Phase 2 used smart contracts to automate bond lifecycle events, and introduced pre-validation to reduce error and fraud in funds transfers. Phase 3 will be a joint effort with the HKMA.
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.
The IMF says Singapore's financial system would continue to be resilient even under very adverse scenarios, but that foreign currency liquidity risk needs to be addressed.
An alternative compliance regime will be provided for non-US DCOs registered with the CFTC, while exempt DCOs will be allowed to offer clearing through foreign intermediaries.
Most financial institutions say coordination among regulators is not sufficient to effectively promote sustainable finance globally, according to a GFMA survey.
The framework will comprise guiding principles and possible metrics for the greenness assessments, drawing from industry feedback and the HKMA's participation in the NGFS.
The amendments expand the scope of HQLA recognisable as "level 2B assets" under the LCR and introduce a 5% stable funding requirement on total derivative liabilities under the NSFR.
According to a government statement, Hong Kong was found to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.
From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.