Crypto / Digital Assets

DBS Launches e-CNY Merchant Collection Solution

07/07/2023

DBS plans to build on the launch of the e-CNY solution to explore new digital payment solutions, including cross-border CBDC payments.

Crypto / Digital Assets

FSC Korea to Require Employees to Report Crypto Holdings

07/07/2023

Employees that perform official duties related to the virtual assets sector will have to report their holdings to the FSC.

Enforcement

Former London Trader Allowed to Appeal LIBOR Rigging Conviction

07/07/2023

Tom Hayes was the first person to be convicted of rigging LIBOR. He was released from jail in 2021 after serving half of an 11-year sentence.

Market Infrastructure

EBA Publishes Validation Requirements for Initial Margin Models

06/07/2023

The standards include a “pragmatic and simplified” supervisory procedure applicable to smaller counterparts as well as easier documentation, governance and outsourcing requirements.

Securities / Derivatives

SEBI Proposes to Require FPIs to Route Bond Trades to RFQ Platforms

06/07/2023

SEBI intends to mandate FPIs to carry out at least 10 percent of their total secondary market trades in corporate bonds via RFQ platforms.

Capital / Liquidity

More Foreign Banks in UK May Have to Convert Branches to Subsidiaries

06/07/2023

The BOE is considering reducing the thresholds for requiring foreign banks to set up subsidiaries, as part of a review prompted by SVB’s collapse.

Market Infrastructure

BSP Starts Publishing Temporary Replacement Rate for LIBOR

06/07/2023

The new reference rate is generated by translating the 28-day BSP bill rate to its overnight equivalent.

Crypto / Digital Assets

Korea to Start Work on Second Phase of Crypto Legislation

06/07/2023

The next phase of legislation will introduce rules for the issuance and distribution of virtual assets, as well as a regulatory system for stablecoins.

Market Infrastructure

Korea Announces Plans to Allow New Entrants to Banking Industry

06/07/2023

This will be the first time in thirty years that new nationwide banks can be established in Korea, the FSC said.