Fintech / Regtech

El Salvador Becomes First Country to Allow Bitcoin as Legal Tender

13/06/2021

El Salvador president Nayib Bukele is inviting bitcoin miners to set up at a state-owned geothermal facility powered by a volcano.

Securities / Derivatives

Hong Kong Enacts Framework for Uncertificated Securities Market

13/06/2021

The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.

AML / KYC

China Passes Anti-foreign Sanctions Legislation

13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

Securities / Derivatives

Probe Finds Japan Officials, Toshiba Colluded Against Shareholders

13/06/2021

Foreign investors including Effissimo, Harvard Management Company and 3D Investment Partners were pressured to change their voting.

Market Infrastructure

ASIC Extends Transitional Relief for Foreign Financial Services Firms

13/06/2021

ASIC is extending transitional relief provided under its new regulatory framework for foreign firms pending the outcome of the government’s announced reforms.

Fintech / Regtech

BIS, BOE Launch Innovation Hub London Centre

12/06/2021

The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.

Crypto / Digital Assets

Task Force Created to Align Digital Token Identifier With ISIN

12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Capital / Liquidity

CBIRC Issues Final Rules on Resolution Planning for FIs

12/06/2021

Deposit-taking institutions, leasing companies, asset managers and insurers with assets exceeding a specified threshold are required to formulate recovery and resolution plans.