February 1

Weekly Legal digest 01.02.19

February 1

For those who missed the news on regulation of cryptocurrency, BDO GMT Legal Ksenia Stafeeva prepared a brief summary.


The Malta Financial Services Authority (MFSA) has issued a warning against an alleged global scam scheme known as “Bitcoin Revolution”.

The alleged crypto scam represents a typical get-rich-quick scheme, and operates through the website the-bitcoinrevolution.org and several other unnamed websites. Also “sheme” is being promoted by using advertising on unspecified social media platforms that redirects users without their consent to pages containing a number of prominent local personalities that claim to make large profits from crypto investments.

The MFSA has stressed that Bitcoin Revolution is neither registered in Malta nor is licensed to provide financial and investment services there.


The Monetary Authority of Singapore (MAS) also warns members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.

This scam sheme also operates through the websites and falsely claim that Singapore is adopting a cryptocurrency as its official coin. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency on an exclusive basis.

Eurasian Economic Commission

The Eurasian Economic Commission, which serves as an executive body of the Eurasian Economic Union (EAEU), has prepared a report on cryptocurrencies to promote regulation in the area.

“We’ve prepared analytical report and will public it soon. It focuses on the definition of cryptocurrencies, as well as examples of regulation in different countries. Sooner or later, the phenomenon of cryptocurrencies might have a great impact on macroeconomic stability”,  —  Tatyana Valovaya, the Commission’s minister for integration and macroeconomics.


The United States House of Representatives has passed a bill to commission to investigate how cryptocurrencies and online marketplaces may (in)directly enable sex or drug trafficking. Based upon the study’s findings, regulatory and legislative actions that would impede such illicit use will be given.

“If we are to craft effective regulatory and legislative solutions to combat these transnational criminal organizations, we need to fully study and analyze how virtual currencies and online marketplaces are used to facilitate sex and drug trafficking, to determine how best to eliminate their use”, — Juan Vargas, member of the House.
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