Legal Round-Up #13

Adam Berker

The 13th issue of our legal round-up (01/11-05/10).

The 13th issue of our legal round-up (01/11-05/10).

We continue with a series of weekly round-ups prepared by Mercuryo Legal Counsel Adam Berker to keep you updated on crypto regulations.

Kazakhstan Proposed Amendments to the National Crypto Regulation

On November 4, 2021, the upper house of Kazakhstan’s Parliament approved a bill amending the national anti-money laundering law. According to the amendments, virtual currency service providers operating in Kazakhstan will be subject to financial monitoring and obliged to notify the Ministry of Digital Development, Aerospace and Defense Industry about the beginning or termination of activities. 

As a result, crypto companies will be controlled by Kazakhstan’s financial monitoring system to combat money laundering and terrorist financing.

House Passes $1T Infrastructure Bill With Crypto Tax for Biden’s Approval

The United States House of Representatives passed the infrastructure bill without amendments regarding the description of the word “broker”, which imposes reporting requirements not only on centralized crypto companies but also on DeFis, miners, and others. 

At the same time, some specialists insist that the nature of DeFi makes it impossible to comply with the new rules.

Korea’s FSC Confirms That NFTs Will Not Be Regulated

The Financial Services Commission (FSC) in South Korea issued an announcement stating that it will not regulate the NFT market. This statement looks interesting, considering that FATF (an international organization that develops anti-money laundering recommendations) published its guidelines regarding NFT regulation. It includes a proposal to identify users who deal with nun-fungible tokens on a case-by-case basis. 

The Korean regulator does not find it necessary to establish a special legal framework for NFTs, as it considers them to be collectors’ items rather than financial assets. Still, considering substantial trading volumes and no user identification requirements, the NFT market may become a new haven for money laundering schemes.

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