In one look.
- Major moves in the direction of digital assets in the United States.
- Cybersecurity at the “giant of Africa”.
- Does Japan need a cyber ministry?
Major moves in the direction of digital assets in the United States.
On Friday, the White House announced the release of a “Comprehensive Framework for Responsible Development of Digital Assets,” a first-of-its-kind set of guidelines outlining a whole-of-government approach to managing digital currency. In accordance with President Joe Biden’s March 9 executive order on the subject, the framework meets the six objectives set out in the EO: to protect consumers and investors; promote financial stability; fight against illicit financing; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. Drawing on research from nine reports submitted to the president from the OE, the framework does not define legislation, but rather offers recommendations that “articulate a clear framework for the responsible development of digital assets and pave the way for new actions at home and abroad. As Decrypt notes, these recommendations include urging regulators such as the Securities and Exchange Commission and Commodity Futures Trading Commission to focus on enforcement, and directing the US Treasury to work with financial institutions and allies. Americans to strengthen data sharing.
Also on Friday, the Department of Justice announced the release of its report The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets, as well as the creation of the National Network of Digital Asset Coordinators (DAC) aimed at à to fight against the illicit use of digital assets. Attorney General Merrick B. Garland said, “The efforts announced today reflect the commitment of the Department of Justice and our law enforcement and regulatory partners to advance responsible asset development. digital technologies, to protect the public from criminal actors in this ecosystem and to respond to the unique challenges posed by these technologies.
The Department of Justice has enlisted more than 150 federal prosecutors across the United States to form the Digital Asset Coordinators Network, aimed at bolstering law enforcement efforts to combat cryptocurrency-related crime. The Wall Street Journal explains that the group will assign subject matter experts to US law firms to help with cases such as bitcoin-assisted money laundering, terrorism or ransomware operations. Eun Young Choi, the first director of the Ministry of Justice’s National Cryptocurrency Enforcement Team, said, “Digital asset crimes are truly multidisciplinary. These are cross-border, complex and demanding investigations, which require a certain level of competence. »
And yesterday, also in line with President Biden’s EO, the US Treasury Department announced a request for comment on the security risks posed by the use of digital assets and recommended mitigations. The Wall Street Journal explains that input is expected from crypto industry advocates, members of civil society, and traditional financial institutions as well as cryptocurrency businesses. Alex Zerden, a former treasury official and current director of venture fintech advisory firm Capitol Peak Strategies LLC, said: “This [commentary process] shows that the Treasury takes public engagement very seriously…from a risk perspective, as opposed to a risk and opportunity perspective. The deadline for comments is November 3.
Cybersecurity at the “giant of Africa”.
Wired offers an in-depth look at Nigeria’s approach to cybersecurity. The inadequate response from officials responding to the discovery in April of unsecured public health agency data in misconfigured AWS S3 data buckets is indicative of the problems Nigeria currently faces in cyberspace: ineffective regulations, inadequate response procedures and inconsistent breach disclosures. Confidence Staveley, Nigerian security analyst and executive director of security advisory and advocacy group Cybersafe Foundation, explains, “Many organizations in developed countries communicate when they have cases of cyberattacks, which encourages cyber resilience. and widespread incident response. Back here, however, we find that in general, many organizations absolutely deny the occurrence of cyberattacks and data breach incidents, even in the presence of undeniable evidence. Although the National Information Technology Development Agency of Nigeria and the country’s Data Protection Bill 2020 have established regulations for organizations that process personal data, data processing in Nigeria n is largely unmonitored and many organizations do not consider the value of encryption and security until it is too late.
Does Japan need a cyber ministry?
The diplomat shares an interview with Major General Tanaka Tatsuhiro, director of research at the National Security Institute of Fujitsu Systems Integration Laboratories in Tokyo, in which the former Commanding General of the School of Signals of the Japan Ground Self-Defense Force discusses the future of Japanese cybersecurity. Tatsuhiro notes that the war in Ukraine has shown that nations must be prepared to defend their cyberinfrastructure and the power grid that supports it. He says companies must be prepared to invest in securing company and customer data, focusing not on the financial cost but on the added value. Tatsuhiro is also advocating for the creation of a cybersecurity ministry in addition to the already existing digital agency in Japan. He explains, “We need to strengthen cyber infrastructure by making it an organization on par with other government departments. More ideally, given the current social structure, the Ministry of Cybersecurity should be at the top, with other offices attached to it… When a cyberattack brings down a power grid somewhere, or a service provider goes bankrupt, what we need is not coordination but command. and control that can take the necessary measures. We should aim to establish a great ministry with great powers and responsibilities.