Crypto / Digital Assets

AML / KYC

Korea Extends AML Compliance Deadline for Crypto Sector

By Sanday Chongo Kabange | 20/06/2021

The extension is primarily being allowed to ensure regulators can process applications received before the 24 September deadline.

Crypto / Digital Assets

More Chinese Provinces Restrict Crypto Mining Activity

By Sanday Chongo Kabange | 15/06/2021

Qinghai, Yunnan, and a prefecture in Xinjiang have joined Inner Mongolia in imposing restrictions on cryptocurrency mining.

AML / KYC

UOB Pilots Digital Signing Capability via SingPass

By Editors | 14/06/2021

UOB is testing the use of GovTech’s ‘Sign with Singpass’ to allow a set of retail and corporate customers to confirm transactions and product applications.

Crypto / Digital Assets

Task Force Created to Align Digital Token Identifier With ISIN

By Editors | 12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Capital / Liquidity

BCBS Consults on Prudential Treatment of Cryptoasset Exposures

By Manesh Samtani | 11/06/2021

Bitcoin and other “Group 2 cryptoassets” will be subject to a 1250% risk weight to avoid exposing bank depositors and creditors to a loss.

Big Picture

WEF Publishes ‘Policy-maker Toolkit’ for Decentralised Finance

By Sanday Chongo Kabange | 10/06/2021

The report offers a range of policy actions that can be adopted for DeFi, ranging from the introduction of new licence types and imposing prohibitive measures to doing nothing at all.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

Crypto / Digital Assets

China’s Weibo Blocks Selected Crypto Influencer Accounts

By Sanday Chongo Kabange | 09/06/2021

The move follows joint action by three state-backed associations to bar their members from providing crypto-related services to customers.