Crypto / Digital Assets

Big Picture

Industry Bodies Push Back Against BCBS Crypto Treatment

By Manesh Samtani | 04/04/2024

ISDA, GFMA, FIA and other trade bodies say banks should not be penalised for trying to innovate with public permissionless blockchains.

Crypto / Digital Assets

HKMA to Explore Common Industry Standards for Digital Money

By Manesh Samtani | 02/04/2024

Phase 2 of HKMA’s e-HKD testing initiative will explore the development of standards on interoperability and smart contract design.

AML / KYC

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

Crypto / Digital Assets

Russia Using Tether Stablecoin to Circumvent Sanctions – Report

By Editors | 02/04/2024

One China-based smuggler used a Hong Kong distributor, shipments via Central Asia, and Tether for payments to fulfill Russian orders for drone parts.

Crypto / Digital Assets

HKMA to Soon Issue Guidelines for Banks on DLT Adoption

By Manesh Samtani | 02/04/2024

HKMA’s Raymond Chan said the new guidelines will not be binding nor exhaustive, but they will provide a “helpful benchmark” for banks looking to plan and develop DLT solutions.

Crypto / Digital Assets

Regulatory Certainty Needed to Fully Benefit from Tokenisation: SFC

By Nithya Subramanian | 01/04/2024

The SFC’s Elizabeth Wong says intermediaries planning to offer tokenised products must demonstrate that they have done their due diligence and can manage the associated risks.

AML / KYC

FATF Sheds Light on Global Implementation of Crypto Standards

By Manesh Samtani | 31/03/2024

91% of jurisdictions with materially important VASP activity have enacted or are in the process of enacting AML/CTF requirements for VASPs.

Crypto / Digital Assets

FTX Founder Sam Bankman-Fried Sentenced to 25 Years

By Editors | 31/03/2024

The judge also ordered the forfeiture of more than $11bn for properties and assets Bankman-Fried bought with customer funds.

Crypto / Digital Assets

Korea Sets Out Procedures for Dealing with ‘Unfair’ Crypto Trades

By Editors | 31/03/2024

The proposed operating rules will come into force from 19 July, when the new Virtual Asset User Protection Act also takes effect.