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Latam Insights: Bolivia Sells Gold for Dollars, Argentina Bans Fintech Crypto, Fitch Upgrades El Salvador’s Credit Rating

8.5.2023
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves...

‘Landmark’ Crypto Law Proposed in New York to Establish ‘Strongest and Most Comprehensive’ Crypto Regulations in US

8.5.2023
New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time...

Lawyer Expects SEC to Lose if It Sues Coinbase Due to ‘Fatal Flaw’ of Gary Gensler’s Own Making

7.5.2023
A lawyer has explained why the U.S. Securities and Exchange Commission (SEC) will likely lose if the regulator takes crypto exchange Coinbase to court over alleged securities law violations. “The problem is entirely of Gary Gensler’s own making,” he stressed. Lawyer Expects SEC to Lose Against...

Texas House Advances Gold-Backed Digital Currency Bill

6.5.2023
Texas has taken its first steps in order to approve a bill that would issue a 100% gold-backed digital currency. If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would...

Crypto Miners Pay Kazakhstan $7 Million in Taxes Amid Uncertain Future for Sector

6.5.2023
The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher...

UK financial watchdog announces inspections against sites with suspected illegal crypto ATMs

5.5.2023
The FCA's actions followed similar operations in East London and Leeds, where the regulator said it had issued warnings or cease-and-desist requests to suspected ATM operators

New York AG's office seeks additional authority over crypto firms

5.5.2023
Under a bill proposed by New York Attorney General Letitia James, crypto exchanges could be required to reimburse users who were the victims of fraud

Binance Addresses Compliance Concerns, Claims Robust Measures in Place to Prevent Terrorism Financing

5.5.2023
Leading cryptocurrency exchange Binance has responded to a Reuters report that raised questions about its compliance policies for preventing and tackling cryptocurrency-based financing of terrorism. The exchange said it takes the issue very seriously and is not aware of any exchange, or other...

El Salvador Eliminates All Taxes on Technology Innovations, AI, App Programming

5.5.2023
El Salvador’s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing. The law is expected to boost the country’s technology sector, generate more jobs for...

Montana governor signs pro-cryptocurrency mining bill into law

4.5.2023
The legislation included revisions to laws aimed at prohibiting discriminatory electrical rates for mining firms, and not allowing taxation for crypto used as a method of payment

FTX bankruptcy judge approves sale of LedgerX

4.5.2023
The judge said he read all the papers and declarations related to the FTX debtors' motion for the sale of LedgerX and was “satisfied” with the proceedings

North Carolina House passes bill banning CBDC payments to the state

4.5.2023
The latest version of the legislation included limiting the Federal Reserve from using the U.S. state as a potential testing ground for its own CBDC pilot

Ukraine, US Shut Down 9 Cryptocurrency Exchanges

4.5.2023
Supported by U.S. law enforcement, police in Ukraine have disrupted a network of crypto exchange services suspected of laundering criminal proceeds. The platforms were allegedly processing dirty money obtained from ransomware attacks and various fraud schemes. Cyberpolice, US Investigators Bust...

Mainstream media renew push for non-US FTX user identities

4.5.2023
A May 3 filing to the United States Bankruptcy Court brings new objections to a motion that aimed to redact customer identities

Robinhood returns to court to defend position in case brought by US state regulator

3.5.2023
The Massachusetts Securities Division filed a complaint against Robinhood in December 2020 alleging the platform was in violation of the state’s fiduciary duty standards

Global Dark Web Crackdown: 288 Arrested, Drugs, Guns, and Crypto Seized

3.5.2023
The US and international law enforcement have made 288 arrests and seized over $53 million in cash and cryptocurrency as part of a major dark web crackdown. In a Tuesday press release, the US Justice Department said the operation, started in 2021, spanned across the United States, Europe,...

Global Law Enforcement Agencies Dismantle Darknet Marketplace Monopoly Market, Arrest 288 and Seize $53.4 Million

3.5.2023
On May 2, 2023, Europol announced a collaborative effort between law enforcement agencies from the U.S., Europe, the U.K., and Brazil culminated in 288 arrests, along with the confiscation of 850 kg of illegal drugs, 117 firearms, and $53.4 million in cash and cryptocurrencies. This joint venture...