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Vietnam Parliament Proposes Stricter Oversight on Cryptocurrency to Mitigate Money Laundering

Vietnam Parliament Proposes Stricter Oversight on Cryptocurrency to Mitigate Money Laundering

Vietnam's National Assembly is discussing amendments to the Law on Prevention and Combat of Money Laundering, focusing on cryptocurrency assets. The proposed changes include the addition of 15 suspicious indicators related to crypto assets, aligning with FATF's Recommendation 15. These indicators aim to provide a legal framework for identifying and controlling money laundering risks associated with cryptocurrencies. The amendments also propose enhancing digital financial investigation capabilities and clearly defining the responsibilities of state agencies in managing these risks.
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Vietnamese Lawmakers Call for Clear Distinction in Risk Management and Rights Restriction

Vietnamese Lawmakers Call for Clear Distinction in Risk Management and Rights Restriction

Vietnam's National Assembly is reviewing a draft law that aims to strengthen the country's legal framework against financial crimes, including money laundering and the financing of weapons of mass destruction. The discussions focus on clarifying the distinction between risk indicators and grounds for restricting rights. Lawmakers emphasize the need for precise definitions to ensure that state interventions are justified and do not infringe on legitimate activities. The draft law also includes provisions for freezing assets and delaying transactions as part of preventive measures.
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Thailand Waives Crypto Capital Gains Tax to Boost Local Trading

Thailand Waives Crypto Capital Gains Tax to Boost Local Trading

Thailand has announced a waiver on capital gains tax for cryptocurrency trades conducted through SEC-licensed platforms. This exemption, effective from January 1, 2025, to December 31, 2029, aims to encourage traders to use locally regulated exchanges rather than foreign or unregulated ones. The policy is part of Thailand's broader strategy to position itself as a global digital asset hub. While the exemption applies to trades through approved channels, regular income tax rules still apply to crypto income from mining, staking, and airdrops. The initiative is expected to stimulate the local digital asset market and attract both local and international interest.
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CLARITY Act Delay Fails to Deter Bitcoin's Price Rally

CLARITY Act Delay Fails to Deter Bitcoin's Price Rally

CLARITY Act Delay Fails to Deter Bitcoin's Price Rally
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CLARITY Act Heads for Senate Vote Amid Crypto Regulation Debate

CLARITY Act Heads for Senate Vote Amid Crypto Regulation Debate

The CLARITY Act, a significant piece of legislation aimed at establishing a federal market structure for digital assets, is set for a Senate vote in September. Senate Majority Leader John Thune has initiated the process to bring the bill to the floor, marking a critical step in the legislative process. The act seeks to clarify regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The upcoming vote will test the bipartisan support for the bill, which has faced challenges related to stablecoin rewards and ethical concerns over crypto investments by government officials.
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Bank for International Settlements Emphasizes AI in Combating Financial Crime

Bank for International Settlements Emphasizes AI in Combating Financial Crime

Bank for International Settlements Emphasizes AI in Combating Financial Crime
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US Imposes Sanctions on Dubai-Based Crypto Exchange for Alleged Iran Sanctions Evasion

US Imposes Sanctions on Dubai-Based Crypto Exchange for Alleged Iran Sanctions Evasion

The United States has imposed sanctions on Dubai-based cryptocurrency exchange Shelbit and its founder, Siavash Kayvanpour, for allegedly facilitating transactions for Iran's Islamic Revolutionary Guard Corps and other sanctioned entities. The US Treasury Department's action is part of a broader effort to crack down on sanctions evasion through cryptocurrency networks. Shelbit is accused of processing millions of dollars in digital assets for Iran's central bank and illegal gambling networks. The sanctions aim to dismantle illicit financial networks supporting the Iranian regime.
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HR-3633 Bill Aims to Clarify Digital Asset Market Regulations

HR-3633 Bill Aims to Clarify Digital Asset Market Regulations

HR-3633 Bill Aims to Clarify Digital Asset Market Regulations
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HR-3633 Introduces New Regulatory Framework for Digital Assets in the U.S.

HR-3633 Introduces New Regulatory Framework for Digital Assets in the U.S.

HR-3633 Introduces New Regulatory Framework for Digital Assets in the U.S.
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U.S. Senate Advances Clarity Act, Setting September Vote for Cryptocurrency Regulation

U.S. Senate Advances Clarity Act, Setting September Vote for Cryptocurrency Regulation

The U.S. Senate has taken a significant step towards voting on the Clarity Act, a bill aimed at establishing a legal framework for cryptocurrency regulation. Senate Majority Leader John Thune filed a motion to proceed with the bill, initiating the cloture process required to advance contested legislation past a 60-vote threshold. This procedural move sets the stage for an initial vote on September 15, following the Senate's August recess. The Clarity Act seeks to delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), potentially placing much of the cryptocurrency industry under the CFTC's jurisdiction. The bill is seen as a potential catalyst for increased confidence and participation from traditional financial institutions in the crypto market.
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US Senate advances landmark crypto bill before heading on August recess

US Senate advances landmark crypto bill before heading on August recess

WASHINGTON, Aug 8 (Reuters) - U.S. Senate Majority Leader John Thune moved on Saturday to advance a major bill that would create a regulatory framework for cryptocurrencies which, if passed, would mark a huge victory for U.S. President Donald Trump and the crypto industry.
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Nigeria Prepares for 2027 FATF Evaluation with Focus on Anti-Money Laundering Framework

Nigeria Prepares for 2027 FATF Evaluation with Focus on Anti-Money Laundering Framework

Nigeria is gearing up for the 2027 Financial Action Task Force (FATF) Mutual Evaluation, with the Nigerian Financial Intelligence Unit (NFIU) and the Federal Ministry of Justice spearheading a nationwide assessment. The evaluation will scrutinize the effectiveness of Nigeria's anti-money laundering and counter-terrorism financing measures. Attorney-General of the Federation, Prince Lateef Fagbemi, emphasized the importance of collaboration among law enforcement agencies to ensure success in the evaluation. He highlighted that Nigeria's previous removal from the FATF Grey List was a result of concerted efforts and that the upcoming evaluation is an opportunity to further strengthen the country's financial crime prevention frameworks.