and decisive action against fraud, which the group contends is targeting elderly Americans.
The group sent letters to the top executives of Bitcoin Depot, CoinFlip, RockItCoin, Bitstop, Coinhub, Unbank, Athena Bitcoin, Byte Federal, Cash2Bitcoin and Margo on September 11. The letter noted that losses to Bitcoin ATM (BTM) fraud exploded from $12M to $114M between 2020 and 2023.
In the first half of 2024, $65M was reported stolen, with Americans over sixty being three times more likely to report falling victim to BTM fraud than younger age groups. On September 12, a press release urged the BTM operators to respond by October 4, 2024.
Find out more at Cointelegraph.
