Crypto / Digital Assets

    Capital / Liquidity

    MAS Plans to Adopt BCBS Risk Weights for Cryptoassets

    By Manesh Samtani | 30/11/2022

    MAS will require Singapore banks to apply a 1250% risk weight for exposures to Bitcoin and Ether, pending the finalisation of the BCBS framework.

    Crypto / Digital Assets

    IOSCO to Develop Regulatory Guidance for Crypto Market

    By Editors | 30/11/2022

    IOSCO chair Jean-Paul Servais said new standards for regulating “crypto conglomerates” are an “obvious necessity.”

    AML / KYC

    UK Crypto Fraud Increased 32pc Over One Year Period

    By Editors | 30/11/2022

    UK police unit Action Fraud said crypto-related fraud losses from October 2021 to September 2022 amounted to $270mn.

    AML / KYC

    OFAC Fines Crypto Firm Kraken for Iran Sanctions Violations

    By Editors | 30/11/2022

    Kraken was facing a maximum fine of over $272mn. The $362,000 settlement reflects OFAC’s determination the violations were “non-egregious and voluntarily self-disclosed”.

    AML / KYC

    Singapore Police Launch Probe into Crypto Lender Hodlnaut

    By Editors | 29/11/2022

    The police said they received multiple reports between August and November 2022 alleging false representations by that Hodlnaut and/or its directors.

    AML / KYC

    Turkish Authorities Seize FTX Assets Amid Criminal Probe

    By Editors | 29/11/2022

    Turkish investigation found that FTX failed to safely store user funds, embezzled customer funds, and manipulated market supply and demand.

    Crypto / Digital Assets

    Crypto Lender BlockFi Follows FTX Into Bankruptcy

    By Editors | 29/11/2022

    BlockFi said its liquidity crisis was due to its exposure to FTX as well as cryptocurrencies held on FTX’s platform that became trapped.

    Crypto / Digital Assets

    VASPs Propose Measures to Improve Regulatory Mechanisms for Crypto

    By Editors | 28/11/2022

    The proposals include a mechanism to allow VASPs to discover one another, so as to better manage counterparty risk and enhance compliance requirements.

    Crypto / Digital Assets

    HKMA Report Assesses Spillover Risk from Asset-Backed Stablecoins

    By Mark Johnston | 28/11/2022

    The report finds that failures of stablecoins or other crypto assets pose material impacts on the traditional financial system such as the money market.

    AML / KYC

    DOJ Charges Two for Fraud Involving Fake Crypto Mining Operation

    By Editors | 28/11/2022

    Two Estonians induced victims to enter into “fraudulent equipment rental contracts” and to invest in a fake digital currency bank.

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