Failure to achieve interoperability between payment systems has material costs and risks fragmenting the global financial system.
Key areas of collaboration to enhance Hong Kong's roles as an international financial centre include CBDC, regtech, green finance development.
Issuing ESG bonds separately from conventional JGBs could make the process of borrowing money less efficient, said finance ministry official Masato Kanda.
The FSA reportedly seeks to propose legislation to only allow banks and wire transfer companies to issue stablecoins, and to regulate wallet providers.
The Sony Life Insurance employee allegedly embezzled $155mn while working on liquidating the reinsurer's assets after it closed.
The approval process will be simplified for foreign securities firms to change their status in Korea from a branch office to a subsidiary, and vice versa.
The certification of the two contracts means they can be offered and sold to persons in the US, and that US investors can trade the contracts from within the US.
The new rules will enable parties suspected of engaging in illegal acts to pay administrative settlements rather than wait for investigations to be concluded.
The findings reinforce the need for banks to continue to build capital and replace Tier 2 instruments that will cease to be compliant under the new rules on bank capital.
The FMA's sector risk assessment for 2021 says VASPs, derivatives issuers and online investment platforms could be targeted by money launderers.