Blockchain data showed that stolen Bitcoin was bridged to Ethereum, fragmented into multiple wallets and later routed into the crypto mixer. Roughly $63 million in Tornado Cash deposits has been linked to the $282 million cryptocurrency wallet compromise of Jan. 10. Blockchain security firm CertiK said in a Monday X post that its monitoring systems identified Tornado Cash interactions tied to the exploit. The update expands on the post-theft money laundering mechanics of the Jan. 10 incident, which is being tracked by multiple crypto investigators due to the amount lost and the speed at which funds were moved. Read more
The Hong Kong Securities & Futures Professionals Association is backing the OECD’s CARF and tougher tax transparency, but wants lighter treatment and more flexible recordkeeping. The Hong Kong Securities & Futures Professionals Association (HKSFPA) has urged the city’s government to soften some elements of its planned implementation of the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting standards. The industry body warned that the OECD’s Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could saddle local institutions with operational and liability risks. CARF is a new standard for automatic tax information exchange for crypto asset users across borders, while CRS is the OECD’s existing automatic information exchange regime for traditional financial accounts. Read more
Kazakhstan’s President Kassym-Jomart Tokayev signed new laws creating licensed crypto exchanges and giving the central bank authority to approve tradable coins. Kazakhstan’s President Kassym-Jomart Tokayev has signed legislation establishing a regulatory framework for digital assets, including licensed cryptocurrency exchanges and granting the country’s central bank authority to approve which cryptocurrencies can be traded on regulated platforms. The legislation amends Kazakhstan’s banking and financial market laws, setting out new rules for the issuance and circulation of digital assets and introducing licensing requirements for crypto exchanges operating in the country, according to a government statement. The rules introduce a classification for digital assets, including stablecoins, assets backed by financial instruments and property, and financial instruments issued in electronic digital form. Read more