This article mainly focuses on the blockchain anti-money laundering situation and data. With the rapid development of the cryptocurrency ecosystem, the importance of anti-money laundering supervision and compliance has become increasingly prominent. In 2024, countries and regions introduced a series of key measures in terms of stablecoin supervision, law enforcement actions, anti-money laundering sanctions, and global supervision to address the challenges of the digital asset market. These initiatives not only aim to curb money laundering and fraud, but also explore the balance between innovation and risk control. This article will focus on the latest developments in stablecoin regulation, the enforcement dynamics of the U.S. Securities and Exchange Commission (SEC), anti-money laundering sanctions against cryptocurrencies, and global supervision to help readers deeply understand the core trends and trends of the current anti-money laundering situation. future directions.

Anti-money laundering situation

Stablecoin supervision

Stablecoin regulation takes center stage in 2024 as global financial authorities recognize the growing influence and risks of digital assets. The collapse of TerraUSD in 2022 was a stark reminder of market vulnerabilities, prompting increasingly tighter and clearer regulation of stablecoins around the world. This year marks a turning point as regions adopt legislation and development to address the unique challenges posed by stablecoins while promoting innovation in the digital economy.

: In the "Financial Stability Report" [1] released by the People's Bank of China in 2024, the global cryptocurrency regulatory dynamics were discussed in detail, with special mention of Hong Kong's encryption Currency compliance progress emphasizes the strengthening of supervision of crypto assets.

Hong Kong: On December 6, 2024, the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau released the Stablecoin Bill [2 ], aiming to introduce a regulatory system for fiat currency stablecoin issuers to Hong Kong and improve the regulatory framework for virtual asset activities.

EU: The European Union approved the "Crypto-Asset Market Regulation Act" (MiCA)[3], establishing the world's first complete and clear regulatory framework for virtual assets. It is planned to be officially implemented by the end of 2024. Among its requirements, stablecoin issuers must obtain an electronic currency license, maintain adequate reserves and adhere to strict trading regulatory standards. Tether Limited, the issuer of USDT, the world’s most widely used stablecoin, failed to meet these requirements, resulting in USDT being withdrawn from EU compliance platforms effective December 30, 2024.

Brazil: The Central Bank of Brazil (BCB) plans[4] to regulate stablecoins and asset tokenization in 2025. In November 2024, the BCB proposed a regulatory proposal that would ban users from withdrawing stablecoins from centralized exchanges to self-hosted wallets, but said in December that the ban may be revoked if key issues such as transaction transparency can be improved.

United States: Stablecoin issuers must now maintain 1:1 reserves, a requirement[5] supported by ongoing legislative discussions.

Middle East: The UAE has introduced a dedicated license for stablecoins under its Virtual Assets Regulatory Authority (VARA)[6], signaling the region’s intention to take the lead in regulatory transparency effect. Qatar has also included stablecoins in its first-ever digital asset framework, marking a progressive step in cryptocurrency regulation.

SEC Enforcement

The U.S. Securities and Exchange Commission (SEC) announced its 2024 financial results in November Year enforcement results[7]. The SEC filed a total of 583 enforcement actions, a 26% decrease from 2023, the report shows. Enforcement actions resulted in $8.2 billion in fines, the highest in history.

Of these cases, the SEC filed 431 "stand-alone" lawsuits, a 14% decrease from 2023; 93 "follow-up" administrative lawsuits aimed at Persons barred or suspended from holding certain positions in the securities markets based on criminal convictions, civil injunctions, or other orders decreased 43% from 2023; 59 lawsuits were filed against issuers who allegedly defaulted on filing required documents with the SEC, 43% less than in 2023; That’s a 51% reduction in 2023. The $8.2 billion in financial damages includes $6.1 billion in disgorgement and prejudgment interest, also the largest amount ever, and $2.1 billion in civil penalties, the second-largest amount ever. Approximately 56% of the $8.2 billion in financial damages is attributable to monetary judgments obtained in SEC v. Terraform Labs and Do Kwon, one of the largest securities fraud cases in U.S. history. Additionally, in 2024, the SEC obtained orders barring 124 individuals from serving as officers and directors of public companies, the second-highest number of such prohibitions in a decade.

In fiscal year 2024, the SEC issued 3.$4.5 billion, with more than $2.7 billion returned to investors since the start of fiscal 2021. The SEC also received 45,130 tips, complaints and referrals in fiscal 2024, the highest number ever, including more than 24,000 tips, more than 14,000 of which were submitted by two individuals. The total number of whistleblower awards issued by the SEC is $255 million.

SEC said the multiple enforcement actions taken in 2024 demonstrate that it is keeping pace with emerging threats such as artificial intelligence misrepresentation and the use of social media for relationship fraud, while continuing to Focus on evergreen investor risks such as material misrepresentations, inadequate internal controls and material gatekeeper failures.

The following are examples of SEC enforcement actions in the crypto ecosystem:

Terraform Labs Settlement : Terraform Labs agreed to a $4.5 billion settlement with the SEC over the collapse of its TerraUSD and Luna cryptocurrencies. The settlement includes $3.5 billion in disgorgement, $460 million in interest, $420 million in civil penalties and a $200 million personal donation from former CEO Do Kwon.

Jump Trading Fine: Jump Trading Group agreed to pay a $123 million settlement to the SEC for misleading investors about the stability of TerraUSD, TerraUSD is a stablecoin that collapsed in 2022. The SEC alleged that Tai Mo Shan, a subsidiary of Jump, falsely assured investors about the stability of TerraUSD.

Cumberland DRW sued: The SEC is suing Cumberland DRW, the cryptocurrency arm of DRW Holdings, for failing to register as a securities dealer. The lawsuit alleges that Cumberland made millions of dollars in profits by trading with hedge funds and large market participants without proper registration.

Anti-money laundering sanctions

May 2024, Hong Kong directive on Worldcoin: Hong Kong individuals The Office of the Data Privacy CommissionerThe rldcoin Foundation issued an enforcement notice instructing it to cease all operations in the region due to privacy and personal data concerns. Worldcoin was directed to stop scanning and collecting iris and facial images of the public, reflecting Hong Kong’s commitment to protecting personal data in the crypto space.

In May 2024, two citizens were arrested: The U.S. Department of Justice arrested two citizens, Daren Li and Yicheng Zhang, on charges of planning a conspiracy called " The large-scale cryptocurrency scam led to money laundering of at least US$73 million.

In May 2024, the U.S. Treasury Department sanctioned Iran’s virtual currency mining activities: The U.S. Treasury Department expanded its sanctions on Iran’s virtual currency mining activities through its Office of Foreign Assets Control (OFAC). The scope of sanctions for currency mining is particularly targeted at companies and individuals that circumvent international sanctions through mining.

September 2024, Cryptocurrency Trust Scheme Seizes More than $6 Million: The U.S. Department of Justice announces the seizure of more than $6 million in crypto held by criminals in Southeast Asia currency. These individuals target U.S. residents through fraudulent “pig-killing” scams. The FBI traced the victims' funds on the blockchain and identified multiple cryptocurrency wallet addresses holding the illicit funds.

September 2024, the United States sanctions Russian cybercriminals: The U.S. Treasury Department sanctioned suspected Russian hackers Sergey Ivanov and Cryptex for providing cyber Criminals and darknet vendors launder money. The U.S. Treasury Department’s Financial Crimes Enforcement Network has also classified Russian cryptocurrency exchange PM2BTC as a significant money laundering threat.

December 2024, U.S. Sanctions on North Korea’s Virtual Currency Money Laundering Network: The United States imposed sanctions on two individuals and an entity pursuant to Executive Order 13382, Designed to prevent the Democratic People’s Republic of Korea from laundering virtual currency to fund its illicit weapons of mass destruction and ballistic missile programs.

In December 2024, the United States accused the developer of LockBit ransomware: The United States accused Rostislav Panev, a dual citizen of Russia and Israel, of developing and maintaining the LockBit ransomware code, and for It has earned over $230,000 in cryptocurrency for its work. Panev was arrested in Israel and awaits extradition to the United States.

Supervision

1. Asia-Pacific

: In December 2024, the People's Bank of China released the "Financial Stability Report (2024)"[1], which discussed global cryptocurrency regulatory developments in detail and highlighted Hong Kong's progress in cryptocurrency compliance. In view of the spillover risks that crypto-assets may have on the stability of the financial system, regulatory authorities in various countries continue to increase the supervision of crypto-assets. The report pointed out that 51 countries and regions around the world have introduced prohibitions on crypto assets, and some economies have adjusted original laws or re-legislated regulations. In addition, Hong Kong is actively exploring crypto asset license management, dividing virtual assets into securitized financial assets and non-securitized financial assets, and implementing a "dual license" system for virtual asset trading platform operators.

Hong Kong: In April 2024, Hong Kong approved[8] spot exchange-traded funds (ETFs) for Bitcoin and Ethereum, providing investors with New investment channel; Hong Kong Securities and Futures Commission (SFC) adds 4 The license holders of several virtual asset exchanges have strengthened supervision of trading platforms; Hong Kong has launched a stablecoin sandbox and related bills to establish a clear regulatory framework for the issuance and use of stablecoins.

Japan: Advanced crypto tax reform[9] reduces trading profit tax to 20% and emphasizes strengthening anti-money laundering and KYC cooperation of exchanges and issuers Regularity.

South Korea: Formulate the "Virtual Asset User Protection Act" [10] to enhance investor safety and regulate cross-border crypto transactions.

Vietnam: Vietnam has released the Blockchain Development Strategy [11] to position itself as a regional leader by 2030. Yet virtual currencies remain unclassified and banned as legal tender, prompting efforts to balance innovation with crime prevention.

Singapore: The Monetary Authority of Singapore (MAS) has amended the Payment Services Act[12] to expand the scope of regulated payment activities to include digital payment agents. For currency services, relevant service providers are required to apply for corresponding licenses. MAS has approved major payment institution licenses for at least 19 crypto service providers, allowing them to offer digital payment token services.

Malaysia: Securities Commission MalaysiaThe Commission published a list of six cryptocurrency exchanges approved to operate[13], requiring unapproved entities to immediately cease activities and return investor funds.

2. North America

United States: Bitcoin and Ethereum ETF approval signals mainstream A milestone in cryptocurrency adoption. The SEC approved [14] a spot Bitcoin ETF on January 10, 2024, and approved [15] an Ethereum ETF on May 23, with the Ethereum spot ETF officially trading on July 23. As of 2024, the net asset value of U.S. Bitcoin spot ETFs is $105.08 billion (accounting for 5.7% of Bitcoin’s market capitalization), while the net asset value of Ethereum spot ETFs totals $12.05 billion (accounting for 2.94% of Ethereum’s market capitalization) . On the legislative front, the Financial Innovation and Technology for the 21st Century Act (FIT21)[16] clarified cryptocurrency classification and the rejection of SAB 121 preserved current crypto custody accounting standards. Trump’s innovation-friendliness includes appointing cryptocurrency advocates like Paul Atkins as SEC chairman, signaling strong support for the industry.

Canada: Canada continues to improve its cryptocurrency regulatory framework [17], emphasizing the supervision of cryptocurrency exchanges and service providers to ensure their compliance with anti-money laundering ( AML) and Know Your Customer (KYC) regulations. The Canadian Securities Administrators (CSA) has strengthened its regulation of crypto-asset investment products, requiring greater transparency and investor protection measures.

3. Europe

Russia: In 2024, Russia accelerated cryptocurrency regulation to To mitigate the impact of Western sanctions, the focus [18] is on utilizing digital assets for international trade. President Vladimir Putin legalized cryptocurrency mining and allowed cross-border transactions using mining assets, allowing Russia to bypass the traditional financial system. The authorities are also considering the use of stablecoins (especially those linked to the yuan or BRICS currencies) for cross-border payments, and have established two cryptocurrency exchanges under the supervision of the central bank to promote foreign trade.

EU: The "Crypto-Asset Market (MiCA)" Act [19] will be fully effective within the EU on December 30, 2024, marking Europe's emergence as a global The first region to implement a unified cryptocurrency regulatory framework.It sets strict requirements for stablecoin issuers, including reserve backing and strict operating standards, while strengthening consumer protections.

UK: The UK Financial Conduct Authority (FCA) will formulate[20] a comprehensive encryption regulatory regime in 2026 based on the EU MiCA framework.

4. Middle East and Africa

United Arab Emirates: The UAE through its Virtual Assets Regulatory Authority (VARA) has consolidated[21] its global leadership in cryptocurrency regulation and issued 13 new licenses in 2024. It also launched licensing for stablecoins to adapt to changing market needs.

Saudi Arabia: Becoming the fastest-growing crypto-economy in the region, leveraging blockchain innovation and piloting a central bank digital currency (CBDC) program[22].

Qatar: Launched[23] its first digital asset regulatory framework, marking a major step towards the acceptance of digital assets and stablecoins.

5. Latin America

Argentina: Using Virtual Asset Service Providers (VASP) compliance framework [24], and plans to achieve the free circulation of currencies, including Bitcoin.

Brazil: Advancing its CBDC (DREX) pilot phase [25] with a focus on real-world asset (RWA) development to enhance financial inclusion.

El Salvador: Expanding[26] its Bitcoin fiat currency and working with Argentina to develop cross-border crypto solutions.

Anti-money laundering data

Fund freezing data

1. SlowMist assists in freezing

With the strong support of InMist Intelligence Network partners, in 2024, SlowMist ( SlowMist) Assisted customers, partners and public hackers to freeze funds totaling more than 1.1$200 million.

2. USDT and USDC frozen

(https://dune.com/misttrack/2024)

Tether freezes approximately $540 million in USDT in 2024; Circle froze approx. $13.36 million in USDC.

Funds return data

410 security incidents occurred in 2024, after attacks There were 24 incidents in which lost funds could be fully or partially recovered. According to disclosed data, a total of approximately US$166 million was returned, accounting for 8.25% of the total security losses (approximately US$2.013 billion).

Summary

With the continuous development of the cryptocurrency field, stablecoin supervision and law enforcement actions In terms of anti-money laundering sanctions and anti-money laundering sanctions, countries and regions have shown their determination to strengthen compliance management and are constantly promoting innovation to adapt to the needs of the digital economy. Although there are differences in details and implementation methods, the common goal is to improve market transparency and protect investor interests through a better regulatory framework.

The advancement of global regulation demonstrates the dual focus on innovation and risk control. Whether it is the compliance management of stablecoins or the continuous upgrade of anti-money laundering measures, they have laid a more solid foundation for the development of the digital economy. In the future, the healthy development of the crypto industry will rely on close cooperation between regulators and market participants to promote technological progress while ensuring the transparency and security of the financial system. In this process, global collaboration and information sharing will become the key to dealing with cross-border risks and help build a more robust and fair digital financial ecosystem.

The link to the complete report is as follows. You can also click directly to read the original text. Welcome to read and share:)

Chinese: https://www.slowmist.com/report/2024-Blockchain-Security-and-AML-Annual-Report(CN).pdf

English: https://www.slowmist.com/report/2024-Blockchain-Security-and-AML-Annual -Report(EN).pdf

Reference materials

[1]http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5547040/2024122719254984750.pdf

[2]https://www.info.gov.hk/gia/general/202412/06/P2024120500422.htm

[3] https://www.esma.europa.eu/press-news/esma-news/esma-releases-last-policy-documents-get-ready-mica

[4]https://www.reuters.com/technology/brazil-regulate-stablecoins-2025-says-central-bank-chief-2024-10-15/ p>

[5]https://www.americanbar.org/groups/business_law/resources/business-law-today/2024-september/state-stablecoin-regulation-emergence-global-principles/

< p style="text-align: left;">[6]https://thefintechtimes.com/stabilising-the-crypto-frontier-uaes-groundbreaking-stablecoin-regulations/[7]https://www.sec.gov/newsroom/press-releases/2024-186

[8]https://www.reuters.com/markets/currencies/hong-kong-gives-initial-approval-first-bitcoin-ether-spot-etfs-say-funds-2024-04-15 /

[9]https://dig.watch/updates/japan-moves-forward-with-tax-and-stimulus-reforms

[ 10]https://reports.tiger-research.com/p/one-month-after-the-korean-new-crypto-law-eng

[11]https://www.usasean.org/article/vietnam-launches-national-blockchain-strategy-lead-regional-innovation-2030

[12]https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services

[13]https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-registered-digital-asset-exchanges

[14]https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023

[15]https://www.investopedia.com/sec-approves-spot-ether-etfs-8678873

[16]https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409277

[17]https://finestel.com/blog/crypto-regulations-in-canada

[18 ]https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25

[19] https://finbold.com/eus-mica-regulation-takes-full-effect-today-heres-what-you-need-to-know

[20]https://beincrypto.com/fca-crypto-regulation-uk-2026-roadmap

[21]https://www.bitget.com/news/detail/12560604457143

[22]https://www.sama. gov.sa/en-us/news/pages/news-812.aspx

[23]https://www.qfc.qa/en/media-centre/news/list/qatar-financial-centre-issues-qfc-digital-assets-framework-2024

[24]https://www.dlapiper.com/en-us/insights/publications/blockchain-and-digital-assets -news-and-trends/2024/argentina-begins-establishing-a-comprehensive-framework-for-crypto-assets

[25]https://www.ledgerinsights.com/santander-visa-mastercard-selected-for-brazils-drex-cbdc-pilot/

[26]https://www.mitrade.com/insights/news/live-news/article-3-520264-2024121