Perkins Coie LLP (LexBlog Russia)

Not surprising given how so many companies have been struggling over the past month to keep up with the changes wrought by Russia’s invasion of Ukraine, Corp Fin posted this “sample letter to companies” last week regarding disclosure about the invasion and the related supply chain issues. The Corp Fin Staff has begun commenting upon...

On April 14, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an advisory focusing on detecting kleptocrats (i.e., government officials who appropriate national resources for personal gain) and the proceeds of foreign public corruption and preventing them from entering the U.S. financial system. This guidance is the latest in a series of advisories FinCEN has issued...

Weekly Fintech Focus Treasury Releases National Risk Assessments SEC Probing NFT Market Russia/Ukraine Sanctions Overview Summary of Industry Responses BitConnect Founder Flees India After Being Indicted In $2B Ponzi Scheme UK Government to Crackdown on Illegal Cryptocurrency Activity Swiss City of Lugano to Make Bitcoin and Tether ‘De Facto’ Legal Tender U.S. Developments REGULATION Treasury...

Weekly Fintech Focus Treasury Releases National Risk Assessments SEC Probing NFT Market Russia/Ukraine Sanctions Overview Summary of Industry Responses BitConnect Founder Flees India After Being Indicted In $2B Ponzi Scheme UK Government to Crackdown on Illegal Cryptocurrency Activity Swiss City of Lugano to Make Bitcoin and Tether ‘De Facto’ Legal Tender U.S. Developments REGULATION Treasury...

Guest Author Bird & Bird, Anna Shashina, Partner On March 1, 2021, substantial amendments to the Russian Federal Law on Personal Data (No. 152-FZ), implemented on July 27, 2006, came into effect (“Amendments”). The Amendments change the rules on processing of publicly disseminated personal data and affect businesses that publish or use personal data on...

Weekly Focus: The OCC Announces New Acting Comptroller and Includes FinTech Charters Among Focuses The OCC Requests Comments to Update Outdated Regulatory Requirements and New Digital Technology and Innovation SEC Commissioner Hester Peirce Nominated for Second Term SEC Freezes Assets in a Multi-Level Marketing Cryptocurrency Scheme Financial Services Committee Discusses Digital Dollar for...

Weekly Focus: Hawaii Launches Digital Currency Sandbox Coinbase CLO appointed to Office of the Comptroller of the Currency DHS Critical Infrastructure Memo Includes Blockchain Managers Bank of Russia Reluctant to Legalize Cryptocurrencies Approved Smart Contract Certification for Argentinian Gas Distributor Thai Remittance Platform Uses Ripple Bakkt Launches Partnership with Starbucks Huobi...

At least five bitcoin websites were reportedly blocked by the Federal Service for Supervision of Communications, Information Technology and Mass Media pursuant to a court order entered last year.

The Ministry of Finance recently revised its proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However, the activities banned by the proposed legislation remain as described in our previous post on this topic.

The Ministry of Finance revised proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However, the activities banned by the proposed legislation remain the same and include the creation, distribution and use of virtual currency.

Last week, the Russian Finance Ministry, in conjunction with the Ministries of Economic Development, Communications, Internal Affairs and Financial Monitoring, issued draft legislation amending existing Russian law to prohibit the distribution, creation and use of virtual currencies. The draft law: Amends Russian Federal Central Bank law to: Allow the Russian Central Bank to determine what...