Active digitalization of large domestic financial institutions is a noticeable, definitely positive trend. Russia is one of the five world leaders in the speed of transition to cashless payments, and the number of contactless transfers and payments are increasing every year. Such active development requires changes in legislation, and inevitably, many specialists and representatives of the financial sphere turn to the issue of cryptocurrency and its place in the modern financial world. In this matter, the Bank of Russia’s policy mainly focuses on destigmatizing the discourse that surrounds cryptocurrencies. The national central bank does not deem it fit to define …

The problem of spreading cybercrime is becoming more acute today, and developed countries with high gross domestic product rates suffer from it to a much greater extent than developing countries. This is due to the fact that the more advanced technologies are used by society, the stronger its dependence is on digital structures. And this, in turn, creates more opportunities for cybercriminals. In 2021, the damage from cybercrime is predicted to be $6 trillion — twice as much as in 2015. Meanwhile, the terms cybercrime and cyberterrorism differ in various legal systems. Some criminologists divide these concepts; others consider them …

As per recent rumors, United States Secretary of the Treasury, Steven Mnuchin, could drop a stringent piece of crypto-related legislation before his expected exit at 2020’s end. The ruling could potentially severely limit or ban self-custodied digital asset wallets — a key component of the entire industry. Cynthia Lummis, a U.S. Senator-elect hailing from the crypto-friendly state of Wyoming, finds the ruling harmful. “I spoke with Secretary Mnuchin last week and strongly pressed him for a better path forward,” Lummis said as part of a tweet thread on Friday, adding: “Congress is best placed to weigh the competing policy issues …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Law Decoded will be going on a break next week for the holidays but will return in the new year. Editor’s note As the holidays loom, Bitcoin has been shattering all-time highs. For reasons why, consult Cointelegraph’s markets coverage. I honestly never know. Maybe with the act of Christmas shopping taking place behind the computer, people have turned to Coinbase instead of Amazon. Or maybe the threat of the Treasury demanding reports from exchanges interacting with self-hosted wallets has people trying …

The defense team of Alexander Vinnik, an alleged Bitcoin launderer who was sentenced to a five-year prison term, disagrees with the court’s decision. According to a Dec. 18 report by Russian news agency Kommersant, Vinnik’s attorney Frederic Belot has appealed the French court’s judgement, arguing that the defendant was not involved in any money laundering operations. Citing a Dec. 6 judgement charging Vinnik for “money laundering as part of an organized criminal group,” Belot emphasized that no “criminal group” consists of one person. “The court did not name a single name even supposedly belonging to this group,” Belot reportedly said. …

The United States Department of the Treasury is looking for expert advice on cryptocurrencies to tackle legal challenges associated with the industry. The U.S. Treasury’s bureau, Financial Crimes Enforcement Network, or FinCEN, has posted two job applications for crypto policy officers. The agency is seeking professional expertise on crimes related to digital assets. Posted on Dec. 12, the two full-time and permanent positions target experts specializing in crypto-related finance threats and risk in order to “assist in the development of policy responses to these challenges.” FinCEN expects that new policy officers will provide insights on a wide array of areas …

Bitcoin (BTC) influencer Pierre Rochard has called on lawmakers to prevent more than $1.6 billion worth of seized Bitcoin from being auctioned, proposing instead that confiscated coins be put into a strategic BTC reserve. Rochard, a Bitcoin maximalist behind the recent controversy over Ether’s (ETH) total supply, wants legislators to draft and pass a bill containing amendments to the Judiciary Act of 1789 that would allow the United States Marshals Service to hold onto any Bitcoin it has received. In a blog post published on Dec. 16, Rochard warned against the auctioning of 69,370 Bitcoin seized by the IRS in …

Robinhood has staved off a suit from the Securities and Exchange Commission by agreeing to pay $65 million. The trading app, which takes its name from the English folk hero who stole from the rich to give to the poor, made its name by making investing simpler for newcomers. Per a Thursday announcement from the SEC, Robinhood deceived its users as to where its money was actually coming from between 2015 and 2018, citing: "Material misrepresentations and omissions by Robinhood relating to its revenue sources, specifically its receipt of payments from certain principal trading firms, also known as electronic market …

Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form. On Dec. 11, the IRS published a new Form 1040 return for the 2020 tax year which needs to be filed by all U.S. taxpayers. It contains the following question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The virtual currency question is similar to one that first appeared on the 2019 form, but has this year …

Massachusetts securities regulators are reportedly preparing to file a complaint against a major cryptocurrency-friendly trading platform, Robinhood. According to a Wednesday report by the Wall Street Journal, Massachusetts regulators alleged that Robinhood's marketing illegally targeted inexperienced investors. According to a final draft of a 20-page administrative complaint reviewed by the WSJ, the enforcement arm of the Massachusetts Securities Division said that Robinhood exposed Massachusetts investors to “unnecessary trading risks” by “falling far short of the fiduciary standard.” The authorities expect to file the complaint on Wednesday, the report notes. According to the WSJ, the complaint came from the office of …

In a tweet Monday evening, President Trump announced the departure of William Barr from the office of Attorney General. The announcement comes the same day that the Electoral College convened and confirmed Joe Biden's victory in the November election. Barr, long one of Trump's most loyal allies, will be stepping down on December 23. Under Barr's leadership, the Department of Justice has ramped up its actions in crypto, including high-profile criminal charges against BitMEX's leadership and the release of a new framework for crypto enforcement in October. The latter half of this year has also seen the largest seizures of …

The United States Federal Trade Commission is making the giants of social media account for their user data practices. On December 11, the FTC published orders for special reports from unnamed social media companies. The commission's stated aim for the reports is: "To compile data concerning the privacy policies, procedures, and practices of Social Media and Video Streaming Service providers, including the method and manner in which they collect, use, store, and disclose information about users and their devices." The initial orders, however, did not include the names of the companies involved. On Monday, the FTC publicized that the orders …