CRYPTO / DIGITAL ASSETS

Crypto / Digital Assets

PBOC Starts Including CBDC Data in Monthly Statistics Report

By Editors | 12/01/2023

e-CNY in circulation amounted to around $2bn at the end of December, representing 0.13 percent of total currency in circulation.

Crypto / Digital Assets

CFTC Takes First Action Involving Decentralised Crypto Exchange

By Manesh Samtani | 12/01/2023

The CFTC filed fraud and swap manipulation charges against a hacker, saying the Commodity Exchange Act applies to decentralised blockchain-based trading platforms.

Crypto / Digital Assets

SFC Plans to Allow Retail Access to ‘Highly Liquid’ Crypto Assets

By Manesh Samtani | 12/01/2023

A consultation on retail trading will begin sometime in Q1. The SFC plans to start accepting applications for VASP licences in mid 2024.

AML / KYC

ESMA Recommends Use of DTI Codes for DLT Pilot Regime

By Manesh Samtani | 12/01/2023

The DTI Foundation, a division of Etrading Software, has so far issued ISO-standard DTI codes for over a thousand of the most commonly traded digital assets.

Enforcement

Korean Authorities Investigate Bithumb for Possible Tax Evasion

By Editors | 11/01/2023

Tax authorities raided Bithumb’s headquarters in Seoul on Tuesday. Two of its former chairmen have also been the subject of separate probes.

Crypto / Digital Assets

HK Lawmaker Proposes to Use e-HKD as Stablecoin for DeFi

By Sanday Chongo Kabange | 11/01/2023

LegCo member Wu Jiezhuang says using the CBDC as a government-backed stablecoin will help address virtual asset risks and enhance trust in Web3.

Capital / Liquidity

Crypto Bank Silvergate Reveals Details of Post-FTX Bank Run

By Manesh Samtani | 10/01/2023

The bank faced $8bn in withdrawals, forcing it to sell $5.2bn in debt securities at a $718mn loss. Its stock has fallen 95% since Nov 2021.

AML / KYC

AML Effectiveness Requires Risk Awareness, Quality Data: JFSA

By Bradley Maclean | 10/01/2023

The FSA’s Daisuke Mamba and Hiroshi Ozaki discuss the regulator’s approach to its AML/CFT inspections and recent work to develop shared AML systems for the industry.

Crypto / Digital Assets

Singapore’s New Crypto Rules Too Restrictive, Says Industry Body

By Editors | 10/01/2023

A blanket ban on providing credit could push retail investors to lend their crypto tokens via unregulated offshore firms.