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Montana plans to legislate to strengthen digital asset regulation, with nationwide fraud losses exceeding $12.5 billion in 2024

ChainCatcher news, according to Bitcoin.com, Montana is accelerating the advancement of a digital asset regulatory framework to address the surge in cryptocurrency fraud. State Securities and Insurance Commissioner James Brown cited data from the Federal Trade Commission, stating that nationwide fraud losses reached $12.5 billion in 2024, a year-on-year increase of 25%, with the elderly population becoming a primary target due to their demographic representation ranking sixth in the nation.Brown supports the "Digital Token Regulatory Act" being reviewed by the state legislature, which would authorize regulatory agencies to implement access reviews and ongoing supervision of blockchain service providers, emphasizing "promoting the coordinated development of economic innovation and consumer protection through clear boundaries of rights and responsibilities." If the bill passes, Montana will become the first jurisdiction in the U.S. to systematically regulate on-chain trading entities.Regulatory actions focus on three major risk areas:"Pig Butchering" social engineering scams: 15 cases have been filed statewide in 2024, involving over $900,000, with scammers inducing victims to invest in fake trading platforms by fabricating personal relationships;Bank transfer fraud: using cryptocurrency mixing services to obscure the flow of funds;High-yield investment traps: evading compliance reviews by promising excessive returns.Brown announced the establishment of a cross-departmental digital asset enforcement team, opening a 24-hour reporting channel, and plans to collaborate with federal agencies to trace on-chain funds. Industry insiders point out that this move may provide a paradigm reference for Web3 regulation across U.S. states.

HashKey Global collaborates with VerifyVASP to strengthen the global travel rule compliance system

ChainCatcher news, licensed virtual asset exchange HashKey Global has recently announced a partnership with global travel rule solution provider VerifyVASP. The two parties will deploy a comprehensive Travel Rule compliance solution within HashKey's global licensed exchange network. This move aims to respond to the accelerated enforcement requirements of the Financial Action Task Force (FATF) travel rules by regulatory authorities worldwide, addressing the evolving anti-money laundering (AML) challenges in the virtual asset trading sector.According to the agreement, both parties will enhance the compliance transmission capability of transaction data across jurisdictions through technological integration and standardized processes, ensuring that customer identity information complies with international regulatory frameworks during virtual asset transfers. HashKey Global has previously joined the Global Travel Rule Alliance (GTR Alliance) and plans to further strengthen its compliance infrastructure through this partnership. Industry analysts point out that as global virtual asset regulation tightens, such collaborations will be key for exchanges to enhance their international competitiveness. HashKey Global's compliance layout not only covers the Asian market but also promotes the unification of industry standards through its global licensed network.
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