Fintech / Regtech

Korea: Deadline for Crypto Exchanges to Register Arrives

23/09/2021

Five crypto exchanges and one wallet provider have so far submitted their registration documents. Only Upbit has been formally approved by the FSC.

Securities / Derivatives

SEC Philippines Creates Office to Facilitate Capital Raising by SMEs

22/09/2021

The new office will simplify capital raising, streamline registration processes, and promote SME-friendly underwriting and advisory programmes at FIs.

Securities / Derivatives

Chinese Regulators Hold Meeting with Wall Street Firms – Report

21/09/2021

CSRC vice chairman Fang Xinghai reportedly defended moves targeting the education and gaming industries as measures to reduce social anxiety.

Crypto / Digital Assets

Korea: Nearly 70 Crypto Exchanges Set to Suspend Services

21/09/2021

Nearly 40 exchanges are set to suspend all services, while 28 have ISMS certification and can continue trading without the Korean won.

Fintech / Regtech

PBOC Targets February 2022 Launch of Digital Yuan

20/09/2021

The e-CNY has built-in functionality to enable self-executing payments via smart contracts. The PBOC aims to fully launch the CBDC by the 2022 Winter Olympics.

China Regulators Dispatch Lawyers, Advisers to Assess Evergrande

17/09/2021

Chinese authorities may be preparing for a major restructuring of Evergrande’s debt, as protesting investors demand repayment on overdue wealth management products.

Fintech / Regtech

Korean Crypto Exchange Closures to Cost Investors $2.6b

16/09/2021

The closure of almost 40 of Korea’s crypto exchanges would eliminate 42 so-called Kimchi coins and potentially result in $2.6bn in investor losses.

HKMA Finds Gaps in How Banks Sell Tax Deductible Products

15/09/2021

Some banks did not ensure the products were suitable, or did not explain product features and risks to customers.

Enforcement

Korean Tech Giants Told to Comply with Consumer Protection Law

15/09/2021

The FSC and FSS have ordered Kakao and Naver to alter or halt the sale of financial products online and register as brokerages by 24 September.