CRYPTO / DIGITAL ASSETS

Crypto / Digital Assets

Inner Mongolia Government Threatens Punishment for Crypto Mining

By Sanday Chongo Kabange | 28/05/2021

A new notice warns telecoms, big data centres and cloud computing companies of severe punishment if they engage in or facilitate crypto mining activities.

AML / KYC

Korean Crypto Exchanges Face “Existential Crisis” – Report

By Sanday Chongo Kabange | 27/05/2021

Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.

Crypto / Digital Assets

Bank Indonesia Explores CBDC as Legal Payment Instrument

By Editors | 26/05/2021

The central bank is assessing which platform and technology it will use to issue a digital rupiah as a legal digital payment instrument in Indonesia.

Crypto / Digital Assets

Australia: Senate Committee to Probe ‘Debanking’ of Fintechs

By Ranamita Chakraborty | 25/05/2021

The government needs to better understand the policy issues which may be leading to debanking so that they can be addressed, said Senator Andrew Bragg.

AML / KYC

US Treasury Paper Outlines Proposal for New Tax Reporting Regime

By Sanday Chongo Kabange | 24/05/2021

The paper proposes that transfers involving crypto assets worth more than USD 10,000 be reported to the IRS under the new reporting regime.

AML / KYC

Hong Kong to Bar Retail Investors from Crypto Trading

By Manesh Samtani | 24/05/2021

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

Big Picture

Infrastructure Critical for Successful CBDC Development – Report

By Sanday Chongo Kabange | 22/05/2021

A new report analyses the four axes of consideration for the design features of all CBDCs, as proposed by the IMF, and the implications each choice has on infrastructure.

Crypto / Digital Assets

China Renews Crackdown on Cryptocurrencies

By Manesh Samtani | 19/05/2021

Three state-backed associations representing internet firms, banks, and payments companies have barred their members from providing crypto-related services to customers.

AML / KYC

Proliferation Financing Risk: A Due Diligence Challenge

By Manesh Samtani | 19/05/2021

Measures for detecting proliferation financing risk are designed to help identify sanctions evasion and uncover the beneficial owners of corporate entities.