Crypto / Digital Assets

Crypto / Digital Assets

Lawmakers Propose Bill to Prevent FTX-Style Collapse in Korea

By Editors | 30/11/2022

The bill, if passed, will require crypto exchanges to segregate users’ assets, buy insurance against hacking, and compensate users for unexpected withdrawal halts.

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.