Crypto / Digital Assets

Iran, Russia Working on Gold-Backed Stablecoin – Report

17/01/2023

The stablecoin is intended to serve as a payment method for foreign trade without requiring the use of any fiat currency.

Enforcement

Taiwan Passes Law Changes to Deter Property Speculation

17/01/2023

The amendments introduce fines up to TWD 50 million for market manipulation and the spreading of false information regarding housing prices.

Market Infrastructure

China Directs Banks to Use Yuan in Cross-border Transactions

17/01/2023

Banks are directed to prioritise the use of the yuan in cross-border trade, as well as in overseas investment and financing transactions.

Crypto / Digital Assets

Nepal ISPs Ordered to Block Crypto Websites, Apps

17/01/2023

Nepal declared crypto illegal in September 2021. The order for ISPs and email providers to block crypto websites and apps is new.

Crypto / Digital Assets

BitConnect Victims Receive $17mn Restitution from Crypto Fraud

16/01/2023

BitConnect was an online crypto lending platform that collapsed in 2018, causing investor losses estimated at over USD 2.4 billion.

Enforcement

Indonesian Court Imposes $370m Fine for Stock Manipulation

16/01/2023

The fine is one of the largest ever in an Indonesian corruption case. Prosecutors reportedly plan to appeal the ruling to seek the death penalty.

Fintech / Regtech

Korea to Start Charging for Use of Open Banking Platform

16/01/2023

The FSS will develop billing standards and retroactively calculate fees MyData service providers will have to pay in 2024 for their usage in 2023.

China to Fully Digitalise Bank Confirmation Letter Issuance

16/01/2023

Banks are directed to allow accounting firms to use digital platforms to request and receive confirmation letters for use in audits.

ESG / Sustainability

WWF-Singapore Publishes Sustainable Banking Assessment 2022

16/01/2023

The report calls on financial sector regulators to implement and align E&S risk management requirements for banks to ensure financial stability.