The Charity Commission, responsible for registering and monitoring nonprofits in England and Wales, has published guidance for English and Welsh charities accepting crypto donations, advising them to keep accurate records and comply with tax and money-laundering rules. The regulator warned that cryptocurrencies and non-fungible tokens can be volatile, prone to hacks, and hard to trace, and that charities should weigh up whether it's worth accepting them at all. The guidance stresses the risks involved in the use of cryptocurrency and advises trustees to exercise caution. The Commission had previously noted that crypto could become a more mainstream route to investing, trading, and moving assets. In January, the Commission was probing the Effective Ventures Foundation, which had received significant backing from Sam Bankman-Fried and his exchange FTX, which filed for bankruptcy in November.

(By Jack Schickler)