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Following a host of notable bankruptcy filings in the digital asset industry, the New York State Department of Financial Services (DFS) recently issued guidance (the DFS Guidance) to emphasize sound custody and disclosure practices for firms providing digital asset custody services to better protect customers in the event of an insolvency or similar proceeding.

Potentially in connection with the recent events rocking the crypto industry, FINRA is conducting a new sweep on “Crypto Asset Communications” by broker-dealers. If they haven’t already received the request, broker-dealers with crypto-related affiliates likely will be contacted. Notably, this is the first announced sweep that FINRA has issued in over a year.

Crypto Boot Camp returns later this month after a successful series in 2021. This year, the virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector, including practical considerations when integrating crypto into established financial services, significant legal and regulatory risk, NFTs, DeFi and growth in the sector.

On 13 April 2022, three organizations – the National Internet Finance Association of China, the China Banking Association and the Securities Association of China – jointly issued the Initiative to Prevent relevant Financial Risks of Non-fungible Tokens (“Initiative”). This is the first Non-Fungible Token (NFT) themed official document involving NFT compliance since the rapid development of NFT in China. Although the Initiative is only a self-regulatory statement and not mandatory regulatory rules, considering the special status of the three associations as official industry self-regulatory organizations, to a great extent it still represents the regulatory attitude and trend of supervision.