Enforcement

US SEC Expands Enforcement Unit Dedicated to Crypto, Cyber

05/05/2022

The additional resources will be used to prioritise investigations related to crypto asset offerings, exchanges, lending and staking products, as well as DeFi platforms, NFTs and stablecoins.

Fintech / Regtech

FSC Korea Issues New Rules for Fractional Investing Services

05/05/2022

The FSC will classify fractional investment products as securities on a case-by-case basis and require issuing firms to adopt investor protection measures.

Market Infrastructure

RBA Calls on Major Banks to Enhance NPP Services

05/05/2022

The RBA is seeking assurances on the timely implementation of new NPP services, and asking banks to improve the reliability of the NPP services they already provide.

Capital / Liquidity

ISDA to Recognise China as Clean Netting Jurisdiction

04/05/2022

ISDA plans to publish a legal opinion recognising China as a jurisdiction in which close-out netting can be applied, paving the way for a more diversified onshore derivatives transactions.

APRA Scraps Expectations on Negative Rate Preparedness

04/05/2022

Banks asked for an extension on a 31 July 2022 deadline, citing market conditions and resource pressures due to other priorities.

Fintech / Regtech

S. Korea Set to Delay Capital Gains Tax for Crypto

04/05/2022

President-elect Yoon Seok-yeol is planning to defer the tax to 2025 to allow time for the enactment of a new set of regulations designed to protect consumers.

Securities / Derivatives

AIMA Publishes Institutional Investor Guide on Digital Asset Custody

04/05/2022

The guide was produced with contributions from Anchorage Digital, Barclays Investment Bank, Capco, Coinbase, Copper, Digivault, and Fidelity Digital Assets, among others.

AML / KYC

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.