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Brian Nelson, Undersecretary for Terrorism and Financial Intelligence at the US Department of the Treasury, provided critical testimony to Congress on Feb. 14, challenging widely held beliefs about the role of crypto in funding terrorist activities.
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The US Treasury Department’s Office of Terrorism & Financial Intelligence (TFI) wants enhanced tools and authorities to combat illicit fund movements facilitated by crypto. TFI Under Secretary Brian Nelson presented this request in a prepared Feb.
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The U.S. Treasury Department said on Feb. 8 that its latest risk assessments show that virtual assets currently represent a small fraction of total money laundering flows compared to fiat currencies; however, they are becoming an increasing concern for regulatory and enforcement agencies.
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The Financial Services Commission of South Korea has announced that the implementation date of its Virtual Asset User Protection Law is July 19, 2024.
Last year, the law was established to safeguard users in the digital asset market and instill a regulated environment.
Prosecutors in South Korea have reportedly arrested three top executives of HaruInvest, a crypto deposit platform, for allegedly defrauding customers and embezzling over 1 trillion won in coins, according to Yonhap News.
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Montenegro has reportedly deported the former financial officer of Terraform Labs, Han Chang-Joon, back to South Korea to face criminal proceedings.
According to reports, law enforcement agencies referred to him as J.C.H.
In 2023, the blockchain security landscape witnessed a $50 billion drop in lost crypto assets, depicting a shift towards enhanced security protocols and the maturation of the DeFi ecosystem.
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