22 Jul 2022

China fines Didi $1.2 billion for violating cybersecurity and data laws

Didi Global was fined over 8 billion yuan by China’s cyberspace regulator on Thursday due to violations of cybersecurity and data laws. This decision was reached after a year-long investigation into the company. The Cyberspace Administration of China found that the company had breached the personal information protection law in

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22 Jun 2022

Congress can do better than the Howey test for crypto regulation

Cryptocurrencies are generally not subject to federal regulation unless they are deemed to be “securities,” in which case the Securities Act of 1933 requires them to abide by disclosure requirements and antifraud regulation by the Securities and Exchange Commission (SEC) if they are offered to the public. The test the SEC

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07 Jun 2022

Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight

Sens. Kirsten Gillibrand and Cynthia Lummis introduced the first major bipartisan legislation aimed at taming the “Wild West” crypto market on Tuesday that would classify digital assets as commodities like wheat or oil and empower the Commodity Futures Trading Commission to rein in the nascent industry. Gillibrand, a Democrat from New

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25 May 2022

OECD releases public consultation document on crypto tax reporting in effort to increase transparency

The Organisation for Economic Co-operation and Development (OECD) has released a public consultation document, Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. The document responds to a request from the G20 to develop a framework to assist in the automatic exchange of information related to cryptoassets, arising from

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18 May 2022

German BaFin official calls for ‘innovative’ EU-wide DeFi regulation

Birgit Rodolphe, executive director at Germany’s Federal Financial Supervisory Authority (BaFin), has called for innovative and uniform regulation of the decentralized finance (DeFi) space throughout the European Union. BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms and financial institutions including cryptocurrency companies. BaFin is the issuer of

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12 May 2022

Global crypto regulation body likely in next year, top official says

Global market regulators are likely to launch a joint body within the next year to better co-ordinate cryptocurrency rules, a senior watchdog official has said. Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO) said the boom in digital currencies such as bitcoin was one of the three main

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18 Jun 2021

China Steps Up Antitrust Pressure on Internet Firms

Dozens of domestic internet companies are being heavily scrutinized by Chinese regulators for possible antitrust violations. The antitrust watchdog, cyber police and tax authorities have paid visits tot some of the companies. Didi Chuxing Technology Co. was one of the firms visited by government agencies when executives were questioned, financial

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26 May 2021

US to Regulate Pipeline Cybersecurity

Just a week after Colonial Pipeline allegedly paid a ransom of $4.4 million to the cybercrime gang DarkSide following a destructive ransomware attack, the US Department of Homeland Security announced that it plans to issue its first-ever set of cybersecurity regulations for pipelines. Colonial Pipeline was forced to take its

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07 Jan 2020

White House Proposes ‘Light-Touch Regulatory Approach’ for Artificial Intelligence

Earlier this week, the Trump administration proposed new regulations for the artificial intelligence community in the private sector, requiring that they abide by a new series of principles set forward by the administration. The US Chief Technology Officer detailed the principles on Tuesday morning, stating that they are the first

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