Ep10. Transatlantic perspectives on anti-money laundering (AML) enforcement

05/20/21 • 16 min

Our tenth episode of the Withers talks: cryptocurrency podcast, ‘Transatlantic perspectives on anti-money laundering enforcement,’ focuses on current AML rules, regulatory regime enforcement and the future of AML enforcement in the US and UK related to cryptocurrency. In this episode, podcast host Charles Kolstad is joined by Harvey Knight, partner on our financial services regulatory team in London, and Chris LaVigne, partner on our litigation and arbitration team in our New York office.

Harvey highlights the UK Financial Conduct Authority (FCA)’s registration system for AML purposes, its current status and its future outlook. Chris discusses the US Financial Crimes Enforcement Network (FinCEN)’s increasing focus on AML laws for crypto companies in the US, the regulatory push for AML enforcement on crypto-related crimes, and the latest with the SEC’s lawsuit against Ripple Labs Inc. over an alleged unregistered, ongoing digital asset securities offering.

For this and more, listen in on this interesting and informative transatlantic discussion on cryptocurrency and anti-money laundering enforcement. We hope you enjoy the episode.

For this and more, listen in on this interesting and informative transatlantic discussion on cryptocurrency and anti-money laundering enforcement. We hope you enjoy the episode.

Previous Episode

Ep9. US tax considerations for crypto investors and issuers

With the US tax deadline quickly approaching on May 17, 2021, tax issues are top of mind for many Americans, including for an increasing number of those who hold cryptocurrencies. Our ninth episode of the Withers talks: cryptocurrency podcast, ‘US tax considerations for crypto investors and issuers,’ focuses on the timely topic of the current tax landscape in the US for cryptocurrency as well as top tax considerations for crypto investors, issuers, day traders and miners.
In this episode, podcast host Charles Kolstad is joined by Elliot Galler, a partner on our international corporate tax team in Withers’ New York office, to discuss tax treatment, reporting requirements and enforcement related to crypto assets, including NFTs. What tax forms are relevant for taxpayers that own cryptocurrencies? Does the fact that you invest or trade cryptocurrencies on a non-US exchange change the US tax treatment? Are there special tax rules for miners and day traders? What are some of the gift and estate tax considerations? How is an issuer taxed in an ICO or SAFT? Are NFTs considered “collectibles” and, if so, are they taxed at the higher capital gains rates?
Listen to the episode for the discussion on these topics and more. For questions and inquiries related to tax and cryptocurrencies, contact Charles, Elliot, or another attorney on the blockchain, cryptocurrency and decentralized finance team. We hope you enjoy the episode.

Next Episode

Ep11. NFTs and digital-only fashion

We’ve talked about NFTs in previous episodes, including in episode 6 on NFTs and art and episode 7 on investing in NFTs from an Asia perspective. This episode of the Withers talks: cryptocurrency podcast, ‘NFTs and digital-only fashion,’ focuses on the exciting area of NFTs and blockchain in the world of fashion. In this episode, podcast host Charles Kolstad is joined by Gina Bibby, partner on Withers’ corporate team in Los Angeles and head of the law firm’s global fashion tech practice, to discuss how fashion-related NFTs started, continue to grow and shape the fashion industry and beyond, and what lies in the future for NFTs and digital-only fashion.

Instagram celebrities and the gaming industry inspired the birth of digital-only fashion houses that design specifically for people and characters in the digital world, or metaverse, explains Gina. These trailblazing fashion brands saw opportunity for customers to purchase digital-only garments for personal use in cyberspace, including for themselves and characters in gaming, and now it is a growing movement in the fashion space. In 2019, the monetization of digital-only fashion went next level when a fashion house put a digital dress on the blockchain as an NFT instead of selling it direct to consumers.

Listen as Gina and Charles discuss how NFTs and blockchain in fashion offer appealing characteristics amid the priorities of sustainability and transparency in fashion and the impact of the Covid-19 pandemic on fashion. Gina explains the opportunities, as well as the issues and challenges, that digital-only fashion can create, and shares her view of the future of this space. We hope you enjoy the episode.
You can read more on NFTs and digital-only fashion in Gina's recent article, 'NFTs: is art mimicking fashion?'