Regulation

More lawyers are taking the initiative to learn the nature of cryptocurrency in solving divorce cases related to cryptocurrency owning. Increasing challenges arise from crypto ownership agreed by several lawyers with the reality of it can be hidden from their partner.

Standards relating to cryptocurrencies will be revised soon, by Financial Action Task Force (FATF), that is also responsible for setting global money laundering policies (AML). The ordered was given by all thirty-five countries and the European Commission.

The U.S. government is working on a ‘comprehensive strategy’ in respect of cryptocurrencies. Rob Jay Rosenstein, the deputy attorney general, has highlighted the formation of cybercrime task force established by the Justice Department. He emphasized that the task force foresees to develop strategies to curtail cybercrime. He also added that the major challenge is to obtain crypto educated federal officials.

Chairman of the Saudi Arabia’s Capital Market Authority, Mohammed ElKuwaiz said crypto regulations would come up soon. He said, “The regulators in Saudi have been following developments with cryptocurrencies with great interest.”

The Deputy Governor of the Bank of Russia, Sergey Shvetsov stated, “The appearance of cryptoruble (national cryptocurrency) in the foreseeable future is unlikely.” He emphasized that until the demand for cryptos is largely connected with the bypass regulations, the regulator cannot permit the issue of cryptoruble. On the other hand, the Deputy Finance Minister addressed on the idea of using cryptoruble in cross-border payments.