FINTECH / REGTECH

AML / KYC

Hong Kong FSDC Releases Digital ID and KYC Utility Report

By Garima Chitkara | 25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

Crypto / Digital Assets

GDF Consults on Global Code of Conduct for Crypto Businesses

By Manesh Samtani | 22/06/2018

The Code includes commitment to comply with standing laws and regulations, ensure appropriate systems and processes, and treat customers and their assets fairly.

Enforcement

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

Crypto / Digital Assets

Crypto ‘Poor Substitute’ for Conventional Money – BIS

By JP Reimann | 21/06/2018

Lack of trust, poor efficiency and vast energy use are cited among other reasons for cryptocurrency’s limited potential to replace conventional money in the latest BIS annual report.

Fintech / Regtech

Singapore Accelerates Shift to Digital Economy

By Manesh Samtani | 21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

Fintech / Regtech

HK Virtual Bank Licence Offers Nothing New for Local Market

By Peter Guy | 20/06/2018

The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.

Enforcement

S. Korea To Tighten P2P Lending Regulation Amid Rising Fraud

By Garima Chitkara | 20/06/2018

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.