Crypto / Digital Assets

Crypto / Digital Assets

New Bill Unveiled to Strengthen Crypto Regulation in New York

By Manesh Samtani | 08/05/2023

The CRPTO Act would ban the use of the term “stablecoin”  except for digital assets backed 1:1 with the safest of reserve assets. Crypto platforms would have to reimburse fraud losses.

Capital / Liquidity

Hong Kong Financial System Remains Resilient: IMF Staff

By Editors | 07/05/2023

IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

Enforcement

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

By Editors | 07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

Enforcement

Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme

By Editors | 05/05/2023

Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.

AML / KYC

Taiwan to Release New Rules for Crypto in September

By Editors | 03/05/2023

The FSC is creating a new bureau that will be dedicated to the crypto sector, adding to its four existing bureaus.

Crypto / Digital Assets

OFAC Fines Crypto Firm Poloniex for 66,000 Sanctions Violations

By Editors | 03/05/2023

Poloniex allowed customers located in Crimea, Cuba, Iran, Sudan, and Syria to engage in online digital asset-related transactions worth $15.3mn.

AML / KYC

SFC Chief Julia Leung Offers View Into 2023 Priorities

By Manesh Samtani | 29/04/2023

Julia Leung said the SFC will issue the new virtual assets rules in May, and that it developing a free carbon emissions calculator tool to help SMEs in climate-related reporting.

AML / KYC

HKMA Offers Guidance on VASP Account Opening

By Manesh Samtani | 28/04/2023

Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

Crypto / Digital Assets

China to Start Using CBDC in Cross-Border Trade

By Sanday Chongo Kabange | 28/04/2023

Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.