Structural Regulation

Australian Groups Call for Better Regulation of BNPL Services

16/05/2022

Charities and consumer groups are calling for BNPL services to be regulated like other credit products to prevent unnecessary financial harm.

Cryptocurrency

Korea to Lift Ban on ICOs, Enhance Investor Protections

11/05/2022

The new government will establish a regulatory framework for ICOs and introduce rules to guard investors against hacks, system errors and unauthorised transactions.

Cryptocurrency

Thai SEC Prepares to Implement New Rules on Crypto-related Advertising

10/05/2022

The SEC will extend the transitional period to allow crypto firms more time to ensure their advertising content aligns with the new rules.

Payments & Settlements

QR Code Payments Promote Credit Access for SMEs: BIS

09/05/2022

QR payments allow the creation of a digital payment footprint that enables small firms to access credit from both big tech firms as well as banks.

Conduct, Culture & Accountability

HKMA Sets Timeline for Mandatory Reference Checking Regime

08/05/2022

Banks have until 2 May 2023 to put in place the necessary internal controls, policies and procedures required for Phase 1 implementation of the MRC regime.

Anti-Money Laundering

US OCC Orders Digital Assets Bank to Address AML Failings

30/04/2022

Deficiencies were found at Anchorage Digital Bank, the US’ first federally chartered bank authorised to provide institutional custody services for crypto.

CBDCs

HKMA Consults on CBDC Policy and Design Choices

28/04/2022

The paper says e-HKD could bring could present challenges to Hong Kong’s currency and financial stability, as well as the city’s role as an international financial centre.

Structural Regulation

HKEX, SFC to Open HKIDR Testing to Market on 16 May

27/04/2022

Regulated intermediaries are asked to get ready for the testing, which is mandatory. The HKIDR is expected to be implemented in the later part of Q4 2022.

Credit Risk

Japan FSA Issues Guidance on Preventing Archegos-style Incidents

24/04/2022

Firms with securities businesses are expected to draw lessons from the shortcomings observed in the Archegos incident in order to foster a sound risk culture.