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Crypto lawyer: 'I have a little bit of beef with traditional financial institutions'

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Irina Heaver, crypto lawyer at NeosLegal | Crypto Republique

Irina Heaver, a crypto lawyer at NeosLegal, said that banks have incurred over "$400 billion" in fines for compliance breaches and "caused the 2008 financial crisis," yet cryptocurrency is often labeled as a "scam." Heaver made this statement during her talk at Binance Blockchain Week.

"I have a little bit of beef with traditional financial institutions," said Heaver. "Banks have been breaching compliance rules and regulations for years. Just in the last 20 years, more than $400 billion of fines were imposed on banks throughout every jurisdiction. Banks caused the 2008 global financial crisis, right? And people are calling crypto projects scams or trying to give us a bad name."

According to data collected from Chainalysis and the United Nations, traditional finance accounts for over 99.97% of global money laundering activities, while cryptocurrency makes up only 0.03%.

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A report indicates that $300 billion is laundered annually through the United States, accounting for 15-30% of all global money laundering. In 2020 alone, approximately $227.8 million was laundered in the U.S. Furthermore, the most prominent money laundering case in the U.S. involved Wachovia Bank, which facilitated illicit transactions totaling $380 billion under the guise of a drug cartel.

The report highlights enforcement challenges, noting that only 990 offenders were recorded out of 76,538 cases, illustrating significant gaps in the prosecution and tracking of money laundering activities.

Heaver is a lawyer and partner at NeosLegal with over 20 years of experience. Since 2016, she has advised more than 250 Bitcoin, crypto, and Web3 projects, focusing on token launches, fundraising, and market expansion in Dubai/UAE. She has worked with venture capitalists (VCs), investors, governments, and regulators.

Binance Blockchain Week is a conference that brings together innovators, founders, investors, regulators, and officials to discuss the future of blockchain and Web3. The theme of this year's conference is "Momentum." According to the event's website: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."

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The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

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Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

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European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

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OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

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Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

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