- cypherpunks - lists.cpunks.org

Safeguarding Human Rights Defenders Practical Guidance for Investors
by Gunnar Larson 28 Oct '22

28 Oct '22

Brody Larson collates 85 highlights to "Safeguarding Human Rights Defenders Practical Guidance for Investors": https://drive.google.com/file/d/1ecoN8I6SNmM6uH3eoi3f1Cp7C-c8ffuo/view?usp=…

1 6

Abortion in El Salvador is illegal
by professor rat 28 Oct '22

28 Oct '22

Why do these nationalist pigs hate our anarchist freedoms? https://en.wikipedia.org/wiki/Abortion_in_El_Salvador Human rights in El Salvador Amnesty International has drawn attention to several arrests of police officers for unlawful police killings. Other issues to gain Amnesty International's attention include missing children, failure of law enforcement to properly investigate and prosecute crimes against women, and rendering organized labour illegal.[101] Abortion is banned, with no exceptions for rape, incest, or threat to the mother’s life; as a result, 180 women have been imprisoned in the last two decades, some for up to 30 years.[102] Discrimination against LGBT people in El Salvador is very widespread.[1 https://en.wikipedia.org/wiki/El_Salvador#Human_rights

1 0

BACKSTABBER loose in Lugano - there he goes! GET HIM!
by professor rat 28 Oct '22

28 Oct '22

Adam Back @adam3us · Oct 2 great article by @nayibbukele on El Salvador #bitcoin and global establishmentarian real-politic reactions. Quote Tweet Nayib Bukele @nayibbukele · Oct 2 I wrote an Op-Ed for the next edition of @bitcoinmagazine, hitting shelves this October. But the digital version is out now. Read it or download the PDF at the link below: https://bitcoinmagazine.com/print/stop-drinking-the-elites-kool-aid… (Available in English and Spanish) https://twitter.com/adam3us/status/1576228202238054400 ADMAN BACK either knows about repression in El Salvador and condones it OR he hasn't heard anything about it yet and is Too Stupid To Be an Activist Let Alone Anarchist ( TSTBALAA )

1 0

Samson Mow needs killing ( My 2000 sats ) He's in LUGANO too!
by professor rat 28 Oct '22

28 Oct '22

Mow and Blockstream have been key figures in designing El Salvador’s bitcoin-backed bonds (so-called Volcano Bonds), which are set to be issued this month on Blocksteam’s Liquid platform. https://www.coindesk.com/business/2022/03/01/samson-mow-exits-blockstream-t… ADAM " Blockstream " BACK still breathing? I wanted him dead last month!

1 0

Milena Mayorga needs killing ( My 2000 sats ) SHE's in LUGANO!
by professor rat 28 Oct '22

28 Oct '22

Dolfuss / Pinochet style fascism with Marxist Chinese characteristics gladstein 14h Wow. As part of Bukele’s “state of exception” where 55,000 have been arbitrarily arrested, there are state-planned quotas for detentions, leading cops to jail people simply accused of crimes on Facebook posts or through a phone tip-line 🇸🇻 Quote Tweet Rest of World @restofworld · 15h El Salvador appears to have arrested hundreds of people based on tips received through Facebook and Twitter accounts managed by an IT department with no training in police work https://restofworld.org/2022/social-media-arrests-el-salvador/ Show this thread Social media gossip is fueling mass arrests in El Salvador Experts worry IT workers reviewing police social media accounts make arbitrary decisions on detentions. https://twitter.com/MilenaMayorga/status/1584537356970795008/photo/1 LOOK WHATS GOING ON THERE RIGHT NOW! LuganoPlanB · 1h Now live on WAGMI stage @obi on how Bitcoin empowers the global south JESUS FUCKING CHRISTIE!

1 0

Anarchists don't have to respect the free-speech of any known fascist
by professor rat 28 Oct '22

28 Oct '22

Freedom of speech for the sworn enemies of liberal democracy is a crackpot liberals idea. No anarchist has the slightest obligation to recognize the human and civil rights of any known Right, Left or Nazbol fascist pig. Take Juan, Gramps and Semich. Please. " Fascism is not to be debated - it is to be smashed " - Obiwan Durruti List bores take your ' Free Speech " bs and shove back up your arse. NOW.

1 0

Cryptocurrency: Thousands Worldwide Being Shutdown by Banks for Free Speech
by grarpamp 28 Oct '22

28 Oct '22

DailySceptic, Free Speech Union, Toby Young... All and thousands more voices SHUTDOWN by "Regulated Entities" https://www.youtube.com/watch?v=9tmDLssmC68 DailySceptic Shutdown Make no mistake, these escalating levels of persecution are a result of bending the knee to authoritarian communists. Most redditors are perfectly fine with this because they disagree with the individuals who are being persecuted. They're too short sighted to believe that they'll ever be targeted themselves, because they're so obedient and eager to carry the party line. It's disgusting and dangerous behavior that will inevitably damn us all. The Beast from the Earth Rev13:16 And he causes all, the small and the great, the rich and the poor, and the free and the slaves, to be given a mark on their right hands or on their foreheads, 17 and he decrees that no one will be able to buy or to sell, except the one who has the mark, either the name of the beast or the number of his name. 18 Here is wisdom. Let him who has understanding calculate the number of the beast, for the number is that of a man; and his number is six hundred and sixty-six.

1 0

A Former Goldman Sachs/Hedge Fund Guy Is the New U.K. Prime Minister
by Gunnar Larson 28 Oct '22

28 Oct '22

https://wallstreetonparade.com/2022/10/a-former-goldman-sachs-hedge-fund-gu… The newly installed U.K. Prime Minister, Rishi Sunak, (the third PM in seven weeks) has scrubbed his Goldman Sachs and hedge fund career from his LinkedIn profile and from his official government bio. But, unfortunately for Sunak, those careers have been assiduously chronicled in countless newspaper articles for more than a decade – and not in a good way. Sunak worked as a junior analyst at Goldman Sachs from 2001 to 2004, where part of his research involved railways. He left Goldman to obtain his MBA at Stanford University, following which he joined TCI hedge fund in 2006 as a partner and worked there until 2009, when he left to co-found the hedge fund, Theleme Partners with Patrick Degorce. Sunak worked at Theleme Partners until 2014, when he moved into conservative politics in the U.K. That’s a total of 13 years involvement in financial markets that Sunak wants to obliterate from his work history. Those 13 years in finance include a number of controversial events. Chief among them was Sunak’s direct involvement in activism against the board of the U.S. rail freight operator, CSX. The TCI hedge fund had secretly acquired a large stake in CSX along with another hedge fund, 3G Capital Partners, through the purchase of shares as well as total return equity swaps, a form of opaque derivatives that can be used to disguise a large share stake. (That same type of derivative was used by Archegos Capital Management last year to disguise its giant stake in ViacomCBS and other companies, blow itself up, and leave mega global banks nursing margin loan losses of more than $10 billion.) CSX was highly displeased with the hedge funds’ sneaky activism and took the matter to federal court. The District Court for the Southern District of New York wrote that TCI had sought “to defend their secret accumulation of interests in CSX by invoking what they assert is the letter of the law. Much of their position in CSX was in the form of… a type of derivative that gave defendants substantially all of the indicia of stock ownership save the formal legal right to vote the shares. In consequence, they argue, they did not beneficially own the shares.” The case was appealed to the Second Circuit and TCI was allowed to elect four directors to the CSX Board. Shareholders, however, headed to the exits, sending the stock price down dramatically and delivering large losses to the hedge funds involved. TCI sold its stake and removed its representation from the board. A CSX shareholder, Deborah Donoghue, sued TCI and 3G Capital Partners. That case was settled by TCI with a payment of $10 million to CSX and the payment of legal fees to plaintiff’s attorneys. Sunak is married to Akshata Murty, the daughter of Indian billionaire Narayana Murthy, who is co-founder of the IT company Infosys. Management of her wealth has also cast a negative light on the couple. It was revealed earlier this year that she had saved millions of dollars a year in taxes on the dividends she received from her shares in Infosys by claiming “non-domiciled” status. The withering publicity forced Murty to say she would pay taxes in Britain on her overseas income. The couples’ combined wealth is estimated at approximately $800 million. Related Article: January 23, 2020: Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England

2 1

Cryptocurrency: War On Crypto - US Crypto Regulation Far More Invasive Than Thought
by grarpamp 28 Oct '22

28 Oct '22

New US Crypto Regulation Far More Invasive Than We Thought US Congress intends to regulate crypto on a level far deeper than currently understood―They will: Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly; Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities; Ban the use of (unauthorized) stablecoins; Introduce penalties for the use of mixers and privacy coins; Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly; Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded; Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients). In short: Congress wants to bring crypto-currencies under full oversight and control. These new regulations introduce massive regulatory burdens on existing projects, ban and criminalize current normal activities, restrain innovation and free enterprise, and even introduce a transparent central bank digital digital currency that redefines money as we know it! According to United States representative Don Beyer, congress should incorporate “digital assets into existing financial regulatory structures.”(1) As you will see, they intend to do just that. And it will change the way things are done for crypto forever… <What This Post Is About_ This post provides an overview of the crypto legislation currently (September 2021) being put through US congress. It does not just look at the proposed bills, but rather at the wide range of laws that are to be amended. Once all the puzzle pieces are put together, the big picture reveals shockingly strict regulations of crypto and a complete overhaul of the idea of “money.” This could have serious effects not only on the crypto sector, but also on the financial system as a whole. Behind the excuses of preventing money laundering and ensuring investor protection, the use of crypto is transformed in something it was not supposed to be. Especially delicate is the fact that part of this legislation is drafted outside the US. Disclaimer*: This report provides a high-level overview of the US laws that are to be introduced/amended by two new bills. Its depth is limited by the inadequate knowledge of the author of the large body of US law involved, and given that these bills are subject to amendments and have not even passed into law yet, none of this information can be considered legal or financial advice.* <What Is Going On? On April 06, 2021, a “must pass” bill was introduced called the “Infrastructure Investment and Jobs Act”(2) (“Infrastructure Bill”). It passed in the House of Representatives and, after fierce debate, the Senate. Hidden in this bill, an amendment to the Internal Revenue Code was added. It introduced new reporting requirements and obligations for record keeping. While this bill created a lot of public outcry, more recently, a real game-changing bill was introduced in the House on July 28, 2021, namely the: “Digital Asset Market Structure and Investor Protection Act” (3) (“Digital Asset Bill”). This bill proposes amendments to the Federal Reserve Act, the Bank Secrecy Act, Securities Exchanges Acts, and the Commodity Exchange Act. It changes the definition of legal tender, and it introduces international crypto regulation into US law. This article looks at each of these amendments… <Commodities or Securities?_ The main take-away is that two different bodies of law will apply to crypto projects: commodities and securities laws. So far, only Bitcoin, Ether, and their hard-forks are confirmed to be commodities (see below). All other cryptos are subject to future guidance by market regulators: “Not later than 150 days after the date of the enactment of this section, the SEC and CFTC shall jointly publish, for purposes of a 60-day public comment period, a proposed rulemaking that classifies each of the major digital assets. Not later than 270 days after the date of the enactment of this Act*, the SEC and CFTC shall jointly publish a final rule that classifies* each of the top 25 major digital assets by (i) highest market capitalization and (ii) highest daily average trading volume as— (1) a digital asset; or(2) a digital asset security.” (4) Interpretation: Cryptos will be subject to two different regulatory regimes: commodities and security regulations. Services engaged with both digital assets (commodities) and digital asset securities (securities) could be subjected to both regulatory regimes. <Commodities Regulation_ The Commodity Exchange Act regulates the trading of commodity futures in the United States. Passed in 1936, it has been amended several times since then.(5) It provides federal regulation of all commodities and futures trading activities and requires all futures and commodity options to be traded on organized exchanges. In 1974, the Commodity Futures Trading Commission (CFTC) was created to oversee the market. With certain exceptions, the CFTC has been granted exclusive jurisdiction over commodity futures, options, and all other derivatives that fall within the definition of a swap. Certain cryptos will be regulated as commodities. Definition of “Commodity” Amended to Include Digital Asset: First and foremost, Section 1a of the Commodity Exchange Act on definitions will be amended to read as follows: “The term “commodity” means wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, Solanum tuberosum (Irish potatoes), wool, wool tops, fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, soybean meal, livestock, livestock products, digital asset (including Bitcoin, Ether, and their hardforks), and frozen concentrated orange juice, and all other goods and articles, except onions (as provided by section 13–1 of this title) and motion picture box office receipts (or any index, measure, value, or data related to such receipts), and all services, rights, and interests (except motion picture box office receipts, or any index, measure, value or data related to such receipts) in which contracts for future delivery are presently or in the future dealt in.”(6) Digital Asset Definition Next, the end of Section 1a of the Commodity Exchange Act will be amended by adding a clarification of what a digital asset is (7)(definition to long to post here) Smart Contracts with Delivery Time of More than 24 hours are Futures Contracts A sharpening of the definition of retail commodity transactions could decrease the options for the use of smart contracts outside of regulated exchanges. Currently, Section 2(c)(2)(D)(i) of the Commodity Exchange Act prohibits persons that are not “eligible contract participants” or “eligible commercial entities” to engage in agreements, contract or transactions in commodities on leverage, margin, or financed by the offeror, the counterparty, or a person acting in concert with the offeror or counterparty on a similar basis.(8) Next, additional amendments mentioned in the SEC. 202 of the Digital Asset Bill applies this on transactions done by smart contract of which the delivery takes longer than 24 hours: “(ii) Exceptions (III) a contract of sale that– (cc) with respect to digital assets*, results in* actual delivery (including transfer of control over private keys) not later than 24 hours after the transaction is entered into and such delivery is accomplished by either- (AA) recording the transaction on the public distributed ledger for the digital asset; or (BB) with respect to digital which are not recorded on a public distributed ledger for the digital asset, reporting the transaction to a CFTC registered digital asset trade repository; or” (9) Dodd-Frank Act and Market Transparency After the 2008 financial crisis, the Dodd-Frank Act introduced strict regulations for swaps. Naturally, these will also apply to digital assets as well. The definition of swaps, as provided by the Commodity Exchange Act (section 1a(47)) is broad. For example, it could refer to any “agreement, contract or transaction” that “provides for any purchase, sale, payment, or delivery that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or commercial consequence.” (10) Next, the Dodd-Frank bill authorizes the CFTC to: Regulate swap dealers by installing capital and margin requirements, require dealers to meet robust business conduct standards, and meet recordkeeping and reporting requirements. Increase transparency and improve pricing in the derivatives marketplace by requiring standardized derivatives to be traded on regulated exchanges or swap execution facilities and bring better pricing to the market place and lower costs for businesses and consumers. Lower risk to the American public by moving standardized derivatives to central clearinghouses.(11) Digital Asset Trade Repository To meet the above mentioned market transparency requirement, the Commodity Exchange Act stipulates the need for a digital asset trade repository to collect information on SWAPS in order to provide the public with the correct market information: “The term ‘digital asset trade repository’ means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, contracts of sale of digital assets in interstate commerce entered into by third parties (both on chain public distributed ledger transactions as well as off chain transactions) for the purpose of providing a centralized recordkeeping facility for any digital asset, but does not include a private or public distributed ledger or the operator of either such ledger unless such private or public distributed ledger or operator seeks to aggregate/include ‘off chain’ transactions as well.” (12) Interpretation Commodities Regulations: As of writing, only BTC and Ether (and their hard-forks) will be confirmed as commodities. All other cryptos could potentially be regulated as securities (what this means is explained next). The fact that novel technologies such as Bitcoin and Ether are to be subjected to a large body of law that developed around the trading of livestock and frozen concentrated orange juice could spell regulatory uncertainty for various business models in the industry. No “trading on margin” is allowed outside regulated entities, unless done by high-level investors called “eligible contract parties.” This could perhaps frustrate particular ideas about decentralized finance or OTC markets. Smart contracts that take longer than 24 hours to deliver could be considered futures contracts under the jurisdiction of the CFTC. That smart contracts can be labeled as futures contracts appears indeed to be the opinion of the CFTC.(13) <Securities Regulations_ In the US, securities are regulated by the 1933 Securities Act. Additionally, the 1934 Securities Exchange Act further regulates the trade of securities, and established the SEC to oversee these markets. Definition of “Security” Amended to Include Digital Asset Security: First and foremost, Section 3(a)(10) of the Securities Exchange Act will be amended to include a “digital asset security” (and exclude “digital assets”) in the definition of security: “(10) The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, digital asset security*, voting-trust certificate, certificate of deposit for a security, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing;* but shall not include any fiat currency, commodity, digital asset*, or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.”* (14) Digital Asset Security Definition Next, the Digital Asset Bill (SEC. 101) defines what a digital asset security will be: “(A) IN GENERAL.—The term ‘digital asset security’ means a digital asset that: (i) Provides the holder of the digital asset with any of the following rights: (I) Equity or debt interest in the issuer. (II) Right to profits, interest, or dividend payments from the issuer. (III) Voting rights in the major corporate actions (which shall not include new block creations, hardforks, or protocol changes related to the digital asset) of the issuer. (IV) Liquidation rights in the event of the issuer’s liquidation. (ii) In the case of an issuer with a service, goods, or platform that is not wholly operational at the time of issuing such digital asset, with respect to any fundraising or capital formation activity (including initial coin offerings*) which is accomplished through the issuance of such a digital asset, issues such digital asset to a holder in return for money (including other digital assets) to fund the development of the proposed service, goods, or platform of the issuer.”* (15) What does it mean to be regulated as a security? Investing in securities in the US is regulated to: “protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions.” (16) Regulations focus on both the issuing of securities (primary market), and subsequent trade of such securities (secondary market). The goal of securities laws is firstly to require issuers to fully disclose all material information that an investor would need in order to make up his or her mind about the potential investment. A regulated company must create a registration statement, which includes a prospectus, with copious amounts of information about the security, the company, the business, including audited financial statements. Next, the subsequent selling and trading in these securities is regulated, by restricting trade to market places over which the regulator has oversight. The Security Exchange Act section §78l(a) states: “It shall be unlawful for any member, broker, or dealer to effect any transaction in any security (other than an exempted security) on a national securities exchange unless a registration is effective as to such security for such exchange in accordance with the provisions of this chapter and the rules and regulations thereunder.” (17) Summary of Securities Regulations: Crypto projects will need to be regulated and provide clear financial information for investors to make an informed decision. Trading of securities will generally take place on regulated exchanges. Any new fundraising or capital formation activity (including ICOs) are likely to be securities. When a crypto is regulated as a security, the entire coin is subject to strict regulations. In the case of commodities, only specific use cases (futures) are regulated. It is a big difference. US Congress is taking a leap of faith. It needs identifiable persons to enforce a law upon. Who is going to be held accountable in a decentralized network? Many issuing companies have handed control over to network participants. Perhaps for this reason, Section 12(g) of the Securities Exchange Act of 1934 will be amended to allow the issuer to apply for “desecuritization.” (18) The question remains: who will apply for desecuritization once a network is decentralized? The investors? Weren’t they the ones supposed to be protected in the first place? <Changing the Nature of Money_ These regulations are not just about crypto. It is clearly part of a wider discussion on the future of money. As shown below, this bill not only changes the definition of money in the US, but also changes how money is created! As a first, in Section 5312(a)(3)(B) of title 31, US Code (Money and Finance) digital assets are included as a monetary instrument.(19) However, Section 5103, of title 31, US Code will be amended to specifically exclude digital assets and digital asset securities as legal tender.(20) And finally, it is determined that digital assets and digital asset securities will not be covered by Federal Deposit Insurance (FDIC or NCUA).(21) Introducing the Digital USD (or Central Bank Digital Currency/CBDC) After slamming the door on digital assets to be used as lawful money, the Federal Reserve Act is amended to provide the Federal Reserve Board with far reaching new powers; section 11 will be amended to say: “(d) To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes (both physical and digital), except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations (including appropriate technology) under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor.” (22) In addition, Federal Reserve notes will in the future also be issued digitally; an amendment to section 16 confirms this: “Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.” (23) Interpretations on the Future of Money: The door is shut for the use of cryptos as legal tender. The Federal Reserve Board is to be authorized to create and distribute a ledger-based Federal reserve note that could be used for everyday transactions in USD. Digital federal reserve notes will make the “recordation” of all transactions possible. Did they use this word because “monitoring all transactions” would be too obvious? Recording all transactions without anyone looking at them makes no sense. These amendments significantly increase the power of the Federal Reserve. Contrary to what is widely understood, the Fed does not “print money.” It can only manage the money supply indirectly.(24) The private sector “creates” most of what we use as money by issuing credit. It is with the supply of credit by the private banks that the monetary supply is inflated. Conversely, with the reduced demand for credit, the money supply deflates. The Fed is not as powerful as it wants the market to believe, and the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the authority of the Fed, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system and potentially have far reaching consequences. The original idea behind the Federal Reserve was for private bank deposits to be combined to provide an emergency line of credit in times of economic stress.(25) But if the Digital Dollar is based on a blockchain, how can it also be based on reserves? And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? What about privacy and security? Will all this authority be handed over to a board of seven unelected bureaucrats? This amendment has the potential to change the way the Federal Reserve operates. This deserves a wider discussion by economists and financial experts outside the crypto-space as well. <International FATF Crypto Regulation Introduced in the US_ Those paying attention to international anti-money laundering legislation know that the following sections from the Digital Asset Bill originate from guidance issued by the FATF (Financial Action Task Force). FATF is an intra-governmental organization creating financial legislation. In March, the Paris based FATF issued draft guidance(26) (“FATF Guidance”) on a number of topics. And even though this guidance hasn’t been finalized, there are already a number of points directly included in the Digital Asset Bill. Banning the use of Stablecoins Subchapter I of chapter 51 of subtitle IV of title 31, United States Code, department of treasury regulation, will be amended, to read as follows: “(a) IN GENERAL.—Beginning on the date of the enactment of this section, no person may issue, use, or permit to be used a digital asset fiat-based stablecoin that is not approved by the Secretary of the Treasury under subsection (b).”(27) Criminalizing the use of privacy coins and anonymizing services (mixers, coinjoins) The bank secrecy act is going to be amended to sanction the use of anonymity-enhanced convertible virtual currencies and anonymizing services.(28) It is worth noting that willful violations of the bank secrecy act could give rise to a fine of not more than $250,000, or imprisoned for not more than five years, or both.(29) Introduction of the term Virtual Asset Service Provide (VASP) into US Law As a next step, the term Virtual Asset will be introduced into Section 5312(a) of title 31, United States Code. A Virtual Asset can be a digital asset, or “a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes;”(30) So far we have seen a number of definitions. To understand their relationship, the following image was made based on the definition of Virtual Asset according to Section 5312(a) of title 31, United States Code:(31) https://preview.redd.it/9h73a1z879o71.png?width=502&format=png&auto=webp&s=… Virtual Asset is a broad definition; it covers most activities involving cryptos. We can see in the Digital Asset Bill that entities that are facilitating transactions in Virtual Assets are to be called “virtual asset service providers,” or VASPS. Sec 301 of the Digital Asset Bill defines a VASP: “(A) means a person who— (i) exchanges between digital asset and fiat currencies (ii) exchanges between digital assets; (iii) transfers of digital assets; (iv) is responsible for the custody, safekeeping of a digital asset or an instrument that enables control over a digital asset; (v) issues or has the authority to redeem a digital asset; and (vi) provides financial services related to the offer or sale of a digital asset by a person who issues such digital asset; and (B) does not include any person who— (i) obtains a digital asset to purchase goods or services for themself; (ii) provides communication service or network access services used by a money transmitter; or (iii) develops, creates, or disseminates software designed to be used to issue a digital asset or facilitate financial activities associated with a digital asset.” (32) This definition comes directly from the FATF Guidance, with the only difference being that the US excludes the exchange between different forms of one virtual assets. On the other hand, section (v) is a new addition. The Big Picture: Global Regulation The logic behind this seems to be to first introduce a high-level definition (including coins regulated as commodities, securities, and everything in between). Next, any future global restrictions on the wider crypto-space can be applied at this level. >From the latest FATF Guidance, a number of possible additional restrictions can already be deducted. Things to look out for are the restriction of the use of “unhosted wallets,” the introduction of the “travel rule,” labeling those who engage in peer-to-peer transactions as a risk, and a whole host of other measures. (33) One additional aspect of VASP regulation mentioned in the FATF Guidance is also included in the Digital Asset Bill; VASPS engaged in services which are available in the United States and to United States persons, have to be regulated in the United States, even if the provider is located outside the United States. (34) Interpretation International Regulation in the US: International AML legislation, created by Paris-based FATF, is being introduced in the US. The FATF term “virtual asset service provider” (VASP) is introduced in the US. The definition is so broad that it covers practically all crypto projects. After first being in the FATF Guidance, the banning of stablecoins and anonymity-enhanced cryptos and the obligation for VASPs to be licensed in the country of their clients are included in the Digital Asset Bill. It is not hard to imagine that other restrictions for cryptos currently discussed by FATF, such as the travel rule and restricting unhosted wallets, will be introduced next. This is not a regulation you introduce to then never use. All VASPs with operating in the US or with US clients need to be regulated in the US. <Amendments in the Infrastructure Bill_ Last August saw public outcry over the US Infrastructure bill. It included a section on IRS reporting for crypto. Some highlights: Clarification of Definition of Broker It makes sense that the tax authorities use a wide definition to cover all possible economic activities in crypto. Section 80603 of the Infrastructure Bill amendments the Internal Revenue Code of 1986, provides that brokers need to report the activity of their clients to the IRS and adds the following to the definition of broker: “(D) any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.” (35) Reporting of Digital Assets In addition, a unique wide definition of digital assets is added: “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.” (36) Effective Date Effective after December 31, 2023. So there is time. Interpretation Infrastructure Bill There was a lot of commotion about this bill. This was mainly due to the wide definitions used, which could cover all activities in the crypto space, including mining. In response, according to an article on Bloomberg, the U.S. treasury will shortly issue additional guidance, along the lines of the following: “Other firms key to the nearly $2 trillion crypto market — from developers and miners to hardware and software providers — won’t have any new requirements, so long as they don’t also act as brokers, according to a Treasury official” (37) At a glance, it appears that this bill is not as invasive as originally feared. It would also be impossible to enforce this legislation on miners due to the nature of the technology. In this case perhaps it would have been better if clear definitions were used of what is, and isn’t included. Moreover, comments from “anonymous sources at the treasury” do not provide real regulatory clarity. This industry too easily accepts the opinions of officials as decree. But we are all, including officials, subject to the law. Given that officials change over time, opinions and guidance are not the way forward; clear laws are needed. The commotion also distracted from the massive changes proposed in the Digital Asset Bill discussed in this post, which so far have been ignored by the industry... <Sources_ I added all 37 footnotes here, but the post become to long to post. For those who wish to check the footnotes, they can be found in the PDF version here: https://decentralizedlegalsystem.com/wp-content/uploads/2021/09/Review-US-D… <TL;DR_ Next to the widely discussed infrastructure bill, another bill is pushed through US Congress: the “Digital Asset Market Structure and Investor Protection Act.” Both are not law yet and non of this is likely to take effect in 2021 (this cycle). And bills can be amended. But stricter regulations are coming for crypto in the US. Bitcoin, Ether, and their hard-forks, are to be regulated as commodities. Smart-contracts taking longer to deliver than 24 hours are considered futures contracts and regulated as such. Futures contracts are subjected to many existing regulations, including to the Dodd-Frank Act and in certain cases filing obligations with a CFTC digital asset trade repository. Every other project and future ICO is potentially a security. This remains to be determined by a joined ruling of the CFTC and SEC, which will likely be issued somewhere in 2022 (270 days after this bill is passed). Issuers of securities are likely required to provide transparency and financial information to investors. Trade is generally restricted to regulated exchanges. In addition, international anti-money laundering legislation is introduced in the US; Stablecoins, privacycoins, and mixers are prohibited. The high-level term VASP is introduced for likely further future regulation. Every US based VASP (or with US clients) has to be regulated (KYC) in the US. VASP regulation covers a large part of crypto projects. Finally, cryptos are specifically excluded as legal tender, and the Federal Reserve Board is authorized to create and distribute a distributed ledger based digital reserve note (CBDC), with "recordation" of all transactions. https://old.reddit.com/r/CryptoCurrency/comments/pqm1ba/new_us_crypto_regul…

1 0

Cryptocurrency: War On Crypto - Govts Planning Global Coordinated Regulation
by grarpamp 28 Oct '22

28 Oct '22

The worlds’ wealthiest nations are aiming for cryptos, restricting, amongst others, the following: Peer-to-Peer Transactions; Stablecoins; Private wallets (cold storage, phone and desktop apps); Privacy (privacy coins, mixers, Decentralized exchanges, use of TOR and I2P); Former ICOs and Future Projects (DeFi, NFT, smart contacts, second layer solutions, and much more). In addition, these new regulations intend to: Force those active in crypto to be licensed and regulated as banks (responsible for KYC and transaction tracking); Create full transparency for ALL transactions; Exclude and freeze assets of persons, activities, and countries labeled a “risk;” Force the inclusion of user information with all transactions; Revoke the license of those who don’t comply. In short: they want to change the way the space can operate. As you’ll discover, the regulation rolled out aim to create a system of complete transparency and control. At the same time, regulatory clarity could pave the way for the next stage of adoption. What Can You Get from This Due Diligence For years, we wondered if governments would “ban Bitcoin.” As it turns out, they will not. Instead, they intent to simply absorb cryptos into the existing regulated financial system. This due diligence is based on new international regulations. This DD reveals exactly what the coming regulations mean for cryptos, who is behind them, and how they will be implemented. Next, this DD highlights the most revealing and stunning clauses. And finally, it summarizes which activities are likely to thrive and which are bound to suffer, so that you can prepare yourself. Why Now? In 2018, the news that Facebook was creating a crypto currency shocked international regulators. Until then, they didn’t see cryptos as a risk to the stability of the global financial system. However, Libra, the coin Facebook proposed, was a so-called stablecoin; it maintains its value relative to fiat currencies such as the USD. They quickly realized what would happen when a company with a billion users creates an instant payment system that is cheaper, faster and more user-friendly than the current financial system. This topic was discussed at the highest levels of government; the G20, an international forum for the governments and central bank governors from 19 countries and the European Union. They engaged an organization called the Financial Action Task Force (FATF). This organization has passed similar legislation for banking and financial service providers around the world. They are responsible for the fact that all crypto-currency exchanges where fiat is exchanged for cryptos have the same KYC and anti-money laundering requirements as banks. Now, they are going to use this framework to focus on the elements of the industry currently outside their control, and declare what is, and isn’t acceptable. New Guidance on Bitcoin and Cryptos The latest draft guidance of the FATF, to be implemented in July 2021, is called “Guidance for a risk-based approach to virtual assets and VASPs” (GVA) [1]. This DD is based on this GVA. As you will learn, they have a deep understanding of what is happening in the space. Moreover, they take the expansive view that “most arrangements currently in operation,” including “self-categorized P2P platforms” may have a “party involved at some stage of the product’s development and launch” who will be covered by this new legislation. (GVA, p29) Why do the FATF regulations have global reach? Since FATF isn’t an official government agency of any country, they cannot create law. They issue what is known as “soft-laws”: recommendations and guidance. Only when this guidance is implemented in the laws of the countries, they become “hard-laws” with real power. In theory, they are thus subjected to the formal law-making process of law-giving countries. However, countries that don’t participate are placed on a list of “non-cooperative jurisdictions.” They then face restricted access to the financial system and ostracism from the international community. For this reason, almost all nations implement these recommendations. It also must be said that national governments, especially in the Western world, highly value this kind of international cooperation and the power it gives them. Many such treaties are passed into law with little opposition or delay. Once these treaties are accepted, they become part of a body of law called international law, a type of law in many cases superseding national laws. Unknown to the general public, international law is increasingly being used as a backdoor for passing invasive regulations such as these. It must be noted that people working for this Paris-based organization are faceless bureaucrats who have not been elected, their procedures and budget are not subjected to democratic oversight, and they are almost impossible to remove from power. Like most international organizations, they fall under the Vienna Conference on Diplomatic Intercourse and Immunities.[2] As such, they enjoy immunity for their actions, are exempt from administrative burdens in the countries they are active, such as taxes, and free from most COVID travel restrictions. When will this “Guidance” be Implemented? The GVA was published in March to be subjected to public consultation. This gives it the appearance of the public having a say in the implementation of it, but when you read it carefully they will consider feedback only on “relevant issues” they themselves selected. Other feedback might be considered in the next review in 12 months (by then, most current recommendations will likely have been passed into law). In other words, this will be it, with minor adjustments. June 2021 FATF previewed all feedback and July 2021 these new “recommendations” would become official. However, last Friday, June 25, FATF postponed the finalization of the recommendations to October 2021. From that day forwards, we can expect these recommendations to start being implemented in our national legal systems, and as such, start affecting our lives. This process has been successfully used in the banking system and tax systems―it is now coming for crypto. It is worth noting that individual countries might decide on even more specific or explicit prohibitions on top of this. It is also worth noting that these regulations do not apply to central bank-issued digital currencies. How Will Cryptos Be Regulated? Before we can understand how FATF proposes to regulate cryptos, we must learn what they mean when they talk about a Virtual Asset: “A virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations.” (GVA, p98) Cryptos will not be outright banned. They will be regulated via an indirect method; those who facilitate virtual asset transactions, are designated as a Virtual Asset Service Provider, or VASP. Next, all VASPs will be subjected to similar regulation as banks. The definition of VASP is so wide that most current projects in the crypto space are covered by it. Definition of a VASP: *“*VASP: Virtual asset service provider means any natural or legal person who [...] as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person: exchange between virtual assets and fiat currencies; exchange between one or more forms of virtual assets; transfer of virtual assets (In this context of virtual assets, transfer means to conduct a transaction on behalf of another natural or legal person that moves a virtual asset from one virtual asset address or account to another.); safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.” (GVA, p18) Many Organizations and Individuals Will Be Designated as VASPs: A VASP is any natural or legal person, and “the obligations in the FATF Standards stem from the underlying financial services offered without regard to an entity’s operational model, technological tools, ledger design, or any other operating feature.” (GVA, p21) The expansiveness of these definitions represents a conscious choice by the FATF. “Despite changing terminology and innovative business models developed in this sector, the FATF envisions very few VA arrangements will form and operate without a VASP involved at some stage.” (GVA, p29) For those wondering if they are a VASP, the following general questions can help guide the answer: “who profits from the use of the service or asset; who established and can change the rules; who can make decisions affecting operations; who generated and drove the creation and launch of a product or service; who possesses and controls the data on its operations; and who could shut down the product or service. Individual situations will vary and this list offers only some examples.” (GVA, p30) What Are VASPs Obliged to Do? All VASPs will be forced to implement KYC legislation and monitor transactions. They become fully regulated entities who need to obtain a license. Individuals can also be labeled a VASP. The real kicker is that all activities not part of the regulated system are labeled as “high-risk.” And as such, those performing such activities become high-risk persons, which could have repercussions for accessing the wider financial system. It is important to understand that most peer-to-peer activities themselves will not be banned (although individual countries may do so on their own accord). However, transactions with a “high-risk” background will be tainted and scrutinized. Exchanges risk losing their license if they deal with them, and many will simply choose not to allow them. It might get to a point where proceeds from certain peer-to-peer transactions or private wallets are no longer usable in the financial system, at least not without extensive due diligence. New Government Organizations for Overseeing the Crypto Market Every country should assign a “competent authority” to monitor the crypto space and communicate with competent authorities in other countries: “VASPs should be supervised or monitored by a competent authority, not a self-regulatory body (SRB), which should conduct risk-based supervision or monitoring.” (GVA, p45) This can be an existing regulatory body, such as a central bank or a tax authority, or a specialist VASP supervisor. (GVA, p91) What Activities Will Be Regulated? This chapter highlights crypto activities, currently considered completely normal, and details how they are to be regulated. Peer-to-Peer transactions: transactions without the involvement of a VASP. They are not subjected to regulation, but are a “risk.” That’s why the FATF recommends increased monitoring and restriction of this kind of activity, and possibly reject licensing VASPs that engage in it. Stablecoins: are considered a major risk because they think they are more likely to reach mass adoption. They may be targeted at the level of the central developer or governance body, which will be held accountable for the implementation of these recommendations across their ecosystem. Unhosted Wallets: Commonly used private wallets are called: “unhosted wallets.” As mentioned, the FATF suggests denying licensing VASPs “if they allow transactions to/from non-obliged entities (i.e., private / unhosted wallets).” (GVA, p37) VASPS should also “treat such VA transfers as higher risk transactions that require enhanced scrutiny and limitations.” (GVA, p60) Client Information to Collect by VASPs: all VASPs should collect information on their clients such as the customer’s name and further identifiers such as physical address, date of birth, and a unique national identifier number (e.g., national identity number or passport number). VASPs should conduct ongoing due diligence on the business relationship and the customer’s financial activities. Travel Rule: FATF recommends applying traditional bank wire transfer requirements on crypto currency transactions; this is called the travel rule. It includes the obligation to obtain, hold, and transmit required originator and beneficiary information associated with VA transfers in order to identify and report suspicious transactions, take freezing actions, and prohibit transactions with designated persons and entities. Information accompanying all qualifying transfers should always contain: “the name of the originator; the originator account number where such an account is used to process the transaction; the originator’s address, or national identity number, or customer identification number, or date and place of birth; the name of the beneficiary; and the beneficiary account number where such an account is used to process the transaction.” (GVA, p53) Instant transfer of ID information tied to transactions: Obliged entities should submit the required information simultaneously with the batch VA transfer, although the required information need not be recorded on the blockchain or other Distributed Ledged Technology (DLT) platform itself. Categorize Clients and Activities According to their level of Risk: VA and VASP activity will be subject to a “Risk-Based Approach.” In practice, this means that each client and activity is categorized by their risk level. Risk levels are determined based on a variety of factors. Persons or activities considered a risk can see enhanced due diligence and even their ability to use VASPs reduced. Ongoing Transaction Monitoring: Every customer is assigned a risk profile. Based on this profile, customer transactions will be monitored to determine whether those transactions are consistent with the VASP’s information about the customer and the nature and purpose of the business relationship. Transactions tight to Digital IDs: In the future, VA transactions might need to be subject to digital identity regulations, also being developed by the FATF. Freezing of Assets: Cryptos can be frozen when the holder is suspect of a crime, as part of other investigations, when the VA is related to terrorist financing, and when related to financial sanctions. The freezing of VAs will happen regardless of the property laws of national legal frameworks, and it will not be necessary that a person be convicted of a crime. Anonymity-Enhanced Cryptocurrencies (AECs) and Privacy Tools: The GVA specifically targets tools intended to improve privacy, such as: anonymity-enhanced cryptocurrencies (AECs) such as Monero, mixers and tumblers, decentralized platforms and exchanges, use of the Internet Protocol (IP) anonymizers such as The Onion Router (TOR), the Invisible Internet Project (I2P) and other darknets, which may further obfuscate transactions or activities. This includes “new illicit financing typologies” [Author: DeFI?], and the increasing use of virtual-to-virtual layering schemes that attempt to further obfuscate transactions in a comparatively easy, cheap, and secure manner” [Author: Lighting, Schnorr, Taproot?]. (GVA, p6) And if a VASP “cannot manage and mitigate the risks posed by engaging in such activities, then the VASP should not be permitted to engage in such activities.” (GVA, p51) Obligations to get a License for all VASPs: The GVA intends to subject all VASPs to a licensing scheme: “at a minimum, VASPs should be required to be licensed or registered in the jurisdiction(s) where they are created.” (GVA, p40) Moreover, each jurisdiction might require licensing for those servicing clients in their jurisdiction. It bears repeating that a natural person can also be designated as being a VASP and be required to obtain a license to work on a crypto project. Moreover, the competent authorities get to determine who can and cannot become a VASP, and monitor the Internet for unlicensed activities by engaging in “chain analysis, webscraping for advertising and solicitations, feedback from the general public, information from reporting institutions (STRs), non public information such as applications, law enforcement and intelligence reports.” (GVA, p41) Bitcoin ATMs: “Providers of kiosks—often called “ATMs,” bitcoin teller machines,” “bitcoin ATMs,” or “vending machines”—may also fall into the above definitions. Decentralized Exchanges: According to the GVA, the concept of a decentralized exchange doesn’t exist, since these regulations are technology neutral. As such, those running the exchange can be held liable for implementing these regulations. Multisig Contracts: In case of partial control of keys, like a multisig or any kind of shared transaction, the providers of such services could be subjected to this regulation as well. Regulation of Future Developments: Countries should identify and assess the money laundering and terrorist financing risks relating to the development of new products and business practices. The result might be that the development of new projects need some sort of approval process. International Cooperation of Competent Authorities: And finally, the FATF Recommendations encourages competent authorities to provide the fullest range of international co-operation with other competent authorities. What Will Not Be Regulated? Some good news is that what makes crypto, crypto, remains unregulated; peer-to-peer transactions themselves, small transactions and ecommerce, open source development, and cold storage will remain lawful. Specifically exempt are persons facilitating the technical process, such as miners and nodes (called validators), and those that host, facilitate and develop the network. In addition, small transactions under 1.000 USD/EUR are exempt, although basic identity information will be recorded when done through a VASP. What Will Be the Outcome of These Regulations? This regulation, like many of its kind, will have (un)intended consequences. The stated goal of increased transparency in the space might very well be achieved, reveling the proceeds of certain crimes. However, a secondary goal is clear for those understanding these kinds of open-ended legislation; controlling what can and cannot be done with crypto in the real world by labeling certain activities and undesired persons as “high risk.” It will be increasingly difficult to deal with proceeds from the “wrong” activities, especially for people from high-risk countries, engaged in high-risk activities, or just being considered a high-risk person. In addition, it will become expensive and technologically challenging to comply with this legislation. Small companies with unique business models might find it impossible to survive. Only the large regulated entities might remain in existence. This is a common result of regulation that is welcomed by regulators; a few large companies are easier to regulate than one thousand small ones. In some cases, the large participants welcome regulations as well, as it reduces competition. The same happened in the banking sector, for example. Other downsides are that such regulations smother many otherwise beneficial technological projects in the crib and criminalize perfectly legal activities and the innocent citizen performing them. The loss of privacy will also increase security risks, especially for those living in dangerous countries. The Crypto World at a Crossroads: It is hard to determine how specific projects and the crypto space in general are going to be affected; especially since this is not the final guidance. Each national government will have a slightly different interpretation of these regulations, as well as existing laws and precedent in their own country. In addition, individual VASPs will interpret these regulations according to the viewpoint of their legal departments, as well. Cryptos will become a regulatory minefield. A natural consequence of these regulations is that projects and participants in the crypto space will be divided into two categories: those who do/can meet these regulations, and those who do/cannot. Potential Winners First will be those that will fully comply with these regulations. In terms of participants, these will be the big exchanges and onramps, banks, and institutional investors. A lot of participants exclusively use exchanges (VASPs) already for their coins anyway, and for them nothing changes. In fact, additional regulations might help institutional adoption, an idea supported by the fact that the Bank of International Settlements issued new guidance for banks on the prudential treatment of crypto assets.[3] Crypto assets which might succeed in such an environment are projects that have focused on transparency and KYC from the start, or those who are already established too decentralized and operate without any historic VASPs. Potential Losers: Next, there are the activities that are specifically targeted by this regulation; peer-to-peer transactions, privacy coins, decentralized exchanges, decentralized finance, and other peer-to-peer systems. It appears that such projects have only one option and that is to go fully decentralized. Which could actually make them attractive for some. It is worth repeating that in principle, peer-to-peer systems are not against the law. Those participating in them should however accept that part of their assets and proceeds exist outside the regulated financial system, and that by engaging in them they might be labeled a “risk.” Finally, there will be projects that fall in between: they are either too centralized to become fully decentralized and considered too “high-risk” to be licensed. Such projects will experience significant headwind. Think about the aforementioned stablecoins, certain decentralized finance applications, certain self-hosted wallets (especially when facilitating exchange functions), and future ICOs. Current projects that are still too centralized are a big question mark. Especially those who have leading individuals still in control of “road-maps,” or those relying on “governing councils.” Those persons might suddenly be designated a VASP and forced to monitor the individuals and transactions on their network (a big downside as compared to the projects already decentralized). TLDR; Governments at the highest levels (G20) commissioned an organization called FATF to come up with international regulations for cryptos. They are using international law frameworks that supersede national legislation and will force every country in the world to comply. Their main goal is to keep crypto activity restricted to licensed and regulated service providers. A long list of ordinary crypto activities are now labeled a “risk.” Engaging in them will result in increased scrutiny and possible difficulties accessing the wider financial system. It remains to be seen how this will affect the crypto world. Over time, it could likely split the crypto space in fully regulated (semi) centralized, and unregulated decentralized projects. The winners will likely be the projects that thrive in either of those; the losers likely those fitting in neither... NOTE: I uploaded this DD first on /r/bitcoin last week, and was asked to post it here. The recommendations were supposed to be finalized in July, but last Friday it was announced that they will now be finalized and implemented with priority by October 2021. Sources: PDF Version, with exact explanations of how the different activities will be regulated: https://decentralizedlegalsystem.com/wp-content/uploads/2021/06/FATF-Global… Feel free to forward this PDF to whomever you think should read this information. [1] FATF, “Draft updated Guidance for a risk-based approach to virtual assets and VASPs,” (Paris, March 2021), http://www.fatf-gafi.org/media/fatf/documents/recommendations/March%202021%… [2] UN, “United Nations Conference on Diplomatic Intercourse and Immunities,” (Vienna, 2 March - 14 April 1961), accessed on June 10, 2021, https://legal.un.org/ilc/texts/instruments/english/conventions/9_1_1961.pdf [3] BIS, “Consultative Document - Prudential treatment of cryptoasset exposures,” (Basel Committee on Banking Supervision, Basel, June 2021), https://www.bis.org/bcbs/publ/d519.pdf Last Friday FATF announced the recommendations will be finalized by October 2021: https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-… https://old.reddit.com/r/CryptoCurrency/comments/o9fd7l/governments_plannin…

1 0